SAN FRANCISCO – After months of rumors and persistent silence from the No. 1 card brand about a card breach rooted in ATMs, which was costing CUs and CUNA Mutual millions of dollars, Visa USA has finally released some details about the problem.
The brand confirmed the February breach involved a U.S.-based contractor that processed automated teller machine transactions.
The card brand was forced to acknowledge the trouble after Wachovia Bank decided to replace an unknown number of debit cards issued to its customers.
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Charlotte, N.C.-based Wachovia issued the card replacements last week as an antifraud measure, said bank spokeswoman Mary Beth Navarro. She declined to explain the circumstances that triggered the action after several months.
But aside from acknowledging the breach, Visa still gave out few details about the incident. Thousands of credit unions and banks have issued millions of debit cards bearing the Visa logo. In a statement, Visa said it is working with its member banks and authorities "to do whatever is necessary to protect cardholders."
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