Data breaches in the US have affected more than 1.5 million credit cards

Monday, April 16th, 2012

There were about 1.5 million credit cards of individuals that were being exposed after the breach of security at the card processing company Global Payments during the early part of last month.

Paul Garcia, the CEO of the company on Monday claimed that “the breach of security was absolutely checked or controlled.” However the Global Payments were removed by Visa from their list of third companies for the anymore processing of the credit card payments or transactions done in between a retailer & bank. The issue of this breach was first brought to light by the authorities of Visa & MasterCard on the last Friday. American Express authorities however on Monday said that they are still trying to determine the extent to which the data breaches have affected the information of their users.

On the contrary the company named Discover has already assured to re issue credit cards to the affected users. The Global Payments’ authorities have put up a website over the internet to provide assistance to the affected card holders. The website however does not mention anything regarding the banks that were affected by the breach. The share market report of the company signifies a downward gradient or slope. The stocks fell sharply by 9 % on Friday & a further more 3 % on Monday to a valuation of US $ 46.

Global Payments has proclaimed that the breaches of date however cannot be restricted but there were certain information that were not exposed, these definitely included the name of the card holder, address or the Social Security numbers of the individual. The company heads have assured that they are continuing their efforts along with the regulators, law & enforcement group, third party associates, etc. in order to minimize the impact of the issue on card holders. The company not only has its business of card processing in the continental US but also in parts of Europe, Canada & in the Asia Pacific.

The CEO of the firm Paul Garcia has assured the clients that the company would increase its expenditure on security issues. The company reported an increase in its profit in the stock market to reach a significant US $ 58 with a 20 % overall increment from the month of December 2011 till February 2012. The downward curve in the stocks that hit the company in the last month due to breach of security was however not filed in the report.

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