Robert Mitchell writes about the recent theft of 8 million credict card numbers from a processor.
The card associations’ policies, as demonstrated, could be described thusly: Don’t publicize credit card thefts in any way; don’t require card issuers to notify affected card owners unless they ask; don’t share the list of compromised account numbers with merchants; and don’t require banks to reissue stolen cards. And don’t worry — banks will monitor accounts for “unusual activity” with automated, high-tech monitoring tools.