Atlanta-based credit card processing company Global Payments was recently the victim of a security breach that could leave approximately 50,000 cardholders vulnerable to fraud loss. It’s still uncertain whether consumers have noticed fraud transactions on their accounts yet.
Since news of the breach surfaced, Visa and Mastercard have been alerting banks of the potential breach so they can take the necessary steps to protect affected customers, according to The Wall Street Journal. Visa also said that the U.S. Secret Service is investigating the breach and a forensic company is working with Global Payments.
“It’s important for U.S. Visa consumer cardholders to know they are protected against fraudulent purchases with Visa’s zero liability fraud protection policy, which exceeds federal safeguards,” the credit card company said in a statement, as reported by Forbes. “As always, Visa encourages cardholders to regularly monitor their accounts and to notify their issuing financial institution promptly of any unusual activity.”
Retailers can protect their customers from fraud by following PCI compliance standards when installing and using a credit card processing terminal. Merchants should implement data protection standards whether they are operating a brick-and-mortar location or a web-based storefront to keep cardholder information secure.Back To Blog