CreativeGenes
Gold Member
- Joined
- Dec 29, 2004
- Messages
- 615
- Reaction score
- 3
- Points
- 0
HOT BREAKING NEWS FROM ABC MASTER CARD FRAUD 40Mil EFFECTED
I was only able to capture part of the artical but here is the link as well.
ABC NEWS.COM
MASTER CARD AND CITIBANK
They say the best thing to do is to sign up to get your credit report on a regular basis.
www.experian.com
www.transunion.com
Equifax.com
ABC News
Security Breach Could Expose 40M to Fraud
Security Breach at a Credit Card-Processing Company Could Affect 40 Million Cardholders
By JOE BEL BRUNO Associated Press Writer
The Associated Press
NEW YORK*Jun 17, 2005 —*A security breach of customer information at a credit card-processing company could expose to fraud up to 40 million cardholders of multiple brands, MasterCard International Inc. said Friday.
The credit card giant said its security division detected multiple instances of fraud that tracked back to CardSystems Solutions Inc. of Tucson, Ariz., which processes transactions for banks and merchants.
MasterCard said in a news release late Friday afternoon that it was notifying its card-issuing banks of the problem.
CardSystems was hit by a computer virus that captured customer data for the purpose of fraud, said company spokeswoman Sharon Gamsin. The FBI was investigating. MasterCard, which said about 14 million of its own cards were exposed, said it was giving CardSystems a "limited amount of time to demonstrate compliance with security requirements."
John Perry, chief executive officer of Cardsystems, did not immediately return calls. Nor did officials from American Express and Visa; Discover had no immediate comment. MBNA, a large issuer of cards, also did not immediately return a call.
The breach is the latest in a series that has hurt a number of high-profile companies including Citigroup Inc., Bank of America Corp. and DSW Shoe Warehouse.
It also appears the largest involving financial data, said David Sobel, general counsel at the Electronic Privacy Information Center.
"The steady stream of these disclosures shows the pressing need for regulation of the industry both in terms of limitation in the amount of personal information that companies collect and also liability when these kinds of disclosures occur," Sobel said.
That the breach involved a third party also "indicates that this is a shadowy industry where the consumer never really knows who is going to be handling and using their personal information," he added." Presumably, the affected consumer thought they were dealing with MasterCard."
Earlier this month, Citigroup said United Parcel Service lost computer tapes with sensitive information from 3.9 million customers of CitiFinancial, a unit that provides personal and home loans.
I was only able to capture part of the artical but here is the link as well.
ABC NEWS.COM
MASTER CARD AND CITIBANK
They say the best thing to do is to sign up to get your credit report on a regular basis.
www.experian.com
www.transunion.com
Equifax.com
ABC News
Security Breach Could Expose 40M to Fraud
Security Breach at a Credit Card-Processing Company Could Affect 40 Million Cardholders
By JOE BEL BRUNO Associated Press Writer
The Associated Press
NEW YORK*Jun 17, 2005 —*A security breach of customer information at a credit card-processing company could expose to fraud up to 40 million cardholders of multiple brands, MasterCard International Inc. said Friday.
The credit card giant said its security division detected multiple instances of fraud that tracked back to CardSystems Solutions Inc. of Tucson, Ariz., which processes transactions for banks and merchants.
MasterCard said in a news release late Friday afternoon that it was notifying its card-issuing banks of the problem.
CardSystems was hit by a computer virus that captured customer data for the purpose of fraud, said company spokeswoman Sharon Gamsin. The FBI was investigating. MasterCard, which said about 14 million of its own cards were exposed, said it was giving CardSystems a "limited amount of time to demonstrate compliance with security requirements."
John Perry, chief executive officer of Cardsystems, did not immediately return calls. Nor did officials from American Express and Visa; Discover had no immediate comment. MBNA, a large issuer of cards, also did not immediately return a call.
The breach is the latest in a series that has hurt a number of high-profile companies including Citigroup Inc., Bank of America Corp. and DSW Shoe Warehouse.
It also appears the largest involving financial data, said David Sobel, general counsel at the Electronic Privacy Information Center.
"The steady stream of these disclosures shows the pressing need for regulation of the industry both in terms of limitation in the amount of personal information that companies collect and also liability when these kinds of disclosures occur," Sobel said.
That the breach involved a third party also "indicates that this is a shadowy industry where the consumer never really knows who is going to be handling and using their personal information," he added." Presumably, the affected consumer thought they were dealing with MasterCard."
Earlier this month, Citigroup said United Parcel Service lost computer tapes with sensitive information from 3.9 million customers of CitiFinancial, a unit that provides personal and home loans.
