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Tue 3 Apr 2012 09:34 AM

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Card firms still on look out for fraud after breach

Credit card companies are on alert after a huge US data security breach

Card firms still on look out for fraud after breach
credit cards, credit crisis, credit card fraud

Credit card companies Visa and Mastercard have said they will continue to monitor for fraudulent activity following a major data security breach in the US last month.

Both companies have alerted card issuers of the accounts at risk, which media reports say are confined to North America.

However, the firms urged all customers to double check their own accounts for suspicious activity, after some cardholders in the Gulf state expressed fears that their personal data could also be at risk.

In a statement, Visa said: “The first priority is to ensure that Visa cardholders are protected and as such, Visa will continue to monitor for fraudulent activity.

“Visa recommends that cardholders regularly monitor their accounts and notify their issuing financial institution promptly if they notice any unusual activity.”

Mastercard said it was still investigating a potential account data compromise, and encouraged cardholders to contact the relevant financial authorities if they have any concerns.

“MasterCard is concerned whenever there is any possibility that cardholders could be inconvenienced and we continue to both monitor this event and take steps to safeguard account information.

“If cardholders have any concerns about their individual accounts, they should contact their issuing financial institution.”

Global Payments, a US-based third party processor, said Friday last week it had experienced unauthorized access to its systems, potentially exposing hundreds of thousands of account holders to fraud.

The Atlanta company has since said it is making progress towards resolving the issue.

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