What does a data breach at a card payment processing firm have to do with you? First, let’s look at what these types of companies do. How it works: When you swipe your card at any store, the data is typically sent to a payment processor which forwards the information to the actual card companies.
One of these payment processing companies, Global Payments, a.k.a. GPN, confirmed Friday that their card data may have been accessed in early March. Credit and debit information from each of the major card brands could have been compromised. Internet sources claim anywhere from 1.5 million to ten million accounts may have been breached.
What can you do?
CNN Money reports, “In data breach situations, credit card companies generally offer affected customers fraud monitoring services at no cost — and customers aren’t on the hook for any fraudulent charges. The card issuers themselves are responsible for those costs.”
Forbes confirms that “you wouldn’t be liable for any unauthorized transactions on your card.”
And Visa’s own Zero Liability policy says it “guarantees that you won’t be held responsible for fraudulent charges made with your card or account information.” But they do want you to review your statements monthly and report any suspicious activity. Always a good idea.
The MasterCard,Visa, American Express and Discover companies have all issued statements saying they’re aware of the situation and are taking the proper steps.