Is security of the credit card information a banks responsibility or the retailers?
It is actually both. If you talk about the PCI standard it is quite interesting. A card company like Visa will approach the bank and tell them that all merchants that use its infrastructure must comply with PCI. Since there are so many merchants, the company will not talk to them individually. Visa is doing this in some of the countries. It is up to the bank how to take this message to the merchants. At Verizon Business we have programs that help banks achieve this objective. We can also provide consultancy to businesses who want to comply with PCI standards. For those who miss the deadlines, there will be penalties. What are the penalties for not complying with PCI standards? Once the exact problem is identified by us which could be negligence, inadequate security, or a breach of security through advanced techniques — the card association decides the nature of the penalty. In the worst case scenario, a credit card processing company in the U.S. called CardSystems Solutions back in 20
