Personal Finance 

MasterCard & Visa Warn Banks of Processor Breach

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It seems like a while since we’ve had a massive credit card breach but the MasterCard and Visa are warning banks that there was a “massive” breach at a US based credit card processor, first reported by Brian Krebs. The breach occurred between Jan 21 and Feb 25 of this year and full Track 1 and Track 2 were taken. The tracks refer to the magnetic stripe on the back of the card and financial cards have two tracks, this means that the cards could be duplicated.

There isn’t anything you can do about this, nor would I do anything, except to know that it has happened (and these types of breaches will continue to happen well into the future). Most credit card issues offer zero liability for unauthorized charges and those that don’t have protection under consumer fraud laws that limit liability to $50 if reported within 60 days.

Update: The WSJ is reporting that Global Payments was the processor that was breached and around 50,000 cardholders are at risk.

If you’ve heard anything from your bank about this, please let us know!

{ 5 comments, please add your thoughts now! }

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5 Responses to “MasterCard & Visa Warn Banks of Processor Breach”

  1. NateUVM says:

    Recently, I was rather cryptically issued a new card with a new account number from my credit card company. This was particularly odd because my account had recently expired and I had just received a new card to replace it. No mention of any security breach, but now it seems clear what was up.

  2. I feel like this happens all the time.. don’t really worry about it anymore. The CC companies are actually awesome at reimbursing you for fraudulent charges.

    • Shirley says:

      I agree with your thoughts. Worrying is just a waste of otherwise productive time. Keeping an eye on your on-going statement is pro-active and should always be done anyway.

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