A Hacked Twitter Account is More Valuable Than a Stolen Credit Card

Credit card theft, especially large-scale – such as the recent Target scandal – can be quite detrimental to customers who end up losing a lot of money before they know to report it. However, a new study shows that social media account information is actually a lot more valuable to hackers than credit card numbers. After the Target security breach, where the banking and personal information of 70 million people was stolen, the data was released on the black market. Initially, these records sold for a high price. But prices quickly fell from $15 to $25 down to 75 cents,

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Canadian Debit Card Fraud at All-Time Low

Debit card fraud is on the decline in Canada, according to new statistics released by the Interac Association, the organization responsible for the country’s national payment network. Overall, fraud losses as a result of skimming rang in at $29.5 million in 2013, a sharp decrease from $142 million in 2009. Of that $29.5 million, only $7.3 million was a result of fraud exploitation within Canada’s borders. Chip and PIN technology, also known as EMV cards, is being credited for at least part of the reduction in fraud. About 95 percent of point-of-sale terminals had been converted to the technology as

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Bloomberg Report Rips Target

Bloomberg Business Week published an eye-opening report today outlining how Target had the opportunity to halt a malicious attack that impacted 70 million customers but instead turned a blind eye. According to the report, the malware – which scooped up 40 million credit card numbers – was installed just days before Thanksgiving 2013. However, six months prior, Target had enlisted the help of California-based security firm FireEye, which installed a malware detection tool on its computer systems. So when the hackers began to set their plan in motion in late November, FireEye’s monitoring team picked up on the suspicious activity

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Sally Beauty Suffers Payment Card Breach

It’s starting to feel like old news, but another major U.S. retailer has fallen prey to cyber criminals. Beauty supply chain Sally Beauty joins the ranks of Target, Neiman Marcus and Michaels, after 282,000 debit and credit card numbers allegedly stolen from Sally stores appeared online this week. The latest breach was uncovered by blogger Brian Krebs, who is responsible for bringing many of the recent retail security issues to light. Sally Beauty first suspected something was amiss on Feb. 24, though investigation has not yet revealed a breach. The rash of incidents has ignited a firestorm between retails and

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Credit Card Information Stolen in Quebec

According to California malware tracking firm IntelCrawler, data from 280 magnetic striped credit cards has been hijacked by hackers in Longueuil, Quebec. The breach was part of a widespread attack spread over several continents. Typical targets included gas stations, restaurants, hotels and other stores. Apparently the attack is to blame on point-of-sale malware dubbed JackPOS. It is similar to the Alina malware. “The malware samples are pretty fresh and were created close to the beginning of February,” IntelCrawler stated on its website. Along with the breached data in Longueuil, 400 cards were compromised in Vancouver, 3,000 in Sao Paulo, Brazil,

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Should the U.S. Update Card Technology?

First it was Target, then Neiman Marcus. Word broke on Sunday that nationwide craft store chain Michaels suspects it too has been a victim of a data attack, leaving its customers’ credit and debit card information vulnerable. Though the security breach has not yet been confirmed, reports of fraudulent activity on customers’ cards have come to light, leading Michaels to issue a warning. “We are concerned there may have been a data security attack on Michaels that may have affected our customers’ payment card information and we are taking aggressive action to determine the nature and scope of the issue,”

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Retail Security Breaches Worsen

If you were worried about the 40 million U.S. debit and credit card numbers stolen from Target customers, it’s time to get really alarmed – the retail giant has announced the security breach is worse than originally thought. It’s possible that non-credit card related data from 70 million customers – including personal information such as names, addresses and phone numbers – was scooped up by hackers over a 19-day period starting the day before Thanksgiving. But it appears Target isn’t alone. Luxury department store Neiman Marcus recently announced it too is a victim of data theft, though it won’t specify

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Court Hands Down $7.25-Billion Credit Card Settlement

The courts have closed the chapter on the epic battle between U.S. merchants and credit card giants Visa and MasterCard. Earlier this month, a federal judge gave final approval to a $7.25-billion swipe fee settlement that dates back to 2005. Although a settlement was issued last January, in which retailers were given the right to charge an extra fee to help cover the cost of credit card transaction, it was rejected by some retailers and went back to the courts. The new ruling does not include the companies who refused to participate. The National Retail Federation (NRF) has spoken out

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Huge Data Breach Hits Target

Done any holiday shopping at Target lately? Buyer beware. News leaked this morning that sensitive data from 40 million debit and credit card transactions may have been stolen over a 19-day period. Target says the breach started the day before U.S. Thanksgiving and continued until Dec. 15, which is the busiest shopping time of the year in the United States. It is unknown whether online customers were affected, or if the breach extends to Target’s Canadian stores. Nearly all of Target’s 1,797 American stores were targeted in the scam, which involved installing software on point-of-sale terminals to skim card information,

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Introducing Google Wallet

Google is great at keeping up on emerging trends. Just recently, the mega-company released its Google Wallet application on iOS 7 in direct competition with Apple’s Passbook. Like Passbook, Google Wallet gives users the ability to store loyalty cards and scan coupons from participating businesses on their device. But Wallet will also allow the storage of credit and debit card information, including transactions. With Wallet, users can buy from online websites if it is synched with an account. It’s not the first time Google has released an app to compete directly with an Apple offering. It will interesting to see which

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