MasterCard, Visa Don’t Have to Warn About Stolen Credit Card Information
MasterCard,
Visa Don’t Have to Warn About Stolen Credit Card Information
In
San Francisco Friday, Superior Court Judge Richard Kramer agreed
that Visa and MasterCard are not required to send warnings to
the 40 million credit card and debit card customers whose information
became vulnerable to a credit card fraudster between August
2004 and May of this year.
While
the consumer lawsuit targeted Visa and MasterCard, the computer
security breach actually happened at CardSystems Solutions Inc.,
which processes payments on behalf of merchants.
MasterCard
and Visa argued that their “zero liability” policies
ensured that any fraudulent charges would not be the responsibility
of the affected cardhholders. The credit card networks also
implied that any warnings sent out might be the responsibility
of the card issuing banks, as the credit card holders are technically
customers of the banks, not of Visa or MasterCard.
Over
200,000 consumer credit accounts have experienced some level
of fraud due to the information theft.
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Published (Modified )