Home Depot Sues Visa, Mastercard for Exposing Consumer Data to Fraud
By R. Robin McDonald
Atlanta-based home supply chain The Home Depot on Monday filed a massive antitrust action against Visa and MasterCard, claiming the credit card companies are engaging in predatory price-fixing that also made retailers who accept their payment cards vulnerable to fraud.
The suit, filed in federal court in Atlanta, claims that for decades the technology has existed to make credit and debit card transactions less vulnerable to fraud, but Visa and MasterCard “pushed consumers to use payment card technology that Visa and MasterCard know is defective.”
That security technology, now ubiquitous in Europe, combines use of a computer chip embedded in each card with personal identification numbers (PINs).