March 31, 2012

ID theft potential escalates with Visa & Mastercard data breach

On March 30 Mastercard & Visa announced a data security breach at one of the main companies that processes transactions, exposing customer information.

“The breach occurred at Global Payments, an Atlanta company that helps Visa and MasterCard process transactions for merchants. One bank executive estimated that about one million to three million accounts could be affected. That does not mean that all those cards were used fraudulently, but that credit card information on the cardholders was exposed,” according to The New York Times.

Lax regulation of the payment processing industry is at least partly to blame. Read details at:  Be alert for unauthorized use of your personal info; monitor your account online.  

Learn more about ID theft prevention at April 11 Financial Planning for Women.

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