CardSystems says it faces ‘imminent extinction’ | CNET News.com
July 22nd, 2005 by Quan Tranh
As I predicted security can be the undoing of some companies. CardSystems realizes that they are doomed without Visa and American Express’ business.
CardSystems CEO Perry said card issuers have adequate penalties for violations such as the one that happened at his company. He called outright network expulsion “unprecedented.”
It may be unprecedented, but it’s long over due in my opinion. If companies take chances with the financial lives of other people shouldn’t their business partners take equal chances with their financial lives?
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