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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