Major payments networks have forked out hundreds of millions of dollars in settlements in the last four years – but it’s all been done on the quiet in order to preserve consumer trust. Speaking at Cebit’s Future of Payments conference in Sydney today, Ivan Zasarsky, partner in the financial advisory services group of Deloitte Touche Tohmatsu said; “Every one of the major payments networks has had significant breaches,” in recent years. He claimed that in the last three and a half years all the major players had made settlements to customers amounting to “hundreds of millions of dollars” after having their payments networks compromised.
“But no one has gone to court because no-one wants to burst the bubble of public trust,” he added. – ITWire
Makaseh secures data and protects customers and Financial Institutions. Premier Banks are evaluating it already. Please watch short video on YouTube.