http://www.iht.com/articles/ap/2008/08/06/business/NA-US-Retailer-Fraud-Indictment.php
Summary
This article is about how 11 hackers hacked into business accounts and stole more than 41 million credit and debit card numbers in USA. This is one of the largest case in stealing Credit and debit card numbers during the years. The suspects were charged; they are from Estonia, Ukraine, Belarus and China. Specifically, they had wireless computer networks of retailers including TJX Cos., BJ's Wholesale Club, OfficeMax, Boston Market, Barnes & Noble, Sports Authority, Forever 21 and DSW and made programs that captured card numbers, passwords and account information. In addition, they caused major losses by banks, retailers, and costumers. According to a survery the US did, it stated that more than half of small retails kept sensitive pieces of information and 57 per cent don't believe that making customer data secure is something that essential. On the other hand, 61 per cent of small businesses have never tried to get information about how they can properly handle and store customer information. However, there is a way to lower the chance of being hacked if businesses removed prohibited data and properly secured the data that was left (after 5-10 years).
Relation to the Chapter
In the chapter, it talked about personal banking, how one should always keep a detailed record of his or her transactions so that he or she will know the exact bank balance anytime. Moreover, he or she can esaily check back on t any particular payment or analyze payments for income tax and other purposes. This is one of the solutions to which how customers can find out right away if there is a fraud in credit or debit card transactions, or see if any weird payments are going on knowing that he or she never made such a transaction. I think this would also make customers realize frauds earlier and decrease the amount of loss.
Reflection
Recently, I heard that frauds of credit and debit card transactions are increasing over the years. Business often think that they are protected by security locks and costumers always think they are safe, but people are able to set up hacking systems. Thus, i think one way to prevent having our money being cheated, we shoudl always be keeping an eye on our bank statements, and keep our receipts together all the time. I remember my aunt recieved her bank statements one month, and she found some weird transactions going on on her account. Luckily she quickly gathered up all her reciepts that she kept in a folder and went to talk to the person in charge. She later found out that one of the employees in a particular store stole her number and started using her money. Thus, this is why we shoudl always keep a record of what we are spending on to prevent unwanted money loss.
1 comment:
I've always thought that there are businesses that do not try to keep customer information safe, but I find it hard to believe that the statistics are actually so high. I think it is up to the businesses' responsibility to secure customer information as it is confidential, especially credit card numbers and passwords. I think the businesses have the obligation to keep everything safe. In addition, I agree that we should examine our bills and bank statements carefully, because errors often occur, or someone could actually have stolen your credit card number. People should also be careful where they leave their old bank statements in case they get stolen. Old statements should always be shredded before throwing away.
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