Visa is canceling its dealing with Cardsystems Solutions

Visa is canceling its dealing with Cardsystems Solutions

The company, which led to one of the biggest security breach in the credit card’s history, is going to lose much of their business as Visa has decided to stop their dealing with them. Not only Visa, American Express is also cutting ties with Cardsystems Solutions. A spokesperson for Visa said that Cardsystems Solutions Inc. ‘has not corrected, and cannot at this point correct, the failure to provide proper data security for Visa accounts’.

The finance company has given their partner clients to replace Cardsystems with one of the hundreds of other payment-processing companies in the United States. They have until the end of October to do so. Amex is due to follow in the same time period. Cardsystems on their part have also issued a statement showing surprise over Visa’s decision to stop dealing with them.

The company had notified earlier of the security breach they noticed on their systems on May 22. However, the problem was detected much later than when it actually took place. The company fears that as many as 200,000 credit card details were stolen. Most of these were either MasterCard or Visa. American Express is the least affected credit card company as they form just 0.5% of the company’s business.

MasterCard on their part have given the company sometime to get their systems in place to prevent any similar happening in the future.