Visa and MasterCard Accounts Hacked

Visa and Master Card acknowledged on Monday that both of their security systems were recently hacked, with the hacker gaining unauthorized access to the confidential information of approximately 2.2 million Visa and MasterCard customers. The hacker gained access to the customer information by hacking into the security system that processes credit card transactions on behalf of merchants. The affected accounts equal about one-third of 1% of the total of 560 million MasterCard and Visa accounts within the U.S. The good news, if there is any in this case, is that both MasterCard and Visa have liability policies that exempt account holders from unauthorized charges. The F.B.I. is working with Visa and MasterCard, as well as other authorities, to find the hacker.

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