Credit card firms don't have to send warnings

[question everything]

Article Last Updated: 9/23/2005 11:26 PM

Credit card firms don't have to send warnings

Long Beach Press Telegram

SAN FRANCISCO — A California judge ruled Friday that Visa USA Inc. and MasterCard International Inc. don't have to send individual warnings to thousands of consumers whose personal account information was stolen during a high-tech heist uncovered earlier this year.

"I don't see the emergency," San Francisco Superior Court Judge Richard Kramer said in rejecting a request for an order against the nation's two largest credit card associations. "I don't think there is an immediate threat of irreparable injury" to consumers.

The ruling represents a setback for a consumer lawsuit targeting Visa and MasterCard for a computer security breakdown that occurred between August 2004 and May at CardSystems Solutions Inc., a payment processor for merchants.

The breach, initially disclosed by MasterCard three months ago, exposed up to 40 million credit and debit accounts to potential abuse. The still-unknown computer hacker grabbed enough sensitive account information to defraud at least 264,000 accountholders, according to evidence gathered in the case so far.

http://www2.presstelegram.com/business/ci_3056617

[jbnow]

1. I don't know what to say

except holy crap.

I guess it is up to the states to order it, like California does.

Financial problems caused by identify theft was one of the amendments republicans voted down. I know people who have ben a victim of it and it takes so much time and trouble to clean up.

Some people feel safe if they don't buy things on line, not realizing that isn't the issue.
What a wretched ruling.

[Bozita]

2. Are you one of the forty million? ... Ask your freeper friends.

We all have them.

"I don't see the emergency," San Francisco Superior Court Judge Richard Kramer said in rejecting a request for an order against the nation's two largest credit card associations. "I don't think there is an immediate threat of irreparable injury" to consumers.

Question: Is anybody safe from these thieves?

Answer: San Francisco Superior Court Judge Richard Kramer feels he is safe.

[nonconformist]

3. WHAT?!

This is simply insane. I don't even know what to say.

[Straight Shooter]

4. Do they have to tell us if we request the information, though?

Please tell me this judge is a Republican. He is clearly out of touch.

[KharmaTrain]

5. They Don't Have To Notify Rate Changes Either

I'm certain if you look in all that fine print no one ever reads on the credit card application, you waived rights to your confidentiality when you took the card. If a card company can sell your name, selling information and other data without notifying you, why should they have to just because that information ended up in the wrong hands...not the ones that paid for it.

Thanks to this corrupt regime, Credit Card companies can do anything they want...almost making Juice Loan gangsters seem like nice guys. They can change your rate without notifying you...or, should you default or have an problem with an account, they will notify other card companies who can then raise their rates on you as well. So miss the Visa payment and next month the Trans-Union has jumped from 10% to 21%...and you don't have to be notified.

I'm not worried about that information getting out as the shear volume of that data is starting to get to the point of being of any real specific use. What is one hacker or even one hundred with 50 million names going to with them? The bigger problem are the predatory practices of these companies and their lack of any accountability...not even to judges.

[ForrestGump]

6. And WE don't have to warn them before we file for bankruptcy

:D

Better hurry, though.

Credit-card companies are scum...the whole concept of credit and credit reports sucks, too, and I don't care if I never again have any dealings with such things. Of course, just try renting a car without a credit card... :-(