Bank of America has issued a press release confirming that "a small number of computer data tapes were lost during shipment to a backup data center. The missing tapes contained U.S. federal government charge card program customer and account information."

"We deeply regret this unfortunate incident,” said Barbara Desoer, Global Technology, Service & Fulfillment executive for Bank of America. “The privacy of customer information receives the highest priority at Bank of America, and we take our responsibilities for safeguarding it very seriously.”

Timothy Burger reports on Time.com about Bank of America today warning the holders of at least 1.2 million of its federal employee credit card accounts of a potential security breach that may have left their account information exposed.

MasterCard has announced that its chip card solutions are ready for implementation in the Canadian market. But it's not clear when actual chip card deployment might begin.   » Continue Reading

Forbes.com profiles the trend of quick service restaurants to accept plastic card payments.