Credit card firms concerned with the security breaches to affect the Information provided by customers

Wednesday, April 4th, 2012

Some of the most trusted credit card providing firms has lately been exposed to some security breaches. These firms confirmed & assured that the breach of the security did not occurred from its own systems or servers. They held some third party issues to be associated or responsible for the breach. These issues are being faced by the three of the most trusted & popular credit firms such as Visa, MasterCard & Discover. The firms have warned that such security breaches can lead to the Personal Details of the credit card holder’s being leaked out. Certain reports certifies of some of the stolen Information to have been found in New York.

A security blog named as KrebsOnSecurity, reported the industry sources claiming that over the period more than 10 million credit cards have been exposed. As a matter of fact, this blog was the first to report about these security breaches. There were reports from the Wall Street Journal which quoted the industry officials saying that, the credit card processing firm named Global Payments suffered the breach primarily. Also the company shares went down by more than a major 9 % last Friday. However there has been no response from the houses of Global Payments when asked for a comment.

The three companies Visa, MasterCard & Discover have not yet confirmed the extent of the breach & the number of customers affected due to it. This has been a major setback as these were the 3 largest credit card processing companies not only in the continental US but also throughout the world. The Visa & MasterCard also provides debit cards to a large number bank in the US. The authorities confirmed that they have informed the bank regarding the breach. On the other hand Discover Financial Services ensured that they were monitoring all the accounts & if necessary would provide the customers with new cards.

The authorities of MasterCard was found saying that “they were always concerned with the convenient usage by the user at every point of time & keep up their steady efforts in monitoring & safe guarding the account Information provided by the user.” Visa also backed the MasterCard’s point & said that they will not hold the customers responsible for any fraudulent purchases done issuing their card. Analyst Avivah Litan said she have found evidences of fraud or security breaches related to credit card being associated with a taxi garage in NYC.

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