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FBN's Adam Shapiro breaks down what happened in the Global Payments security breach.
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You very much -- assume.
So -- is your Visa or MasterCard still at risk the company responsible for the security breach gave us some answers today and joining us with what you need to now.
Is Adam Shapiro Adam the story broke on Friday but it hasn't gone away.
Hasn't gone away and they still can't tell us who's responsible and helping did it which is troubling because I can't forget -- they did at this time perhaps he could do it again.
Bottom line according to global payments.
No fraudulent use of cards has been detected.
Up to one and a half million courts were compromised they discovered the breach themselves on their own.
Three weeks ago the breach occurred within the global payments it wasn't that the banks it wasn't within the MasterCard -- Visa systems.
It wasn't as had first been fought with the merchants.
It was the third party processor global payments.
And although Visa has removed and it's kind of like double secret probation they -- removed.
From Lee visas preferred client list.
-- they can earn back being on that list there's still processing Visa transactions and they can still sign up merchants for Visa transactions but the CEO.
Paul Garcia basically said look this does not involve our merchants ourselves partners or the relationships with customers.
It's all about global payments and they still haven't -- how it happened.
Or who did it.
-- do you how big bear and that's based global payment about seventh day in the United States say there are hundreds of these different processes they have about two billion dollars last year was their profit.
The haven't said how much.
This little fiasco is going to cost them because they are being -- by MasterCard and -- As well as the charge of trying to figure this out and then having to go back there are up to one and a half million credit cards that have to be canceled and then -- issue.
So repeat the headline here and nobody's cards personal cards were not used in this -- -- got charge money that wasn't about to make errors.
Yet no no one's card has been used here's what they did whoever did this got the credit card number but they didn't get your name to got to credit card number.
So they can create a fraudulent credit card so what -- Visa Mastercard and global payments are doing is they're going back.
And their reference -- credit cards with numbers and -- the names on sync up with the what's supposed to be the right down.
Canceling the -- the -- -- -- -- Adam Shapiro thanks so much.
