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Visa and MasterCard alert consumers about Equifax data breach (MA, V) http://ift.tt/2haJEqv BI Intelligence This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, please click here. Visa and MasterCard are issuing confidential alerts to financial institutions across the US, cautioning them that more than 200,000 credit cards were compromised in the recent Equifax data breach, according to PYMNTS. Compromised information included card account numbers, expiration dates, and cardholders’ names, all of which can be used to conduct fraud at online retailers and perform identity theft. Visa and MasterCard claim that the breach initially occurred in November 2016, but Equifax says the accounts were all stolen at the same time — in May 2017 — exploiting the information of approximately 143 million US consumers. As consumers increasingly use digital financial services, their information becomes more susceptible to fraud. This is the third cybersecurity incident for the agency since 2015. There were two prior data hacks in which cyber criminals stole tax and salary information from the Equifax website, according to The New York Times. At a time of rising breaches — in 2016, 15.4 million victims had their identities stolen, up 16% from the prior year — it's more important than ever for companies to assure consumers that their information is secure. This could include investing in higher security, such as blockchain technology, biometric authentication, or real-time alerts.
Dan Van Dyke, senior research analyst for BI Intelligence, Business Insider's premium research service has written a detailed report that explores the digital payments ecosystem today, its growth drivers, and where the industry is headed. The report also:
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Business via Business Insider http://ift.tt/eKERsB September 18, 2017 at 11:18AM
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