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July 26, 2005

Credit card processor might be forced to shutdown

Fourty million credit card related records containing personal information were stolen when CardSystems got hacked in June.
MasterCard reported that 13.9 million credit cards were compromised. Visa USA Inc. confirmed 22 million credit cards.

Last week Visa and American Express decided to find another credit card processing company.

As Vnunet reports, testifying before US Congress, CardSystems chief executive John Perry said last week that the firm may have to close for good unless the two credit card companies reconsider.

MasterCard meanwhile gave CardSystems until August 31st to show compliance with its security requirements.

Posted in Credit Cards at July 26, 2005 03:56 PM

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