Target hit with a data breach!

[dickey1331]

Re: Target hit with a data breach!

Target is offering 10% discount on December 21-22, apparently.

Did my stocking stuffer shopping today. With that plus the Red card you get a total of 15% off. I'll take it.

[DaImmaculateONe]

Re: Target hit with a data breach!

I just don't see the big deal. If your credit card info gets stolen then you get a new card and aren't responsible for the charges. The likely hood of identity theft is very rare with this case since they didn't get DOB, SSN, etc.

the point is the credit card companies loose money and they cant have that so who do u think their gunna pass the cost onto?

[Burns11]

Re: Target hit with a data breach!

Target is on the line for that, not the credit card companies, since it was Target's fault. That's why Target was so quick to notify CC companies.

For Target's part they likely have plans in place for something like this, either an insurance policy or just money put back to cover losses. Target can't really afford to bump up prices, it still has to compete with WalMart.

[p_rushing]

Re: Target hit with a data breach!

I know the servers were hacked, but usually the actual unencrypted card data wouldn't be stored any where. For them to get this data, they probably had to do something to the card readers. Or Target is storing data that they shouldn't be as the card reader encrypts the data.

Sent from my SCH-I545 using Tapatalk

[Lava]

Re: Target hit with a data breach!

the point is the credit card companies loose money and they cant have that so who do u think their gunna pass the cost onto?

Don't carry a balance on your card and you don't have to worry about it.

[nemesis04]

Re: Target hit with a data breach!

I was watching on the news this morning that the stolen numbers are being sold on the black market for $100 per card. Some business.

[kehlis]

Re: Target hit with a data breach!

the point is the credit card companies loose money and they cant have that so who do u think their gunna pass the cost onto?

Incorrect, please stop saying things when you are just guessing.


When a credit card it compromised, they chargeback the original merchant, it's then the merchants responsibility to go after the thieves.

Banks and CC companies do not pursue this from a law aspect because they just charge it back to the merchant, that's why the stories you see will talk about Target pursuing the thieves and not the banks.....

The merchant takes the hit, not the CC company.

[gopher_guy]

Re: Target hit with a data breach!

Incorrect, please stop saying things when you are just guessing.


When a credit card it compromised, they chargeback the original merchant, it's then the merchants responsibility to go after the thieves.

Banks and CC companies do not pursue this from a law aspect because they just charge it back to the merchant, that's why the stories you see will talk about Target pursuing the thieves and not the banks.....

The merchant takes the hit, not the CC company.

I'm assuming a reply to this would be: "Well, yeah but if the merchant has to take that hit, they're going to raise prices to make that money back!"

And that won't happen either. What great PR that would be, those headlines would go over GREAT! "Target endangers thousands of customers' personal information; raises prices on goods"

[kehlis]

Re: Target hit with a data breach!

I'm assuming a reply to this would be: "Well, yeah but if the merchant has to take that hit, they're going to raise prices to make that money back!"

And that won't happen either. What great PR that would be, those headlines would go over GREAT! "Target endangers thousands of customers' personal information; raises prices on goods"

Agreed.

People don't seem to realize this happens dozens of times a year unfortunately and we've never seen an increase at the merchants where it happened.

The problem with this one is it just happened a much larger scale than we are used to seeing.

[bkrich83]

Re: Target hit with a data breach!

I know the servers were hacked, but usually the actual unencrypted card data wouldn't be stored any where. For them to get this data, they probably had to do something to the card readers. Or Target is storing data that they shouldn't be as the card reader encrypts the data.

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MY understanding was they were still trying to figure this out. There was some notion that the data was being intercepted in transit to and from the financial institution, but I find that highly unlikely due to the encryption used.

I am interested to see what really happened. All I know is it's a PIA for me. My card was identified by Chase as potentially being compromised. So they've cut my withdrawal limit to $100 per day and my purchase limit to $300 per day, until I get a new card. So now I have to go to the bank and withdraw cash, and carry a bunch of cash around with me. Really really inconvenient, especially right before Christmas.

[LambertandHam]

Re: Target hit with a data breach!

They were either a very, very good hacker or an excellent BS'er. Most likely they were both. They could have either hacked in, or sent emails to Target employees and convince them to click on a link from that email and enter some information on whatever site they were taken to. If they do that, boom, you have their info and can take over their machine.

I've probably missed it in the thread/story, but was it Target itself that got hit, or one of the back end/third party systems? Some of these smaller companies get breached which have contracts with tons of big stores or brands.

[bkrich83]

Re: Target hit with a data breach!

I've probably missed it in the thread/story, but was it Target itself that got hit, or one of the back end/third party systems? Some of these smaller companies get breached which have contracts with tons of big stores or brands.

http://www.foxnews.com/us/2013/12/22/debit-and-credit-cards-stolen-in-target-breach-reportedly-for-sale-in/

It was Target. Up to 40 million cards were potentially compromised. Second largest security breach in US history.

[DaImmaculateONe]

Re: Target hit with a data breach!

Incorrect, please stop saying things when you are just guessing.


When a credit card it compromised, they chargeback the original merchant, it's then the merchants responsibility to go after the thieves.

Banks and CC companies do not pursue this from a law aspect because they just charge it back to the merchant, that's why the stories you see will talk about Target pursuing the thieves and not the banks.....

The merchant takes the hit, not the CC company.

With a large breach like this CC companies still have to wait for the investigation and Target Insurance to payout . In the meantime the credit companies have to provide the credit to the consumers of fraudulent charges usually within 10 days. While the CC or banks are possible out of millions of dollars in the meantime. What do they do while they wait to collect, raise interest, raise fees, or like Chase lower spending limits.

Banks never truely loose money. There too big to fail

[kehlis]

Re: Target hit with a data breach!

With a large breach like this CC companies still have to wait for the investigation and Target Insurance to payout . In the meantime the credit companies have to provide the credit to the consumers of fraudulent charges usually within 10 days. While the CC or banks are possible out of millions of dollars in the meantime. What do they do while they wait to collect, raise interest, raise fees, or like Chase lower spending limits.

Banks never truely loose money. There too big to fail

I work for a bank and you couldn't be more wrong about practically everything you just said here.

[DaImmaculateONe]

Re: Target hit with a data breach!

I work for a bank and you couldn't be more wrong about practically everything you just said here.

Weird it basically what they do here: https://www.chasepaymentech.com/chargebacks.html

And my uncle is an internal auditor at a grocery store.