It just seems funny to me that Visa is now handing down fines to TJX and its affiliates considering the story I recently read in the news. Apparently, Visa was aware of TJX’s serious credit card security issues as far back as late 2005 prior to the well-documented breach. Nonetheless, Visa told TJX that they would suspend any fines for non-compliance until December 31 of 2008.
Of course, the letter came out a little too late anyway. According to case documents, the credit card security breach actually started months before this letter was ever written. Of course, in retrospect, Visa has determined that TJX was not “diligently” pursuing remediation efforts because they fined Fifth Third Bank $880,000 because of their dealings with TJX.
Hopefully, this case will help to encourage Visa to continue clamping down on companies that are not in compliance with card security standards. I’m sure the TJX controversy is a major reason for the recent pressures they’ve been placing on businesses. Better late than never.
Related Posts:
- TJX Facing Additional Fines for Security Breach - TJX and its affiliates are feeling the repercussions of its well-documented security breach awhile aback. Visa has recently announced that fines will...
- Visa Finally Gets Serious About Security - It seems that the credit card industry is finally going to start cracking down on retailers that fail to comply with their...
- Indiana Announces Security Breach to State Website - It seems TJX isn't the only place experiencing breaches in their computer security. Indiana residents now need to be concerned about having...
- Concerns Over Mobile Operators Security Compliance - Recently, Vesta, a company with expertise in electronic payments since 1995, conducted a survey of 18 American and European mobile network operators...
{ 1 comment… read it below or add one }
Hi everyone A big thank you for this wonderful site, it has helped me immensely