Tuesday, February 18, 2003

Hacker breaches credit card security of third party processor

The BBC reports that a computer hacker has gained access to more than 5 million Visa and Mastercard credit card accounts in the US. Consumers do not need to worry as both Mastercard and Visa apply so-called zero-liability policies. Visa and Mastercard have already contacted the banks involved and will work together with the third party processor to solve the intrustion problem. Do note that this is a US-issue.

I would also like to note that this information could be placed in different contexts for different types of use. Visa and Mastercard will probably once again stress that this technical threat is the reason why new and safer products are developed and should be used. Law enforcement officials would do the same I guess. And I would not be suprised if this issue will spring up in the legal batlle between Visa and third party processors about being allowed to switch transactions. As such the incident would suggest that it's best to not use third party processors....

Let's see where we stand in a years time.