July 16, 2005

A database in the USA, has seen its system being hacked and 5 million Visa and MasterCard accounts, laid open to fraudulent purposes by those involved.

This has led to both organisations, to try and assure all of its customers that the chances of any fraud being committed in their name, to be less than likely, as the information that the hackers have obtained, have not been used in any fraudulent way.

This is not to say that the customers who’s credit card numbers have been stolen, are not going to see any fraud committed on their in the future, and should be on the look out for suspicious transactions on any statement that they may receive, in the coming months if not longer.

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These numbers that have been stolen by the hacker, could be used in the purpose of buying plane tickets or to hire things such as a car and were stolen from a security system of a company that processes credit card transaction for Visa and MasterCard, though both organisations do have a zero liability when it comes to protect the customer when fraud is committed on the credit card that they own, that will cover them for any fraudulent misuse and any unauthorised charges being made to the credit card.

With the amount of credit card numbers that were hacked into and stolen, the chances are that the customer could be under threat of fraud being aimed at their account in the future and the only sure way to cut the chances on this ever happening, would to be issue the customers involved with new accounts and, rendering the old ones obsolete.

Both Visa and MasterCard alerted the banks, whose customer accounts were involved straight away, with Visa having 3.4 million of it’s accounts hacked into and MasterCard with 2 million, both organisations, have started to look at ways so that they can try and protect themselves from this, so that it will never be able to happen again.