Even after delivering impressive third Quarter Earnings, Global Payments may be in a significant amount of trouble. Global Payments was the target of a successful security breach which resulted in millions of accounts being accessed. Most of these accounts were business and commercial accounts. The losses have not been released yet, but are thought to be the biggest loss of all times.
In response to the breach, Visa began an investigation in to Global Payments to find out what role they played in the breach. While many of the details are being kept hush hush, Visa officially announced that it has dropped Global Payments. Visa's investigation found Global Payments at fault for the breach in one way or another. Global Payments released a statement that said they were trying to regain compliance.
No one knows what Global Payments "Noncompliance" means at this time, though some have speculated. With millions of accounts at risk, and possibly millions of dollars at stake, no one wants to share details. However, this breach could be the end of Global Payments since they have already been dropped from Visa's registry. Card owners around the world are urging that Global Payments be fully investigated. People just do not trust them anymore.
It would not be surprising to see this company slowly sink and report substantial losses when they release their next financial report. Since they have been found in noncompliance rumors are that they were less victims and more criminal that people would have thought. No one knows what actually happened, and if Global Payments has there way, this will all be hushed up.
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