Between November 27th and December 15th Target suffered a security breach and 40 million credit cards and debit cards were stolen and are reportedly being sold on the black market. This is the second largest security breach since the 2005 TJX Cos (TJ Max stores) that affected 45.7 million card holders.
An article on the Target Security Breach by the Associated Press wrote, “Customers who made purchases by swiping their cards at its U.S. stores between Nov. 27 and Dec. 15 may have had their accounts exposed. The stolen data included customer names, credit and debit card numbers, card expiration dates and the embedded code on the magnetic strip on back of the card.”
Every year companies spend millions of dollars on security to ensure their customers have a safe and secure shopping experience. A breach can mean bankruptcy for a smaller company or a massive financial setback to even large corporations. Victims of theft can take decades to recover financially after something like this happens. Luckily you can prevent this from happening. Customers should always look for a sticker showing that the checkout terminal is security scanned. Trust Guard, for example, is a well-known name in security that scans card terminals or (POS) Point of Sale terminals for security holes. Scanning prevents theft like this from happening so customers can have a Christmas without falling victim to credit card theft.
In 2012, global credit/debit card fraud losses skyrocketed to $11.27 billion, up 11. 4 percent over the previous year, according to The Nilson Report, which tracks global payments.
- Those Stolen Target Credit Card Numbers Are Being Sold In Underground Markets (businessinsider.com)
- Credit cards stolen in Target breach now being sold on black market — buy one for $20-$100… Bitcoin accepted too! (bgr.com)
- Data breach affects state, federal benefits UCard holders (ksl.com)