This isn’t exactly good news for people that own and use credit cards. A credit card processing company called Global Payments may have had a security breach. The security breach on their records affects users with VISA, Mastercard, American Express, and Discover cards potentially. This comes to an approximate total of up to 1.5 million customers affected. That number is for North America alone.
Global Payments processes $120 billion in transactions for the major credit companies yearly. A spokesperson from Global Payments told the WSJ that: “based on the forensic analysis to date, network monitoring and additional security measure, the company believes that this incident is contained.” We sure hope so.
However I hope that the leak is contained and the information did not actually get leaked out of the company. The company said that if the information was indeed leaked it was enough to make fraudulent charges with online purchases and to even clone credit cards.
Visa had recently also stopped using the services of Global Payments because they had already encountered a problem with the company. Visa is very large and to lose a client like Visa should make a company sweat and fix whatever is wrong. You knows what’s funny? I bet Visa had notified Global Payments of the problem they detected and it was not fixed in time so they left.
Global Payments expects to be reinstated with Visa as soon as they issue a new security compliance report. I don’t see it being that easy. Let us know what you think below.