ABOUT PCI COMPLIANCE AND WORLD BANKCARD SOLUTIONS
Payment Card Industry (PCI) compliance is a ever evolving and complex subject affecting millions of businesses – acquiring banks, processors, hosts, shopping carts, e-commerce and retail merchants and other merchant services providers. World Bankcard Solutions is committed to providing its merchants with the utmost security and is working with its sponsoring banks towards meeting all PCI compliance standards. World Bankcard Solutions is working with experts in the industry to deliver the latest information about PCI compliance guidelines, trends, best practices and practical tips to help educate the entire PCI compliance food chain.
Is PCI Compliance a Law?
Is PCI compliance a law? The answer is no. While it is not currently a federal law, there are state laws that are already in effect (and some that may go into effect) to force components of the PCI Data Security Standard (PCI DSS) into law. In addition, there is a big push by legislatures and industry trade association to enact a federal law around data security and breach notification.
In 2007 Minnesota established the “Plastic Card Security Act” which states that any company that is breached and is found to have been storing “prohibited” PCI data (e.g., magnetic stripe , CVV codes, track data etc) are required to reimburse banks and other entities for costs associated with blocking and reissuing cards. This law also opens up these companies to private lawsuits. Currently, the law does not affect Level 4 merchants (less than 20,000 transactions a year).
Massachusetts recently announced that it will introduce a new law, 201 CMR 17.00, which pulls some important concepts from the PCI DSS. For example, the law has requirements around limiting data collected, requiring written security policies and data encryption. This law would apply to any company who has customer data (or handles it) from customers based in Massachusetts. Recently, compliance enforcement of this law was pushed back until 2010, but unlike previous laws, this one does not have a stipulation that excludes Level 4 merchants from complying with the legislation.
Currently none of these state laws mentioned above specifically call out PCI compliance, but the parallel is obvious. More and more states are requiring notifications of customers upon a data breach and as time goes on, the definition of what data is considered personal information will expand to include credit card numbers.
Will we ever see adherence to PCI compliance called out specifically as a law? It is unlikely, but nothing is outside the realm of possibility. The government typically moves slowly and PCI compliance is still an evolving state. It will be difficult for legislatures to keep up with all the necessary technology changes. It is more likely that as time goes on, more and more states will classify credit card information as personal information and find punitive measures to make companies with negligent/non-existent security accountable. In the future there may also be direct financial incentives to companies with high security postures and PCI compliance is a great step towards becoming secure.
If you are a retail store or an online merchant and are not sure if your company is in PCI Compliance, or if your company is not compliance and needs to be contact: John Gerena @ World Bankcard Solutions for more information.
Sincerely,
John Gerena
Chief Excutive Office
World Bankcard Solutions, Inc.
Ph. 407-992-8394
johngerena@wbcsmail.com
www.worldbankcardsolutions.com
www.freeequipmentnow.com
Monday, May 18, 2009
Saturday, January 3, 2009
Make My Bailout Check Certified
Can you make my bailout check certified please? With all the bailout checks I don,t want mine to bounce. With the Governors requesting 1 Trillion in bailouts and every industry under the sun requesting money. I think I am going to start an ink company. I will sell green ink to the Tresuary, red ink to the U.S. Budget department and black ink to Walmart and invisable ink to Bernard Madoff.Sincerely John Gerena
Wednesday, December 17, 2008
The Largest Ponzi Scheme in U.S. History
The Largest Ponzi Scheme in U.S. History By John Gerena
No it is not Bernard Madoff, It is the U.S. Social Security System! A Ponzi scheme is where the Money from the people that put the money first gets paid by the people that put the money last. To me that sounds like our Social Security System. The head of the largest Ponzi Scheme in U.S. History, George W. Bush, not 50 Billion but Trillions of Dollars. Will he go to jail? Absolutely Not! He is being replaced by someone that will put more money in to this Ponzi scheme. So where did Bernard Madoff go wrong? He did not bring in Uncle Sam as his partner.
No it is not Bernard Madoff, It is the U.S. Social Security System! A Ponzi scheme is where the Money from the people that put the money first gets paid by the people that put the money last. To me that sounds like our Social Security System. The head of the largest Ponzi Scheme in U.S. History, George W. Bush, not 50 Billion but Trillions of Dollars. Will he go to jail? Absolutely Not! He is being replaced by someone that will put more money in to this Ponzi scheme. So where did Bernard Madoff go wrong? He did not bring in Uncle Sam as his partner.
Monday, December 15, 2008
Nigerian’s Have Nothing on Bernard Madoff
Duped by Madoff too, Only if you are RICH! Imagine 50 BILLION DOLLARS. That is enough money to save General Motors, Chrysler and Ford.
Everyday I would get emails from the Nigerians offering these overnight get rich schemes, but not from Bernard Madoff. I was not good enough for him THANK GOD. Bernard Madoff began his financial career at the age of 22 with just $5,000, in just 48 years he turned it in to a 50 Billion Dollar Ponzi Scheme, P. T. Barnum would be proud of him today.
Many of his richest clients were recruited in private chats and country clubs in New York and Florida, giving them a sense of belonging to a privileged circle of the Wall Street Elite. Then he used those big names to attract other investors, until his influence extended to international banks, hedge funds and even charitable foundations. Not even in Charles Ponzi in his wildest dreams could have he ever imagined this.
By John Gerena
Duped by Madoff too, Only if you are RICH! Imagine 50 BILLION DOLLARS. That is enough money to save General Motors, Chrysler and Ford.
Everyday I would get emails from the Nigerians offering these overnight get rich schemes, but not from Bernard Madoff. I was not good enough for him THANK GOD. Bernard Madoff began his financial career at the age of 22 with just $5,000, in just 48 years he turned it in to a 50 Billion Dollar Ponzi Scheme, P. T. Barnum would be proud of him today.
Many of his richest clients were recruited in private chats and country clubs in New York and Florida, giving them a sense of belonging to a privileged circle of the Wall Street Elite. Then he used those big names to attract other investors, until his influence extended to international banks, hedge funds and even charitable foundations. Not even in Charles Ponzi in his wildest dreams could have he ever imagined this.
By John Gerena
The U.S. Dollar Is About To Take A Dump
The U.S. Dollar Is About To Take A Dump
U.S. policy makers are flooding the world with an extra $8.5 trillion through 23 different plans designed to bail out the financial system and pump up the economy. The decline shows that the increased supply of money may be overwhelming investors just as the government steps up debt sales, the trade and budget deficits grow and de-leveraging by investors slows. What dose this mean for you and me, it can mean higher gas prices this summer and traveling abroad is going up.
Citigroup Inc., Goldman Sachs Group Inc., BNP Paribas SA and Bank of America Corp. predict further weakness. Last week was the first time in almost a month that consensus estimates for the dollar against the euro through 2009 fell, according to the median forecast of 47 strategists surveyed by Bloomberg.
Goldman Sachs says the dollar may weaken to $1.45 per euro by the end of next year. Up until Dec. 11, the firm forecast that it would end 2009 at $1.30. The median estimate in a Bloomberg survey is for the currency to finish next year at $1.25.
Dollar bulls say it’s a mistake to bet against the currency now because Treasury yields are falling to record lows even as the government prepares to sell more than $1 trillion of debt, a sign there’s no end in sight to demand for the safest U.S. assets. They also say the yen, which typically rallies as risky assets decline, is appreciating.
The government and the Fed cannot continue to talk about trillions of dollars of financing and expansion of the Fed’s balance sheet without the dollar going south. So you investor that are putting all your money in the dollar, the bubble is about to burst soon.
By John Gerena
U.S. policy makers are flooding the world with an extra $8.5 trillion through 23 different plans designed to bail out the financial system and pump up the economy. The decline shows that the increased supply of money may be overwhelming investors just as the government steps up debt sales, the trade and budget deficits grow and de-leveraging by investors slows. What dose this mean for you and me, it can mean higher gas prices this summer and traveling abroad is going up.
Citigroup Inc., Goldman Sachs Group Inc., BNP Paribas SA and Bank of America Corp. predict further weakness. Last week was the first time in almost a month that consensus estimates for the dollar against the euro through 2009 fell, according to the median forecast of 47 strategists surveyed by Bloomberg.
Goldman Sachs says the dollar may weaken to $1.45 per euro by the end of next year. Up until Dec. 11, the firm forecast that it would end 2009 at $1.30. The median estimate in a Bloomberg survey is for the currency to finish next year at $1.25.
Dollar bulls say it’s a mistake to bet against the currency now because Treasury yields are falling to record lows even as the government prepares to sell more than $1 trillion of debt, a sign there’s no end in sight to demand for the safest U.S. assets. They also say the yen, which typically rallies as risky assets decline, is appreciating.
The government and the Fed cannot continue to talk about trillions of dollars of financing and expansion of the Fed’s balance sheet without the dollar going south. So you investor that are putting all your money in the dollar, the bubble is about to burst soon.
By John Gerena
Sunday, December 14, 2008
The Wrong Time To Make Changes To The Credit Card Rules
The Wrong Time To Make Changes To The Credit Card Rules.
By John M. Gerena
At a time that credit card defaults are at an all time high and Bank card profits have disappeared, Congress is looking at ways to make it tougher for Credit Card Issuers to make a profit. Although it is true that in the past the Banks have made good profits issuing cards, now is not one of them. Banks are very concern about increasing defaults in their credit card portfolios and these fly by night companies that tell consumers that they can wipe out their credit card dept and end up hurting both the consumer and the Banks. Congress needs to focus on other things that will increase spending, not ways that will make it more difficult for Banks to approve more cards. The American people need their cards in these tough times and Congress wants the Banks to cut credit limits even lower.
We need to stimulate the economy and credit cards today for many Americans are their only source of credit. If Congress passes these new rules many credit card companies will tighten their credit underwriting even more and lower credit limits even lower to existing cardholders. I sometimes don’t understand these idiots on Capital Hill. They give Billions of Dollars to Wall Street Banks without any conditions to lend it to Main Street and then create more obstacles for the Banks to give credit to the little guy. (I sometime wonder if this some Great Conspiracy to hurt the Middle Class)
If Congress wants to make a change that will be a positive affect on all Americans and the economy, remove the Mart to Market Rule, this will help stimulate the Banks and create a better atmosphere for Banks to lend again. Speaker of the House Nancy Pelosi needs to pass laws that will stimulate lending not stifle it.
Email: johngerena@wbcsmail.com
By John M. Gerena
At a time that credit card defaults are at an all time high and Bank card profits have disappeared, Congress is looking at ways to make it tougher for Credit Card Issuers to make a profit. Although it is true that in the past the Banks have made good profits issuing cards, now is not one of them. Banks are very concern about increasing defaults in their credit card portfolios and these fly by night companies that tell consumers that they can wipe out their credit card dept and end up hurting both the consumer and the Banks. Congress needs to focus on other things that will increase spending, not ways that will make it more difficult for Banks to approve more cards. The American people need their cards in these tough times and Congress wants the Banks to cut credit limits even lower.
We need to stimulate the economy and credit cards today for many Americans are their only source of credit. If Congress passes these new rules many credit card companies will tighten their credit underwriting even more and lower credit limits even lower to existing cardholders. I sometimes don’t understand these idiots on Capital Hill. They give Billions of Dollars to Wall Street Banks without any conditions to lend it to Main Street and then create more obstacles for the Banks to give credit to the little guy. (I sometime wonder if this some Great Conspiracy to hurt the Middle Class)
If Congress wants to make a change that will be a positive affect on all Americans and the economy, remove the Mart to Market Rule, this will help stimulate the Banks and create a better atmosphere for Banks to lend again. Speaker of the House Nancy Pelosi needs to pass laws that will stimulate lending not stifle it.
Email: johngerena@wbcsmail.com
What about my bailout
What about my bailout?
The last time I checked the government was dolling out over 2 Trillion Dollars in assorted Government Bailouts. Yet where’s my check? I to can be irresponsible. I have not made the big mess AIG, Fannie and Freddie or Citibank has done, but give me a chance, I just got started. I am only behind on my mortgage, car payments and credit cards. If Congress would just give me a chance, I too can mess up just as “BIG” as General Motors and Chrysler. I also like the Big 3 don’t think I can make it pass a few more weeks.
I watch the news everyday to see if CNBC mentions my name and the needs that I have, but nothing yet. I sent the two page TARP application to Henry Paulson at the Treasury, but I have not heard anything. I sent a letter to Ben Bernanke about my problem and he has not responded. What am I doing wrong? If you like, I can issue worthless checks, like AIG issued worthless credit default swaps or make promises that I will not keep like the Banks, give me those Billions and I will lend the money to Main Street.
What do I have to do to get mine? The crooks at Wells Fargo, Morgan Stanley, B of A, Fannie, Freddie, and the rest of those outfits got theirs. AIG got 150 Billion; Citibank got $50 Billion plus Billions in guarantees, JP Morgan $25 Billion, Wells Fargo $25 Billion, Bank of America $15 Billion, Merrill Lynch $10 Billion, Goldman Sachs $10 Billion & Morgan Stanley $10 Billion, but where is my bailout?
If Congress would have just taken all those 2 Trillion dollars and sent a check to every American, it would have been around $7,000 per American or about $28,000 per family. I can guarantee you that the economy would turn around in about 2 weeks and we would experience the Greatest Economic Recovery in World History! Not only that but Congresses approval rating would go from an all time low of 17% to a RECORD HIGH 99% approval. President Bush would be the Greatest President EVER and who cares about the deficit, I always wanted to leave my grandchildren an inheritance, I never said it was going to be a good one.
Sincerely
John Gerena email at: johngerena@wbcsmail.com
The last time I checked the government was dolling out over 2 Trillion Dollars in assorted Government Bailouts. Yet where’s my check? I to can be irresponsible. I have not made the big mess AIG, Fannie and Freddie or Citibank has done, but give me a chance, I just got started. I am only behind on my mortgage, car payments and credit cards. If Congress would just give me a chance, I too can mess up just as “BIG” as General Motors and Chrysler. I also like the Big 3 don’t think I can make it pass a few more weeks.
I watch the news everyday to see if CNBC mentions my name and the needs that I have, but nothing yet. I sent the two page TARP application to Henry Paulson at the Treasury, but I have not heard anything. I sent a letter to Ben Bernanke about my problem and he has not responded. What am I doing wrong? If you like, I can issue worthless checks, like AIG issued worthless credit default swaps or make promises that I will not keep like the Banks, give me those Billions and I will lend the money to Main Street.
What do I have to do to get mine? The crooks at Wells Fargo, Morgan Stanley, B of A, Fannie, Freddie, and the rest of those outfits got theirs. AIG got 150 Billion; Citibank got $50 Billion plus Billions in guarantees, JP Morgan $25 Billion, Wells Fargo $25 Billion, Bank of America $15 Billion, Merrill Lynch $10 Billion, Goldman Sachs $10 Billion & Morgan Stanley $10 Billion, but where is my bailout?
If Congress would have just taken all those 2 Trillion dollars and sent a check to every American, it would have been around $7,000 per American or about $28,000 per family. I can guarantee you that the economy would turn around in about 2 weeks and we would experience the Greatest Economic Recovery in World History! Not only that but Congresses approval rating would go from an all time low of 17% to a RECORD HIGH 99% approval. President Bush would be the Greatest President EVER and who cares about the deficit, I always wanted to leave my grandchildren an inheritance, I never said it was going to be a good one.
Sincerely
John Gerena email at: johngerena@wbcsmail.com
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