Consumer concern over identity theft has significantly increased in recent years as data breaches continue to plague many credit card companies, the latest victim being Global Payments Inc.
Hackers may have gained access to hundreds of thousands of the company’s account holders’ information. The company said it “identified and self-reported unauthorized access into a portion of its processing system," and added that in early March it "determined that card data may have been accessed."
Global Payments is a part of a group of companies called “third-party processors” or “merchant acquirers” that serve as middlemen between banks and merchants, according to the Wall Street Journal. Third party processors have contracts with retailers to deal with the processing credit card transactions.
The news of the data breach comes as Visa Inc. and MasterCard Inc.—also merchant acquirers-- alerted their customers about a possible breach that might have occurred between January 21 and February 25.
If you were a victim of data breach, you may be entitled to compensation. Contact Sokolove Law for a free legal consultation and to find out if you have grounds to pursue legal action.