Monday 20 July 2009

Visa cardholders hit with $23 quadrillion charges

I've got another encouragement to carry on with my sufferings in terms of PhD business. Maybe I can save the world one day (I haven't even tried to forbear the hidden irony).
We all know that IT makes up a crucial component of today's business, especially in the banking sector. Below you can read what happens if IT doesn't play along. According to CNN news (original article can be found hier) some Visa cardholders in the US have been hit with charges of over $23 quadrillion after a technical glitch.
A number of customers using the firm's prepaid products found their accounts had been charged $23,148,855,308,184,500 - which according to CNN is more than 2,000 times the size of the US national debt.
One man, Josh Muszynski from New Hampshire, discovered he had been affected when he checked his Bank of America account online after buying a packet of cigarettes at a petrol station.
In a statement, Visa said that a "temporary programming error" at its debit processing services was to blame for the glitch, which it sat affected "fewer than 13,000 Visa prepaid transactions".
The firm added that the issue has been corrected and the "erroneous" figures have been removed from customers' accounts.
Visa announced earlier this year that it is trialing a new type of credit card that uses unique codes in order to combat fraud.

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