BY admin | December 21, 2013
There are apprehensions in the minds of the company’s regular shoppers. Target credit card breach update suggests it was unprecedented. Retailer says PINs not part of credit card fraud
Target credit card breach is being investigated by none other than the Secret Service in the United States. The massive breach was simply unprecedented and though the retailing giant says that the PIN was not stolen with the credit card details it has accepted that there were huge chance of the misuse of data. The misuse of data directly implies the fact that the hackers may be able to misuse the people’s credit and debit cards of the people whose credit/debit card details they got while hacking.
To be true even the hackers might have never thought that their haul will be so huge. 40 million credit and debit cards will simply be sufficient for the hackers to live off the exploits for generations to come if they are actually able to use them. Hackers have become very intelligent these days and instead of trying to spend a huge amount on cards and getting caught early they use huge number of cards for small amounts as it doesn’t actually create suspicion in the minds of people.
In the meantime the retailing company with as many as around 1800 outlets across the US besides many more in Canada has warned its customers to keep an eye on their credit card statements. Reports suggest that the hackers made way with almost every detail including names, credit or debit card numbers, card expiration dates the three-digit security code or CVV needed to make payments. But the retailing company’s spokesman Eric Hausman says that the hack didn’t include debit cards PIN.
The company must be very concerned about the latest and unprecedented breach of users financial details. Gregg Steinhafel company President and CEO says, “Target’s first priority is preserving the trust of our guests and we have moved swiftly to address this issue, so guests can shop with confidence. We regret any inconvenience this may cause”. There are indications that due to increasing cases of fraud people may actually go back to using cash instead of credit cards. Elizabeth Bour, A consultant specializing in risk management and banking systems was quoted by KPCC as saying “the higher the volume (of sales), the more credit card numbers they can get and this is the heaviest shopping time of the year…I always stay in the safer shopping areas and shop during the days…I only bring enough cash for that day’s shopping and I have learned to be very careful.” There are many others who are turning to cash options instead of credit cards.