Visa, MasterCard Possible Security Breach: Visa Cardholders Not Held Responsible for Fraudulent Purchases, Reports Say

By on Mar 31, 2012 in Banking, Finance, Technology, United States Comments


Visa, MasterCards
Image Credit: lakewoodlocal.com

Visa and MasterCard have notified banks of a possible security breach as reported in international news sites, March 31, 2012. Visa cardholders are not held responsible for fraudulent purchases, the company reportedly said.

Further reports disclosed that Visa Inc. also said that it may reissue cards of the affected accounts if needed.

MasterCard on the other hand, said that they would “continue to monitor the event to safeguard account information.”

Both credit-debit card companies stated that the possible breach is not in their own systems but is with a third party. According to smh.com.au, both card companies said:

“The breached credit card processor was compromised between January 21 and February 25, 2012.”

The possible security breach, which was described as “massive” by some reports allegedly, involves 10 million credit card accounts.

Visa and MasterCard continues to investigate the possible security breach.



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