An article relating to this blog post on Finextra:
Irish cards blocked after data theft
Hundreds of Irish bank account holders have had their cards cancelled after fraud monitoring systems detected suspicious transactions paid to a US-based e-commerce merchant.
See article
The methodology let everyone down here.
-'However, in this case fraud monitoring systems picked up the activity and the cards were blocked, meaning a "major fraud problem" was avoided, says the IPSO.'-
They may have avoided a 'major fraud problem', but I'd suggest that they now have a 'major pain in the customer problem' and perhaps a little PR one.
Well done - protect the customer from your poor payment methodology by canceling their cards. That's not exactly what I'd call good service - deny service to protect them from you?
Er...didn't anyone actually think something like er...stealing the card numbers - would happen before they let this payment system loose?
I might not be a rocket scientist but it seems fairly obvious to me, especially after the first few billion.