MPR Authored
Sony Breach a Result of PCI Compliance Failure
August 23, 2011
As a result of Sony’s network security breach, as many as 2.2 million customers may have had their credit card information compromised. Certain sources allege that this data is now for sale on the black market. In the age of Payment Card Industry Data Security Standards, how could this information have been vulnerable and who is to blame?
The PCI Security Standards Council (https://www.pcisecuritystandards.org) would point the finger at Sony. Businesses have all the guidance and equipment at their disposal to keep customer information safe. if they fail to adhere to the standards or don’t take them seriously, we end up with dreadful situations like this. The Ponemon Institute estimates the average per customer cost of a data breach to be around $200. If indeed 2.2 Million customers have been compromised, then Sony will have about $440 Million at stake. And that’s just the tip of the iceberg. There are over 77 million Playstation Network players, all with varying levels of private information in the network’s files. With all considered, the potential damage could exceed $15 Billion.
And it’s already begun. Playstation gamers recently filed a class action lawsuit in Sacramento, CA. Ira Rothken, the lead attorney handling the case, is quoted in the Green Sheet as saying “I can’t think of a major data breach where the company was PCI compliant,” he said. “I think it is likely Sony was not PCI compliant. There were a lot of red flags that suggest Sony knew or should have known their system was vulnerable.”
It’s a shame Sony didn’t heed our advice earlier. In January we wrote that 60% of merchants are unaware of the costs they would incur for a data breach. Full Compliance involves a lot of things, including an annual self assessment test. Even the corner deli is subject to these mandatory procedures. For information on how to avoid the situation that Sony is in, please refer to the PCI Compliance section of our site.
Seriously. If Sony is vulnerable, you probably are too.
– deBanked
Jack Dorsey Reveals Tweeting Irrelevant with Square
August 23, 2011Posted on May 1, 2011 at 11:33 AM
Twitter co-founder Jack Dorsey built his original company with toothpaste makers in mind. He might even say, “Thanks to Twitter, people in Istanbul can finally get tips on what makes the smiles in Shanghai so white. Tips on scrubbing those molars are transmitted in real time from Rio de Janeiro to Moscow!”
That’s good news for companies like Colgate, but for companies involved in technology, Dorsey reveals that Twitter is basically useless. “No one is following your company’s mundane tweets. No one cares if the Square card reader got a thumbs up from a business owner in Maine.” Of course he hasn’t actually said this in words, but his actions speak volumes.
Dorsey is also the founder and CEO of Square (https://squareup.com/), a credit/debit card reader that can plug right into an iPhone, iPad, or Android. We follow them on Twitter to keep an eye on news that might be worth sharing. But the only news, is no news. What’s up with that?
We compared Square’s tweets to three POS hardware companies, Verifone, Ingenico, and Magtek. We threw in Colgate for good measure.
Square, led by Twitter’s Dorsey, ranks last among peers in average monthly tweet volume. As Square seeks a permanent place for itself in the electronic payments world, it has undertaken a massive public relations campaign. None of which includes tweeting. Thank you Mr. Dorsey for revealing what most of the world already suspected, that commercial tweeting is useless.
Verifone just ate a bologna sandwich #yum
Ingenico just donated a credit card machine to a school in Sudan #charity
Magtek was mentioned in a newspaper in Andorra #werule
Colgate just came out with purple toothpaste #purple
Square just stole everyone’s customers while our competitors were tweeting about bologna #winning
Follow:
http://twitter.com/#!/VeriFone
http://twitter.com/#!/ingenico
http://twitter.com/#!/ColgateSmile
– deBanked
Our Favorite Merchant Cash Advance Commercials
August 23, 2011Posted on May 7, 2011 at 1:23 AM
TV has never been a popular venue for Merchant Cash Advance (MCA) providers to advertise. There is a highly specific target market, small business owners that accept credit cards as a form of payment that are looking for funding, that simply reduces the cost effectiveness of mass media. Why pay to reach 100 people when 97 of them may not even fit basic criteria such as owning a business? It doesn’t make sense.
That doesn’t mean that TV or online video commercials for MCA don’t exist, they do. Unfortunately most of them tend to be poorly self-produced webcam miniclips that are so boring, they are more likely to turn someone away from the product, than to help anyone. No offense. But there are some providers that actually took the time, effort, and money to create something worth watching. Here are some of our favorites:
Does anyone else have one they’d like to share? We’ll be happy to show it off!
– The Merchant Cash Advance Resource
Credit Card Fees Hurt Waiters Tips
August 23, 2011
According to Fox Philadelphia, a few restaurants in the city are deducting the credit card processing fees from the waitstaff’s tips. “Basically, when you use a credit card to pay your bill and leave, say a 15 percent tip, your waiter may only get 12 percent.” It epitomizes the issue brought to light in an article we wrote back in March (Could Your Credit Card Tip Be Hurting Your Server?). Fox has no information at this time as to what restaurants are involved but a hearing is expected next month. We will keep you updated.
In the meantime, it never hurts to tip in cash. 
