After the recent massive breach of security at a US merchant, a senior Democrat, Barney Frank, who is on the house financial services committee is planning to initiate a legislation that will compel credit card companies to reveal the name of the merchant responsible for breaches. It has been estimated that nearly 200,000 customers may have to be issued fresh cards due to this breach.
According to Barney, the objective of this disclosure is not to tarnish the image of the merchant, but to create a conducive atmosphere so that all concerned parities can work in tandem to resolve the issue. He also said that keeping the merchant’s identity under wraps can lead to greater problems as the merchant can be implicated for not having cooperated in the investigation.
The affected banks and financial institutions, Bank of America, Wells Fargo and Washington Mutual have also refused to divulge any information about the merchant.
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