The other day a potential ReceiptWallet user asked if we stored credit card numbers when people purchase ReceiptWallet. That is a completely legitimate question and I replied that we only keep the last 4 digits of the number (which is appropriate per credit card industry standards) and that our credit card processor (PayPal) keeps the number for 60 days (in case we need to issue a refund). I’ve never had that question before and never thought to ask it of a vendor probably because I know it really doesn’t matter. Why do I say this? Look at the major losses of credit card numbers and they are big merchants like TJ Maxx. If I asked every vendor big and small about their storage policies, I’d never buy anything. Also, as a consumer, I’m protected against fraudulent purchases (identity theft is a different story). While it is a pain to have to get a new card and deal with a stolen number, I’ve had to do this 3 times in the last 7 years (once I have no idea how they got the number, the second time my wife’s card was stolen and the third time, CitiBank told me that they had to close the account for security reasons).
I know that vendors do keep the entire credit card number (Home Depot must in order to process returns and all you have to do is present your credit card without the receipt). When I moved my office and cleaned out my files, I found merchant reconciliation statements from when I directly took credit cards for NotifyMail years ago. These statements had credit card numbers and expiration dates for several years worth of transactions. I even had a few credit card numbers belonging to NASA as they were a customer of mine! The credit card numbers were always in my possession and I shredded all the information (OK, years late, but I did it). How many other vendors have done the same thing? It’s scary just thinking about it.
Maybe I should be more cautious about which vendors get my credit card number like this potential customer, but what will that do for me? Basically I’d never be able to purchase anything on the Internet!