Credit card giant Visa has dropped support for Global Payments pending verification of the security of its system following a high profile data hack, which the payment processing firm estimates saw up to 1.5 million card numbers stolen.
While Visa has removed support for Global Payments, the business partnership is likely to continue again soon. Visa has requested that the company has its payment system and process revalidated against the industry’s security standard, Reuters reports, to ensure it is not at fault and susceptible to future incidents.
Company spokesperson Amy Corn said that the company “expects to be reinstated” once it is given new compliance.
Global Payment’s technology helps handle debit card payments, providing information during the process chain which runs from the swiping of a card to the completion of payment. The handling of a large number of transactions makes it attractive to hackers seeking credit card details.
Earlier this evening (US time), the company followed confirmation of the breach, announced Friday, with a statement that revealed that up to 1.5 million card numbers may have been accessed. It says that no names, addresses, social security numbers of other personal details have been compromised, and the situation is now under control:
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Based on the forensic analysis to date, network monitoring and additional security measures , the company believes that this incident is contained.
While the loss of 1.5 million card details is serious, Global Payments is tipped to continue on in spite of the incident.
Wells Fargo analyst Timothy Willi told CNet that the company can cover compensation to affected customers. Its 1.5 million ‘lost’ data is significantly lower than Heartland, which saw a 2008 hack cost more than $12.6 million after details of more than 130 million accounts were leaked.
Global Payments has scheduled a conference call in the US or Monday morning when it is poised to reveal more.
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