CardSystems Solutions
Encyclopedia
CardSystems Solutions was a credit card
processing company. In June 2005, the fact that 40 million credit cards had been stolen from CardSystems was discovered. This led to the discoveries that CardSystems had been keeping data in unencrypted form that it was contractually obligated to delete, and that its own network was vulnerable to infiltration by hackers. Visa
and American Express
subsequently dropped it as a credit card processing company. CardSystems was acquired by Pay By Touch
. The buyout was completed on December 9, 2005. On March 19, 2008, Pay By Touch shut down.
At the time it was the largest computer hack in history. The hack would be surpassed by the Albert Gonzalez
hacks in 2007 of TJX Companies
in which 45.6 million cards were hacked and Heartland Payment Systems
in which 130 million cards were hacked.
Credit card
A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services...
processing company. In June 2005, the fact that 40 million credit cards had been stolen from CardSystems was discovered. This led to the discoveries that CardSystems had been keeping data in unencrypted form that it was contractually obligated to delete, and that its own network was vulnerable to infiltration by hackers. Visa
VISA (credit card)
Visa Inc. is an American multinational financial services corporation headquartered on 595 Market Street, Financial District in San Francisco, California, United States, although much of the company's staff is based in Foster City, California. It facilitates electronic funds transfers throughout...
and American Express
American Express
American Express Company or AmEx, is an American multinational financial services corporation headquartered in Three World Financial Center, Manhattan, New York City, New York, United States. Founded in 1850, it is one of the 30 components of the Dow Jones Industrial Average. The company is best...
subsequently dropped it as a credit card processing company. CardSystems was acquired by Pay By Touch
Pay By Touch
Pay By Touch was a company founded by John P Rogers. It was a privately held company which enabled consumers to pay for goods and services with a swipe of their finger on a biometric sensor...
. The buyout was completed on December 9, 2005. On March 19, 2008, Pay By Touch shut down.
At the time it was the largest computer hack in history. The hack would be surpassed by the Albert Gonzalez
Albert Gonzalez
Albert Gonzalez is a computer hacker and computer criminal who is accused of masterminding the combined credit card theft and subsequent reselling of more than 170 million card and ATM numbers from 2005 through 2007—the biggest such fraud in history.Gonzalez and his accomplices used SQL injection...
hacks in 2007 of TJX Companies
TJX Companies
The TJX Companies, Incorporated , is the largest international apparel and home fashions off-price department store chain in the United States. Based in Framingham, Massachusetts, the company originally evolved from the Zayre discount department store chain, founded in 1956, which opened its first...
in which 45.6 million cards were hacked and Heartland Payment Systems
Heartland Payment Systems
Heartland Payment Systems, Inc. provides debit, prepaid, and credit card processing, online payments, check processing, payroll services and a growing line of industry solutions for small to mid-sized merchants. Heartland Payment Systems is currently the fifth largest credit card processor in the...
in which 130 million cards were hacked.