Visa has always had rules about storing data. A year ago, we knew we had to adapt to this new environment, with some of the hacking incidents and security breaches. We have come up with a list of requirements that will apply to all merchants, from the largest to the smallest.

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At Visa, it's as low as it's ever been; 6 cents on the dollar. In 1992, it was 22 cents on the dollar due to magnetic-stripe counterfeiting.

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