Four banks are forced to replace thousands of cards
Representatives of PayGate – a South African company that intermediates payments between online retailers and banks – admitted that their systems were breached back in August and that “some” credit cards were exposed.According to Independent Online’s Business Report, the confirmation comes after four financial institutions were forced last week to re-issue thousands of credit cards.
PayGate stated that they took immediate steps to secure their systems after the breach was discovered. They’re working with security experts and card associations to investigate the incident.
Although the public has only now been notified of the breach, the company claims that during this time, card associations and financial institutions have been monitoring credit card activity.
While the affected banks are reassuring their customers that all the losses will be covered by them, the Payment Association of South Africa (PASA) reveals that PayGate has failed to meet security standards.