I just read this great article concerning a class-action lawsuit against the major credit card companies for failing to protect its customers. I think this is a great idea because these companies seem to have a limited liability to paying for/getting sued for security breaches. In many states, companies are not even required to report incidents of identity theft. So, this lawsuit seeks to change that and I applaud their efforts.
According to CNET, the lawsuit was filed on Monday June 27 against CardSystems Solutions, Visa and MasterCard on behalf of California credit card holders and card-accepting merchants. It attempts to help customers and merchants who were not well-informed about the recent security breach that put millions of credit cards at risk for fraud.
According to CNET, the lawsuit asks for CardSystems, Visa and MasterCard to inform consumers whose personal information was exposed and give special notice to those whose data was confirmed stolen. All involved should also get access to a credit-monitoring service, according to the suit.
Also, the credit card companies should waive any charge-back fees or penalties to merchants in the case of fraudulent transactions that involve any of the credit cards involved in the security breach, according to the suit.