Payments
PayPal officialy launched its new platform entitled “PayPal X” for third party developers on November 5, 2009, making it easier to integrate the payment system with other Web sites and applications.
Continuing fallout from the data security breach suffered by Heartland Payment Systems in January 2009 has indirectly resulted in confirmation by VeriFone that it will terminate technical support relationships with HPS and will instead offer free services to mutual merchant customers.
Expedited CARD Act of 2009
On November 4, 2009, the House of Representatives overwhelmingly approved legislation sponsored by Carolyn Maloney and Barney Frank that would push up the effective date of the Credit CARD Act to immediately upon signing of the bill. The bill passed by a vote of 331-92. The Senate version of the bill, S.1833 (and a companion piece, S.1927) is currently in committee.
Data Security
Consumers who have received data breach notifications within 2008-2009 are at a much greater risk of fraud than typical consumers, according to a new study published by Javelin Research.
TVNZ, a news site in New Zealand, takes a look at the impending phase-out of credit card transactions that utilize signatures, soon to be replaced by chip and PIN-based technology.
A sweeping new bill that would implement a national standard for data protection and breach notification, S. 1490, the Personal Data Privacy and Security Act of 2009, was approved by a vote of 15-5 in the Senate Judiciary Committee. Sponsored by Pat Leahy (D-VT.), the bill would require companies and government agencies to follow a specific ruleset for protecting sensitive and personally identifable data. The bill would also introduce a federal breach-notification standard under which companies would be required to notify not just individuals affected by the breach, but also, in some cases, credit reporting agencies and the U.S. Secret Service. It would also establish a new Office of Federal Identity Protection (within the FTC) and increase penalties for identity theft and related fraud.
