As is being widely reported, another massive data breach appears to be on our hands with MasterCard and Visa suffering a serious processor breach. The alert sent out to banks across the country stated that the data taken could be used to counterfeit new credit cards. Exact details of how this breach occurred are still emerging although speculation, of course, is running rampant.
However, the possible harm that could be done from this breach leads back to the conversation of EMV migration in the US. More importantly, it brings to light the additional levels of protection that EMV chip cards provide. US issuers should more than consider accelerating their migration to EMV chip cards. If the US had an EMV infrastructure in place today then the compromised data most likely could not have been used to create counterfeit cards for use at POS and possibly help prevent other harm.