Millions of Americans have had their personal data compromised in data breaches at American businesses. These breaches raise legitimate questions about the storage and usage of personal data by private industry. The criminals responsible for these breaches often reside in nations that fail to cooperate with United States law enforcement agencies. The stolen data is often sold on the black market and can potentially be used for fraudulent purposes. Many payment networks have zero fraud policies to protect consumers from fraudulent transactions. Nevertheless, it is important to learn about why these breaches are occurring, what the existing payment security standards are, what happens during and after a breach, and about new payment technologies that can help prevent future breaches.