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MasterCard & Visa Warn Banks of Processor Breach

Posted By Jim On 03/30/2012 @ 9:47 am In Personal Finance | 5 Comments

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 [3]. 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 [4], 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 [5] 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!


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[2] Email: mailto:?subject=http://www.bargaineering.com/articles/mastercard-visa-warn-banks-processor-breach.html

[3] first reported by Brian Krebs: http://krebsonsecurity.com/2012/03/mastercard-visa-warn-of-processor-breach/

[4] two tracks: http://en.wikipedia.org/wiki/Magnetic_stripe_card#Financial_cards

[5] reporting: http://online.wsj.com/article/SB10001424052702303816504577313411294908868.html

Thank you for reading!