Industry sources divulged that more than 10 million credit card accounts were stolen in the breach, said Avivah Litan, Gartner analyst.
According to the analyst, the cyber criminals stockpiled the stolen card numbers for months before beginning to use the information.
"It sounds like they went into an administrative privilege account at the taxi company and stole electronic data from a central server," said Litan. The criminals were part of a Central American crime gang, he added.
"So, if you've paid a NYC cab in the last few months with your credit or debit card, be sure to check your card statements for possible fraud."
"Visa has provided payment card issuers with the affected account numbers so they can take steps to protect consumers through independent fraud monitoring and, if needed, reissuing cards," Visa company said.