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September 24, 2005

Credit card payment processing company is a takeover target

Remember CardSystems Solutions Inc, the credit card transaction processing company that stunned consumers several weeks ago with the news that their names and accounts numbers but not addresses or Social Security numbers were likely compromised.

Now "A California company that specializes in handling online transactions is looking to buy embattled credit card payment processor, CardSystems Solutions Inc., which said a breach of its database this year left 40 million card accounts vulnerable to thieves."

CyberSource Corp. of Mountain View, California, gave an unbinding offer to buy CardSystems. The big question mark is if Visa and American Express that ditched CardsSystems will resume dealing with it as part of CyberSource Corp.

Posted in Credit Cards at September 24, 2005 10:33 AM

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