Monday, January 26, 2015

Visa Credit Card Security

It's becoming increasingly more common that when you ask people about the security policies and what they think is secure or not, everything security related becomes someone elses problem.  Last week, I posed a loaded security question to Visa Canada where I asked whether something was considered secure given a scenario where something clearly goes wrong in the hypothetical situation. 

Given what I was asking, I had an expectation that someone would either a) think, that maybe it was worth looking into the problem further to see if the hypothetical situation could be plugged, or b) go into a state of denial.  What actually happened was neither - instead, Visa tried to distance itself and put the onus on it's card issuers.  

After a little back and forth (them pushing for info and myself resisting), they issued a statement that said "Our Client financial institutions (the banks) issue cards and are responsible for all billing and account management issues. Visa has no access to or jurisdiction over accounts. Accounts are confidential and proprietary information between the issuing financial institution (the bank) and the cardholder."

This is interesting because it suggests the credit card company is not watching the card issuers (the banks), and at the same time the customer is invisible to the credit card company.  

Put another way, there's no safety net when the bank messes up as Visa puts all the onus on the banks, further there's a blind spot as Visa can't see you either.