Major credit card breach reported

There have been several reports of a huge breach involving possibly millions of credit cards. The breach might possibly involve Global Payments Inc., a processor of debit and credit card transactions for a lot of banks and merchants.

MasterCard and Visa have said that investigations are on and they are analyzing transaction data to find patterns or common sources of fraudulent transactions. The breach itself is supposed to have happened between Jan 21, 2012 and Feb 25, 2012.

According to reports, the breach seems to involve a parking company and a cab company based in New York and may have happened due to administrative account(s) not being protected adequately.The information stolen in the breach is reported to include Track 1 and Track 2 data. This information can be used to make counterfeit cards.

The card brands have come out and stated that consumers will not be held responsible for unauthorized charges. Cardholders should review their charges and report any unauthorized charges immediately.

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