What’s in a 100 Million?
100 million credit cards compromised. Just like that. Heartland Payment Systems was hacked in May, and now the following January they are famous for all the wrong reasons.
What gets me about this, is that this processor was storing and forwarding the exact same set of data that the consumer provided. Why??? Why not alter that data at each step, such that the data needed for processing is not the same set of data needed to initiate a transaction? Using these kinds of methods may not prevent theft of data, but they can sure as heck increase the difficulty in using that data to make a profit.
I wonder what the cost is to the credit card companies per re-issued card? Adding the postage, labor, and manufacturing time, I have to imagine this will not be cheap. Changing an already established system isn’t cheap either, but what are the options? Getting better promises of security from your payment vendors? Yeah. Right.