Comments on: Credit card companies form security council

Five major credit card companies team up in the hope of creating better security.

[Iohagh]

Its about time...

Dear Credit Card Industry

Its about time since I have been monitoring this security issue for awhile and the government FFIEC needs help from the industy which is what it has been requesting all along. It sets guidelines but then expects the industry to change without specific direction left or right.

Anyway, the ID theft charge card platform for all cards has to be outside the charge card industry with a third party agency which has the solution so that all the competing platforms have a level playing field.

The consumers, remember us, we cannot beat the cyber thieves while the card serving platforms are simultaneously fighting amongst ourselves.

Therefore, the card platforms working together gives that third party agency a step up whomever they may be. Thats what I think anyway.

Janet McCall

[markdoiron]

Put the Customer First

"Our view is that this is first and foremost an important initiative to get data security in place for payment cards," he said.

Put the **customers** (card users) first. It's that simple.

Unfortunately, the quote above does not specifially say that. Instead, I fear this will be another round of, "How much are we willing to suffer in losses to improve security? What's the cost-benefit analysis tell us?"

In the end this could be just another effort to halt the Fed's from taking action (after congress tires of hearing from angry constituents).

mark d.

[halebobbdotcomslashraving]

Just so long as it's ok with you all that we merchants now have to pay an additional $85 per year (some of the big-boys pay $85 per quarter) and that new cost/expense WILL be passed on to the customers resulting in higher prices for EVERYTHING we buy.
Government inflicted price inflation. Bad for the merchant, bad for the customer, bad for America.

[wbenton]

What happened to ANSI?

ANSI has for years been the major banking, financial, trading and various other banking related business standards for years.

Why re-invent the wheel for credit card co's when it could have been done within ANSI?

FWIW