MasterCard, Visa confirm credit card data theft described as 'massive'
Source: MSNBC
Law enforcement officials are investigating what appears to be a massive theft of U.S. consumers' credit card data, MasterCard and Visa confirmed Friday. The computer security expert who first reported the theft said it might involve as many as 10 million MasterCard and Visa accounts, making it one of the largest known credit card heists.
"MasterCard is currently investigating a potential account data compromise event of a U.S.-based entity and, as a result, we have alerted payment card issuers regarding certain MasterCard accounts that are potentially at risk," that association said in a statement. "Law enforcement has been notified of this matter and the incident is currently the subject of an ongoing forensic review by an independent data security organization."
The theft was first reported by well-known computer security journalist Brian Krebs on his blog, KrebsonSecurity.com. Krebs said the crime involves compromise of a credit card payment processor — a "middle man" that handles transactions between retailers and banks. The name of that institution is unknown, but processors have long been a target of identity thieves because of the enormous amounts of data they control. In 2008, Princeton, N.J.,-based Heartland Systems was hacked, exposing tens of millions of credit card account numbers to theft.
Krebs reported that hackers had access to the unknown processors data from Jan 21 through Feb 25, and were able to siphon off enough data to easily create counterfeit cards. His sources called the leak "massive."
Read more: http://redtape.msnbc.msn.com/_news/2012/03/30/10940640-mastercard-visa-confirm-credit-card-data-theft-described-as-massive
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with most online accounts, you can set the account to notify you whenever a charge is made.
whatever works for you. just pointing out a free alternative.
He said when he went in there the other day, everyone's paperwork, along with their card numbers, was tacked to the bulletin board. Once we saw that everything was fixed, he activated his new card, but he got another brand of card just to be used at the storage place. If it happens again, they'll have a pretty good idea.
I thought all vendors needed to secure personal information like that.
We had no choice to move our trailer. Our driveway isn't long or flat enough for it, and the place we have stored it for 20 years was sold. 
When your card is swiped at a retail company, your information is passed to a card processor, who then sends it to Master Card, Visa, or the issuing bank. These guys sell the credit service to the retailer who then can accept all kinds of cards from all the card vendors and banks that issue them. There is no real way for you to know places your card number goes on the way to the issuer. Thus the way to understand if your account has been compromised is to know who your gas station, supermarket, etc. uses for their processing or really to wait for you card issuer to contact you.
These processors are supposed to encrypt all this information everywhere, but some of them have yet to complete this work as it costs money and money for security takes profit from the stock holders.
Nowhere in these systems should the cards appear unencrypted or unsecured, but ............ One more example of the banks and their ilk gambling with our money in their quest for profit.
snort.
