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News Now

CU System
Wisconsin Assembly set to vote on data security bill
PEWAUKEE, Wis. (3/10/08)--Wisconsin data security legislation has passed the state Senate and is scheduled for a vote by the full Assembly tomorrow, says the Wisconsin Credit Union League. The Plastic Card Data Security Bills (AB 745/SB 439) prohibit merchants from retaining consumers’ secret personal identification numbers or security codes after processing a credit or debit card transaction. Lobbyists and individuals who represent merchants, retailers and other special interests have launched a massive campaign to kill this legislation it in the state Assembly, said the league. Losses to credit unions due to credit and debit card fraud were $177 million nationwide in 2006 and 2007, according to CUNA Mutual Group. "This legislation is just common sense," said Brett Thompson, league president/CEO. "It has no effect on the state budget, but enormous impact on every consumer in Wisconsin who uses plastic cards for purchases." (News Now Feb. 27). Sensitive authentication data from credit and debit cards often is retained without cardholders' knowledge and lost by companies who, by the credit industry's existing standards, shouldn't have collected and kept it in the first place, Thompson explained. The proposals would toughen industry standards dictating what information can be taken, transmitted and stored from a consumer's credit or debit card. The Community Bankers of Wisconsin, the Wisconsin Bankers Association, the Wisconsin Insurance Alliance, CUNA Mutual Group and the Wisconsin Federation of Co-ops also support the legislation.
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