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Target Confirms Major Card Data Theft during Thanksgiving

Can we please move to chip and pin already? Sheesh I hate agreeing with Pete even a little bit.

Mornin' Sherman. :2wave: Looks like we wont be doing it anytime soon.


Why credit hacks will keep happening


131219120259-target-credit-hack-620xa.jpg


But chip-and-PIN cards aren't going mainstream in the United States anytime soon. At $1 to $2 per card, they're about 10 times more expensive for banks to produce than magnetic stripe versions. Merchants would also need to upgrade their point-of-sale systems -- an expensive proposition.

That trade group hopes the shift to chip-and-PIN will be underway by 2015, but others say 2018 is more realistic. Some banks, such as Chase (JPM, Fortune 500) and Citi (C, Fortune 500), already offer the latest chip-and-PIN cards, but they're mostly marketed to customers who frequently travel abroad.

The problem is that banks and credit card companies have little motivation to change the current system, said Anisha Sekar, who reviews credit cards for finance site NerdWallet. Financial institutions earned $41.2 billion from credit card swipe fees last year, according to advisory firm Sonecon. Meanwhile, they lost just $5.33 billion to fraud, according to payment industry newsletter The Nilson Report.

"Credit card companies don't have much incentive to make cards safer," Sekar said.....snip~

Why credit hacks will keep happening - Dec. 20, 2013
 
Can you speak to that some more, thanks.



The Good news here I guess.....is we haven't had a lot of members saying they were out using the card.

The real problem are those Debit cards. At least we have some thing s up that can help people out. ;)


Debit vs. credit cards: Which is safer to swipe?

While the tens of millions of Target shoppers who had their credit and debit card information stolen likely won't be on the hook for any fraudulent transactions that may occur, debit card users could face much bigger headaches than credit card users.

That's because debit and credit cards are treated differently by consumer protection laws. Under federal law, your personal liability for fraudulent charges on a credit card can't exceed $50. But if a fraudster uses your debit card, you could be liable for $500 or more, depending on how quickly you report it.

"I know people love their debit cards. But man oh man, they are loaded with holes when it comes to fraud," said John Ulzheimer, credit expert at CreditSesame.com, a credit management website.

Yet, if a crook uses your debit card, not only can they drain your bank account, but it can take up to two weeks for the bank to investigate the fraud and reimburse your account.

"In the meantime, you might have to pay your rent, your utilities and other bills," said Beth Givens, director of the Privacy Rights Clearinghouse. The organization recommends that consumers stick to credit cards as much as possible.....snip~

Debit vs. credit cards: Which is safer to swipe? - Dec. 20, 2013
 
The worst part of this hacking may not be known til later. Someone could open other credit accts using your info. Now that's scary.
 
The Good news here I guess.....is we haven't had a lot of members saying they were out using the card.

The real problem are those Debit cards. At least we have some thing s up that can help people out. ;)


Debit vs. credit cards: Which is safer to swipe?

While the tens of millions of Target shoppers who had their credit and debit card information stolen likely won't be on the hook for any fraudulent transactions that may occur, debit card users could face much bigger headaches than credit card users.

That's because debit and credit cards are treated differently by consumer protection laws. Under federal law, your personal liability for fraudulent charges on a credit card can't exceed $50. But if a fraudster uses your debit card, you could be liable for $500 or more, depending on how quickly you report it.

"I know people love their debit cards. But man oh man, they are loaded with holes when it comes to fraud," said John Ulzheimer, credit expert at CreditSesame.com, a credit management website.

Yet, if a crook uses your debit card, not only can they drain your bank account, but it can take up to two weeks for the bank to investigate the fraud and reimburse your account.

"In the meantime, you might have to pay your rent, your utilities and other bills," said Beth Givens, director of the Privacy Rights Clearinghouse. The organization recommends that consumers stick to credit cards as much as possible.....snip~

Debit vs. credit cards: Which is safer to swipe? - Dec. 20, 2013

Thanks MMC, I never use a debit card, ever anyway. Was just wondering about that chip card he was talking about?!
 
Thanks MMC, I never use a debit card, ever anyway. Was just wondering about that chip card he was talking about?!

American CC are based on a magnetic strip. Easily hackable. European credit cards have this strip also, but it is rarely used as we have smart chips.

Smart card - Wikipedia, the free encyclopedia

The same tech is used in many different card types... satellite systems, insurance (at least over here) and so on and can hold far more information on the chip.

Basically it is called "Chip and Pin", where the transaction only happens if you have the correct pin and card. Much like an ATM (even in the US). It is much more secure than the traditional swipe credit card in the US.
 
American CC are based on a magnetic strip. Easily hackable. European credit cards have this strip also, but it is rarely used as we have smart chips.

Smart card - Wikipedia, the free encyclopedia

The same tech is used in many different card types... satellite systems, insurance (at least over here) and so on and can hold far more information on the chip.

Basically it is called "Chip and Pin", where the transaction only happens if you have the correct pin and card. Much like an ATM (even in the US). It is much more secure than the traditional swipe credit card in the US.

Mornin' Pete. :2wave: Well.....you see they really aren't going to do anything here in the US until around 2018, and that's a maybe too.
 
Mornin' Pete. :2wave: Well.....you see they really aren't going to do anything here in the US until around 2018, and that's a maybe too.

Yea, it is easier to eat the loss of the massive fraud than pay to upgrade the system to a more secure one... sad world is it not? That attitude was the same that the car manufactures had with the exploding gas tanks... cheaper to pay compensation to victims than do a recall...pathetic.
 
American CC are based on a magnetic strip. Easily hackable. European credit cards have this strip also, but it is rarely used as we have smart chips.

Smart card - Wikipedia, the free encyclopedia

The same tech is used in many different card types... satellite systems, insurance (at least over here) and so on and can hold far more information on the chip.

Basically it is called "Chip and Pin", where the transaction only happens if you have the correct pin and card. Much like an ATM (even in the US). It is much more secure than the traditional swipe credit card in the US.

Oh I see, that's cool. Makes sense and yeah I'd like to see that here. Thanks Pete.
 
Re: Hope you didn't go to Target on Black Friday

For you guys that live in the US, how many of your cards have the chip as opposed to only the strip on the back?

Here in Mexico we switched to all cards having the chip 2 years ago.
 
Re: Hope you didn't go to Target on Black Friday

For you guys that live in the US, how many of your cards have the chip as opposed to only the strip on the back?

Here in Mexico we switched to all cards having the chip 2 years ago.

Well I've never had one with a chip to my knowledge anyway. The damn strip gets worn in my wallet and quits working and they have to send me a new one. So Mexico has a secure card and we don't? I've noticed we are increasingly lagging behind the world in areas, except the military we still got that going on.
 
Re: Hope you didn't go to Target on Black Friday

For you guys that live in the US, how many of your cards have the chip as opposed to only the strip on the back?

Here in Mexico we switched to all cards having the chip 2 years ago.


Right now it is limited with cards we have.....only private business has used them, that I know of.
 
Re: Hope you didn't go to Target on Black Friday

I heard yesterday that the card numbers have already shown up on the black market for sale. Today I read where Chase is limiting the amount on their debit cards. A real hassle for folks trying to finish their Christmas shopping. I didn't do any Christmas shopping at Target this year so I guess that's just one more thing to be thankful for. There just doesn't seem to be any shortage of evil in this world
 
Re: Hope you didn't go to Target on Black Friday

I heard yesterday that the card numbers have already shown up on the black market for sale. Today I read where Chase is limiting the amount on their debit cards. A real hassle for folks trying to finish their Christmas shopping. I didn't do any Christmas shopping at Target this year so I guess that's just one more thing to be thankful for. There just doesn't seem to be any shortage of evil in this world

Mornin' Vesper.....Yes and they are making duplicates too. Chase said the same thing here. Moreover this morning they were talking about how it is going to keep happening.

Now while they say people can't be held accountable for the fraud......they did mention how costs will go up over these hackers and passed along to the consumer eventually.
 
Re: Hope you didn't go to Target on Black Friday

buddy of mine got his entire account cleaned out. he's getting the money back, but not until December 27th.

i'm pretty tolerant of most people; even assholes. however, i really dislike thieves, burglars, and those that prey on the elderly.
 
Re: Hope you didn't go to Target on Black Friday

Well I've never had one with a chip to my knowledge anyway. The damn strip gets worn in my wallet and quits working and they have to send me a new one. So Mexico has a secure card and we don't? I've noticed we are increasingly lagging behind the world in areas, except the military we still got that going on.

Well everybody here is treated as a criminal first so maybe that is why.

The Banks were looking for any way to protect themselves from losses so they went to all chips.

I am surprised the US didn't. It is such an easy thing to do. I wonder why they didn't.
 
Mornin' Vesper.....Yes and they are making duplicates too. Chase said the same thing here. Moreover this morning they were talking about how it is going to keep happening.

Now while they say people can't be held accountable for the fraud......they did mention how costs will go up over these hackers and passed along to the consumer eventually.
Yes it is just another example how those who try to live their lives in an honest/honorable way end up paying for the cleanup of the piles of cramp dumped by the lawless/immoral ones. The consumer ends up paying as well as anyone still left paying taxes through the cost of prosecuting the criminals and incarcerating them.
 
Yes it is just another example how those who try to live their lives in an honest/honorable way end up paying for the cleanup of the piles of cramp dumped by the lawless/immoral ones. The consumer ends up paying as well as anyone still left paying taxes through the cost of prosecuting the criminals and incarcerating them.

Yeah and that's IF.....we can get our hands on those overseas. Although I am hearing now that the Secret Service thinks this may have been done by a Crime Organization. Speculation at this point IMO.
 
Update: Hackers may have got Pin Numbers......now one bank thinks they will be able to break the encryption code. Which then would allow them to withdraw money from peoples bank accounts.


Exclusive: Target hackers stole encrypted bank PINs - source

The hackers who attacked Target Corp and compromised up to 40 million credit cards and debit cards also managed to steal encrypted personal identification numbers (PINs), according to a senior payments executive familiar with the situation.

One major U.S. bank fears that the thieves would be able to crack the encryption code and make fraudulent withdrawals from consumer bank accounts, said the executive, who spoke on the condition of anonymity because the data breach is still under investigation.

"We continue to have no reason to believe that PIN data, whether encrypted or unencrypted, was compromised. And we have not been made aware of any such issue in communications with financial institutions to date," Snyder said by email. "We are very early in an ongoing forensic and criminal investigation."

Target has not said how its systems were compromised, though it described the operation as "sophisticated." The U.S. Secret Service and the Justice Department are investigating. Officials with both agencies have declined comment on the investigations.....snip~

Exclusive: Target hackers stole encrypted bank PINs - source - Yahoo Finance
 
Re: Hope you didn't go to Target on Black Friday

and those that prey on the elderly.

people that take advantage of the sick and elderly are a particularly loathsome type of scum
 
Re: Hope you didn't go to Target on Black Friday

Update about Target.....the matter has become worse.


Target’s payment card nightmare gets worse.....

Attention 70 million Target shoppers: the people who stole your credit and debit card information also have your mailing address, email account and phone number."

That was the news coming from Minneapolis this morning as the nation’s second largest discounter revealed yet more disturbing details surrounding the theft of customer payment card information during the critical holiday shopping season.

Previously, Target (TGT) had claimed that “only” 40 million customers had been impacted and the exposure was limited to card information. Today with one sentence Target almost doubled the number of customers whose data were violated, and expanded the degree of that violation considerably.....snip~

Target
 
Re: Hope you didn't go to Target on Black Friday

Update about Target.....the matter has become worse.


Target’s payment card nightmare gets worse.....

Attention 70 million Target shoppers: the people who stole your credit and debit card information also have your mailing address, email account and phone number."

That was the news coming from Minneapolis this morning as the nation’s second largest discounter revealed yet more disturbing details surrounding the theft of customer payment card information during the critical holiday shopping season.

Previously, Target (TGT) had claimed that “only” 40 million customers had been impacted and the exposure was limited to card information. Today with one sentence Target almost doubled the number of customers whose data were violated, and expanded the degree of that violation considerably.....snip~

Target

Hey there MMC. Yeah, I heard that on the news today, I can't believe that 25% of Americans are Target shoppers!!
 
Re: Hope you didn't go to Target on Black Friday

Hey there MMC. Yeah, I heard that on the news today, I can't believe that 25% of Americans are Target shoppers!!

Heya Monte :2wave: Yeah.....and not only did they get the credit card and debit info. But peoples addresses and Phone numbers.
 
Re: Hope you didn't go to Target on Black Friday

Heya Monte :2wave: Yeah.....and not only did they get the credit card and debit info. But peoples addresses and Phone numbers.

That's a little unnerving. I'm glad I didn't shop there. But I suppose it could just as easily be someplace else next time, where I have just shopped.
 
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