60 Minutes Report On TJX Raises New Charge
A fascinating report aired on the 60 Minutes site tonight. Not a tremendous amount of new ground was covered, but the comments from NRF CIO Dave Hogan—where he said that Visa and company are pressuring retailers to retain credit card data specifically so that they can bring in money—was a new angle.
"If you do the math on it, this could be a windfall of $200 million annually for the credit card companies as far as a revenue stream," Hogan was shown saying on the video. Even at my most cynical, I'm not so sure I'd buy into that rationale. Clearly, the credit card companies don't want to take on the burden and most larger retailers would truly like to avoid the hassle. But deliberately faciliating PCI violations so they can pocket the fine money? That's pretty Machiavellian, even for Visa. (But 60 Minutes also linked to only one media source—StorefrontBacktalk—for further information about the TJX data breach, so they certainly got that part right.) ;-)