Security Breach

The scare of having your credit and debit card information leaked to underground black markets is a terrifying thought. The thought of losing money and the process of cancelling cards and waiting is something that no one ever wants to go through.

Recently, there was a security breach involving Target. Account information and card numbers are being sold in batches of one million cards, according to a recent article457902739_34864391

The incident said to have occurred due to “a fraud analyst at a major bank who said his team was able to buy a portion of the bank’s accounts from an online store advertised in cybercrime forums as a place where thieves can buy stolen cards.”

According to KrebsonSecurity, this data connected to roughly 40 million accounts to a breach that happened around Thanksgiving.

The information from the magnetic strip of the card can be cloned and used at other stores. These thieves can clone pins as well and remove cash from users’ bank accounts.

In order to help reduce the risk or use of unauthorized activity, the retailer Target set up temporary restrictions on the use of credit and debit cards.

This card theft has been noted as the second largest credit card breach in US history. Target disclosed the theft the following day and began investigations.

“Target’s CEO Gregg Steinhafel apologized through a statement issued on Friday. The retailer also said it’s working hard to resolve the problem and is adding more workers to field calls and help solve website issues. And the discounter began offering 10 percent off for customers who shop in its stores on Saturday and Sunday and free credit-monitoring services to those who’ve been affected by the issue.”

creditcards-3Target is currently working with a third party forensics firm to investigating this breach and working to prevent any other issues that may come in the future.

TransFirst, USB Payment Processing’s processor, released an immediate response claiming that it does not process payments for Target and is not involved in any way in the breach. TransFirst offers state-of-the-art data security technology to its merchants and we are always looking for new ways to make their data even safer. A few recommendations given in regards to this breach include:

·         Internal fraud is a leading cause of breaches, so run background checks on all employees.

·         Be sure all processing equipment is PCI compliant; visit http://www.Compliance101 for more details.

·         Keep POS systems separate from any other IT equipment or software.

·         Only store sensitive customer data if it is encrypted using industry approved encryption software for security.

·         Avoid vendors who will have access to any POS system, unless they are independently verified as compliant.

Finally, TransFirst had this to say, “in order to help ensure that our merchants have protection available in the event of a breach, TransFirst continues to offer our leading Data Breach Security Program. This service provides financial coverage of up to $100,000 per terminal in the event of a breach or suspected breach, saving merchants thousands of dollars in industry and legal fees. Please feel free to speak with your TransFirst Account Manager to learn more, or encourage merchants to contact Merchant Services 24/7 about the Data Breach Security Program.”

For more info visit USB Payment Processing or call us 410 828 4286.

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