I've reakon it was either...
Jacques Chirac or disgraced former European Minister, Keith Vaz.
Credit card issuer company Visa is investigating the possible breach of a payment processor in Europe that may have compromised more than 10,000 cards in Eastern Europe. In a statement issued on Thursday, according to IDG News, the issuer said: “Visa Europe has been informed of a potential data security breach at a European …
If incompetence was a firing offense, a lot of the retail industry and most of the credit card processing industry would be forced to shut down.
Dealing with a processor now that has a system that was designed to use the end user's browser to contact the bank and return the reply to the merchant. Shockingly hard to work around their design and turn it into something secure.
Really? Like this could actually come as a surprise to anybody? Given that there are a significant number of hops between each time a credit card is used and the issuing bank (most of which are outsourced to heaven knows where), I'm actually surprised that there's not more identity theft and transaction fraud.
A friend and business associate of mine lost one of her businesses because of the crap that went on inside of Heartland. But the truly sad thing is that Visa/MC automatically assumed that her business was to blame and required her to spend close to $100,000 on audits and security remediation, none of which was credited back to her, when it was Heartland. But that's water under the bridge.
Maybe the Credit Card industry should take a good hard look at PCI, as well as the number of third party transaction processors they have, handling our information. And instead of jacking up interest rates, usage fees and other such hidden surcharges (used to cover their losses) maybe they should start penalizing the people in the middle, the processors.
At the end of the day it's always amusing to read about credit card fraud with issues related to the non-cardholder.
I had an experience working with a merchant account provider that turned out to be fraudulent. IE. they claimed to have 2 banks backing them and when we became suspicious of them contacted each bank to verify the relationship and surprise surprise neither bank knew who they were nor had any relation with them.
So we went through the usual channels and eventually contacted visa/mastercard to advise them of the wrongdoing. Guess what? I couldn't even get in contact with one of them and the other didn't even know where to transfer me to for issues like this.
So none of this ever comes as a surprise to me.
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