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Article: Security Vendor Pitching Card Data to Merchants.(Sell It Safe Inc.)(Company overview)
- Article from:
- American Banker
- Article date:
- April 10, 2007
- Author:
CopyrightCOPYRIGHT 2007 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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A security vendor has made a business out of selling merchants information about stolen payment cards accounts - data that banks could often provide for free but generally are reluctant to share.
Steven Peisner, the president of Sell It Safe Inc., spends his days in online chat rooms and underground Web sites used by hackers, searching for stolen card data. Many criminals offer small batches of valid card numbers as free samples, hoping to attract buyers for larger lists of stolen accounts. Mr. Peisner packages these samples into a database that he sells to merchants, which use the data to head off fraudulent transactions.
Reissuing cards after a data breach can be ...