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Which Credit Cards?
The incompetence of CardSystems Solutions will have an impact on every major credit card group. Estimated numbers range from about 20 million Visa cards exposed to 14 million MasterCard credit cards. As many as 4 million American Express and Discover accounts were also put on sacrificial altar by CardSystems.
What You Should Do
You should review all charges on credit card statements over next 12 months. Contrary to popular belief, hackers typically will not go out and charge up thousands of dollars on card. Instead, you should look for small charges of $10 to $20 from companies with bland names. Hackers know that many people will not call to reverse a small charge. Donít be lazy! Closely inspect your statement and contest any charges that arenít familiar.
How big is this hack? There are approximately 300 million people in United States. 40 million accounts equates to 1 in every 7.5 people. Yes, people carry multiple credit cards, but it is still a huge number. CardSystems Solutions should pay a heavy price for its incompetence. Frankly, it should be liquidated. There is little doubt major credit card companies will take action.
Richard A. Chapo is a San Diego Business Lawyer with SanDiegoBusinessLawFirm.com - This article is for information purposes only. Nothing in this article is intended to address the readerís specific situation nor does it create an attorney-client relationship.