Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Y2K damage reports -- Ignore unavailable to you. Want to Upgrade?

To: Dug who wrote (264)	1/7/2000 3:29:00 AM
From: Snowshoe	Read Replies (1) \| Respond to of 286

Y2K Glitch Causes Double Recording On Some Credit-Card Purchases Dug, here's an example of a problem caused by failure to upgrade to new Y2K-compatible software... interactive.wsj.com January 7, 2000 Y2K Glitch Causes Double Recording On Some Credit-Card Purchases By a WALL STREET JOURNAL Staff Reporter RESTON, Va. -- A year-2000-related glitch is causing some credit- and debit-card purchases to be recorded twice. But credit-card systems say they are catching the duplicates and consumers shouldn't worry about excessive billings. The problem is in credit-card verification software made by CyberCash Inc. A CyberCash spokeswoman said about 50 merchants notified CyberCash this week that they hadn't updated software to fix a Y2K bug. The spokeswoman said CyberCash had been urging merchants since the spring to update their software. CyberCash says it is the largest maker of verification software, used by roughly 100,000 merchants. The spokeswoman said CyberCash didn't know how many other merchants may have the faulty software. The problem surfaced late Wednesday when credit-card processors noticed an increase in duplicate transactions. Spokeswomen for Visa USA Inc. and MasterCard International Inc. both described the increase as "minor," but declined to provide specific numbers. The Visa spokeswoman says the system typically sees 2,000 to 3,000 duplicates out of 100 million transactions a day. Visa officials think they have detected all of the duplicates related to the Y2K bug, and consumers shouldn't worry about being billed twice for the same item. "The cardholder impact will be minimal if at all," the spokeswoman said.