Visa and Master Card are said to be investigating whether a data
security breach at one of the main companies that processes transactions
improperly exposed private customer information, bank officials. The
breach occurred at Global Payments, an Atlanta company that helps Visa
and MasterCard process transactions for merchants.
Meanwhile about one million to three million accounts, according
estimates could be affected. Although, the breach does not mean that all
those cards were used fraudulently, there were indications that credit
card information on the cardholders was exposed.
The incident has opened a crucial vulnerability that could affect
millions of credit card holders. The bank official, who insisted on
anonymity because the inquiry is at an early stage, said that Visa and
MasterCard notified his company on Thursday, but that banks had been
frustrated with the pace of disclosure by Global Payments.
He said that Global Payments, which is one of the biggest
transactions processors, had provided little information on where the
breaches took place, how accounts were hacked and other details that
could indicate which customers might be vulnerable. Banks said that when
they could identify victims, they would notify them and replace credit
cards, if necessary.
This incident might not pass as the largest breach of credit card
data in recent years, but the fact that it is being investigated by
major banks and federal authorities as well as the card companies,
underscores concerns about the vulnerability of electronic financial
data.
Techno Nigeria
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