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Regulators Scrutinize Payment Card Security

FINANCIAL PRIVACY—U.S.

February 28, 2012

BankInfoSecurity reports on increased scrutiny by federal regulators of consumer financial data connected with payment cards and online accounts. The Independent Community Bankers Association's Cary Whaley says institutions are being asked by regulators to show precisely how financial data is being protected. The Federal Deposit Insurance Corporation recently released guidance for third-party payment processor oversight, and the Federal Financial Institutions Examination Council updated online authentication guidance. Though regulators cannot enforce the Payment Card Industry Data Security Standard, according to the report, they may reference the industry standard when examining financial institutions' overall security.
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