Target Credit Card Fraud – How This Security Breach Can Occur?

Target credit card fraud is just one of many occurrences of hackers breaking into systems to compromise customers credit card and debit card account information.

So how does this security breach occur and how will it effect those customers? How do you know you are one of the ones effected?

Well the story goes per Target that almost 40 Million credit and debit cards information was compromised starting Nov. 27th and continuing for more than 2 weeks.

Information obtained by the hackers was the following:

Card Holder Name
Credit Card Number
Expiration Date
3 digit security code

I thought it was kind of humorous that a Target spokesperson says that very few incidents of fraud have occurred. Well based on the information above, the hackers will probably sell this data to others that will then later commit the fraud on the credit cards. So it really does not help the customer who now has their key data out on some list that will be utilized.

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A few tips for credit or debit card usage to prevent fraud on your cards.

1) Only carry one credit card such as a good cash back rewards card. Each year call the credit card company and tell them to issue you another number annually. This way if anyone is accumulating your number you are being proactive by getting a new card even if it is from the same issuer to maintain your account status. By having multiple credit cards out there that you are using, it gets confusing what cards you are using where.

2) Once you have heard there has been a compromise or breach, immediately contact your credit card company and notify them of the fraud and they will simply issue you a new credit card. It is better to again be proactive and just have the card replaced.

3) The real key is for the credit card companies to use existing chip technology like they are already using in Europe. This will assist to prevent a security breach like this from occurring and fraud impacting individual customers in the millions.

Another interesting concept being discussed is a validation system that cross checks your purchases. An example of this is where when making a purchase with you credit card, a security code would be sent to your iPhone or other Mobile cell phone that would then be entered as a cross check thereby preventing anyone from using your card.

There are many things that can be done and believe the technology exists. It will be up to the customers to complain enough that will force the retailers to demand the technology to be implemented and utilized thereby preventing the security breach that occurred at Target from potentially becoming a reality for fraud when that data is sold. With new technology it will not really matter as with a verification system like referenced above having to utilize you cell phone with a security code the information being sold will be worthless.

Do you know anyone that was effected by the Target Security Fraud or was involved in the breach? If you do leave us a comment below.

Also, if you had to cancel your old card it is a good time to review our comparison pages to get a new or better credit card. You can look through our reviews and the comparison links provided in the right column of our site along with other great resources.

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