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MASSIVE VISA OUTAGE

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Hypophthalmichthys molitrix
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Wired.com

ON FRIDAY, VISA'S payment network suffered outages across Europe, limiting transactions for both businesses and individuals. Banks and commerce groups began advising customers to use cash or other payment cards if possible, and reports indicated that online and contactless transactions were having more success than chip cards.

hough some Visa transactions still went through, the failure appeared widespread. The Financial Times even reported that some ATMs in the United Kingdom were already out of cash within a couple of hours of the first outage reports. Some observers saw in the outage a stark reminder of the fragility of payment networks, and the weaknesses in global economic platforms.

There were no immediate signs that the outages were a result of a cyberattack or other foul play, but Visa was quiet for hours about the source of the failure

Analysts were hesitant to speculate about a specific cause of the incident, given the complexity of Visa's networks and the potential for problems at any step—from connectivity, to data flow management that keeps transactions from backing up, to database checks and syncing to keep track of merchants, balances, spending limits, and things like whether a card should be declined. "It’s probably just an IT service issue," says Kevin Beaumont, a UK-based security architect who has been monitoring the incident. At this scale, though, an IT issue can have global implications.

"an IT issue can have global implications." — Ya think?!

BF
 

Cigarlover

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Good thing they still use paper currency and aren't completely cashless. :)