No organization or company would like to hear about data breach incident that may put consumer credit card information at stake. US retailer, Target is investigating a massive data breach that begin this Black Friday, the biggest shopping day in the US.
It was reported that the data breach incident occurred in the Target retail store and not online. It could potentially involve millions of consumer credit cards from all Target retail locations. The theft involves grabbing the data stored on the magnetic strip of cards.
The data stolen would allow thieves to create counterfeit credit cards by transferring the stolen data on to any card with a magnetic stripe. If the thieves were also able to capture debit card PIN data, they could create fake cards and use ATMs to remove cash from accounts.
Target consumers who shopped at their stores were asked to be alert about any suspicious activity on cards that they used at the retailer. A victim told that he and some of his friends became the target of a similar kind of breach last year at a very popular establishment in Virginia that has some outlets in US. Fortunately, security departments at banks were on the lookout and caught most illegal transactions using the fake cards. His wife was actually called by their bank while standing in line buying groceries with her debit card when a simultaneous purchase using a fake card with her information was going on in Texas.
During these situations consumer is usually protected but the process of canceling and reissuing of cards proves to be inconvenient sometimes. Lawsuits between banks, that business and insurance companies are still arguing as to who was ultimately at fault.
Most of the times companies and banks do not like to talk about these issues publicly, but if the result of breach incident proves to be accurate, it will be one of the largest consumer credit card data breaches in history.
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