Credit cards cancelled over fraud fears

Tuesday, 24 June 2003, 4:45 PM EST

An estimated 3,000 people have had their cards cancelled, revoked and re-issued since Visa and Mastercard issued a worldwide security alert to financial institutions, warning them of a possible security breach.

It is believed that more than 2,000 AIB and Bank of Ireland customers have been affected, along with 100 TSB customers and 73 holders of NIB credit cards. Ulster Bank had no evidence that its customers had been affected by the security breach, but is continuing to monitor the situation.

Last week, both Visa and Mastercard issued a worldwide alert following what has been described as an internal breach of security at a US business. It is believed cards at risk of potential fraudulent transactions were used in the US one year to 18 months ago. All vulnerable numbers have been supplied to banks and those customers have been contacted.

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