massive id theft due to security breach

Last Friday rumors about one of the largest credit card processors breach spread out. This Monday Global Payments, Atlanta, GA based processing firm announced at the press conference that 1.5 million cardholders info is at risk due to the breach. Not many more details have been provided except that Visa, Mastercard and the FBI was notified much quicker than the general public.
There is quite a bit of speculation going around the internet on who was the attacker, suspect profile is as wide as New York City street gangs, Chinese and Russian hackers group etc, so pretty much business or in this I should say fraud as usual. No details have been provided on the type of the attack either so it’s also left to speculation if it was a security hole poked from outside, deliberate action from the inside organization or somebody inside accidentally opening wrong link or email attachment. Look for my previous stories on identity theft and this one will make no surprise. The fact that credit card processing industry is deregulated contributes to the situation where credit card data can be transmitted over poorly secured wireless network and other such events you’d think as impossible happen.
The only way to prevent damage resulting from identity theft is to monitor both credit score as well as credit and debit card spending. Most financial institutions wouldn’t make customers liable for the charges as long as notified promptly

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