Another Security Breach Threatens 40 Million Credit Card Holders

By at 18 June, 2005, 8:12 am

It seems like a day doesn’t pass that more news of security breaches involving private information hits the press. The latest breach may potentially affect up to 40 million credit cardholders.

Myway News is reporting that CardSystems Solutions, Inc. in Tucson, AZ has suffered a security breach that could expose 4o MILLION cardholders to fraud.

According to the article:
“The compromised data included names, banks and account numbers – not addresses or Social Security numbers, said MasterCard spokeswoman Sharon Gamsin. Such data could be used to steal funds but not identities.”

I find the fact that this breach won’t allow someone to steal my identity, only my funds, to be cold comfort and assume that everyone else does as well.

Unlike thefts earlier this year, this breach was apparently caused by a virus. Referring back the article, it appears “CardSystems was hit by a virus-like computer script that captured customer data for the purpose of fraud, Gamsin said. She said she did not know how the script got into the system. The FBI was investigating.”

At some point, our government will have to recognize that this is a major threat not only to individuals, but to business and our national economy as well. I don’t believe that it is unreasonable to raise this threat to a national security level as anything that can impact our nation’s economy is a threat that our enemies would embrace as a way to further their efforts to destroy us.

If you think this is a bit over the top, I ask you to consider the effect of every business denying the use of credit cards – what would that do to our economy when we have come to rely on plastic rather than paper for the majority of our financial transactions?

Categories : Hmmm!

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