Volume III

Issue : 13: June 30, 2005

• 40 Million Credit Card Accounts Compromised
• U.S. Appeals Court Rules on Californias Financial Privacy Law
• Microsoft Sues Alleged Hotmail Spammer
• New Kentucky Law Attempts to Regulate Internet Pharmacies
• Maryland Court to Decide Whether to Lift Cloak of Anonymity in Internet Defamation Suit
• FTC Issues Report on P2P File Sharing
• Canadian Federal Government Introduces New Copyright Bill
• U.S. Supreme Court Rules in MGM v. Grokster

Home > Volume III > Issue 13: June 30, 2005 > 40 Million Credit Card Accounts Compromised

40 Million Credit Card Accounts Compromised

In May 2005, Cardsystems Solutions Inc. ("Cardsystems"), a credit transaction processing company, identified that its network had been breached, exposing up to 40 million credit card accounts. Cardsystems claims to have been keeping the data for its own research purposes, although it was not permitted to retain any customer data. The security failure at Cardsystems was discovered during a security audit. Visa, Mastercard, and Discover provided lists of potentially compromised accounts to the appropriate issuing institutions. However, many large issuers, such as Citigroup and MBNA, have declined to inform the affected individual cardholders of the breach and are instead monitoring those accounts for signs of fraudulent use.

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