Credit and Debit Card Ratings

Cybercriminals Hit Target

The holidays just got a little more stressful for millions of Target customers. In a statement on Dec. 19, the large retailer acknowledged that as many as 40 million customers who used their debit or credit cards at Target’s U.S. stores between Nov. 27 and Dec. 15 might have had personal information stolen. Online shoppers at Target.com were not impacted.

Target says that it discovered the problem on Dec. 15 and was able to take steps to resolve future problems. Target also said that the information stolen included customer names, credit or debit card numbers, card expiration dates and three-digit security codes.

According to a report in The New York Times, criminals focused their attention on point-of-sale transactions taking place inside Target stores. “By breaching point-of-sale systems, they can steal the so-called track data on credit and debit cards, which can be sold, in bulk, on the black market and used to create counterfeit cards,” says the story by Times reporters Nicole Perlroth and Elizabeth Harris.

This high-profile theft comes at a very bad time for both Target and its customers. The first day criminals accessed customer credit and debit card information was Nov. 27, the day before Thanksgiving and just prior to Black Friday, the traditional start of the holiday shopping season.

In its statement alerting customers about what happened, Target said it had partnered with a third-party forensics company to investigate the security breach and had alerted financial institutions and law enforcement officials. The New York Times report said that the Secret Service, which is responsible for investigating financial fraud, had launched an investigation.

Target also urged customers who may have been impacted by the theft to take a number of steps to protect themselves. Specifically, the company urged people to keep a close eye on credit and debit accounts in order to spot any fraudulent transactions. Target also suggested customers monitor free credit reports available from Equifax, Experian and TransUnion, the nation’s three major credit bureaus. “If you discover any suspicious or unusual activity on your accounts or suspect fraud, be sure to report it immediately to your financial institutions,” says the statement from Target.

In the case that a customer does find irregular charges, Target suggests contacting law enforcement or the Federal Trade Commission (FTC) to report the incident.

Tag: prepaid card

  • Cybercriminals Hit Target

    Cybercriminals Hit Target

    The holidays just got a little more stressful for millions of Target customers. In a statement on Dec. 19, the large retailer acknowledged that as many as 40 million customers who used their debit or credit cards at Target’s U.S. stores between Nov. 27 and Dec. 15 might have had personal information stolen. Online shoppers at Target.com were not impacted.

    Target says that it discovered the problem on Dec. 15 and was able to take steps to resolve future problems. Target also said that the information stolen included customer names, credit or debit card numbers, card expiration dates and three-digit security codes.

    According to a report in The New York Times, criminals focused their attention on point-of-sale transactions taking place inside Target stores. “By breaching point-of-sale systems, they can steal the so-called track data on credit and debit cards, which can be sold, in bulk, on the black market and used to create counterfeit cards,” says the story by Times reporters Nicole Perlroth and Elizabeth Harris.

    This high-profile theft comes at a very bad time for both Target and its customers. The first day criminals accessed customer credit and debit card information was Nov. 27, the day before Thanksgiving and just prior to Black Friday, the traditional start of the holiday shopping season.

    In its statement alerting customers about what happened, Target said it had partnered with a third-party forensics company to investigate the security breach and had alerted financial institutions and law enforcement officials. The New York Times report said that the Secret Service, which is responsible for investigating financial fraud, had launched an investigation.

    Target also urged customers who may have been impacted by the theft to take a number of steps to protect themselves. Specifically, the company urged people to keep a close eye on credit and debit accounts in order to spot any fraudulent transactions. Target also suggested customers monitor free credit reports available from Equifax, Experian and TransUnion, the nation’s three major credit bureaus. “If you discover any suspicious or unusual activity on your accounts or suspect fraud, be sure to report it immediately to your financial institutions,” says the statement from Target.

    In the case that a customer does find irregular charges, Target suggests contacting law enforcement or the Federal Trade Commission (FTC) to report the incident.

  • Google Launches Prepaid Card

    Google Launches Prepaid Card

    Google Inc. decided that the run-up to the holiday shopping season was the right time to announce its entrance into the prepaid debit card industry. On November 20 the search engine company declared – via blog post, of course, and with typical irreverence – the availability of its Google Wallet Card.

    “Your roommate finally paid you back for dinner through Google Wallet, and you want to use that money right away to pay for groceries this week. Now, you can use the new Google Wallet Card to spend the money instantly, either by purchasing in stores or by withdrawing cash at ATMs,” reads the blog. As the company’s announcement indicates, the new prepaid debit card offering from Google is both similar and somewhat different from other cards already on the market, which are now available from financial heavyweights like American Express and Chase as well as groups like the Occupy Wall Street Movement.

    Like so many other prepaid debit cards, the Google Wallet Card allows users to make purchases anywhere MasterCard is accepted. In addition, the card also makes it possible for cardholders to withdraw cash from ATMs. But there are also significant differences with the Google Wallet Card. As its name indicates, the Google prepaid debit card is linked to Google Wallet accounts. Google Wallet is a smartphone app linked to a consumer’s credit card or bank account that allows users to pay for items using their phone (if a retailer accepts Google Wallet, that is).

    The new Google Wallet Card, which is available for use only in the U.S., can be loaded with money either from a Google Wallet account or from bank and credit card accounts. There are other differences that make the Google prepaid debit card stand out. Importantly, there is a notable lack of fees. Google does not charge anything to people for obtaining the card initially nor does it levy fees annually or monthly. The Google card also provides instant notifications delivered straight to a cardholder’s phone whenever a purchase is made.

    Perhaps more controversially, information about purchases made using the Google Wallet Card will be tracked. According to an article in Reuters, the company will collect information on goods purchased with the card, the amount paid and the name and address of the seller. That information will then be included in profiles Google creates for advertisers interested in better targeting their pitches.

Credit and Debit Card Ratings