We recently reported on the Target security breach that compromised over 40 million cards. It would seem the ordeal is not over quite yet.
The security breach that hit 1,779 retail locations through Target’s card processing terminals has caused many banks to take action. JP Morgan Chase, Citibank, and Santander Bank have restricted debit purchases, by allowing withdrawals of $100 and purchases up to $300 per day. Other banks have taken to cancelling the compromised cards, leaving cardholders without the ability to use them during the busiest shopping time of the year.
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While the Secret Service is investigating the breach, new reports show card numbers were not the only pieces of information compromised. PIN codes are now believed to have also been taken by the hackers along with the card numbers. The PIN codes are encrypted, but specialists believe the hackers have the ability to decrypt them.
If the card numbers and PIN codes being compromised isn’t enough, the New York Times reported a “ten-to-twenty fold increase in the number of high-value stolen cards on black market web sites.” New posts for card information are being sold in bulk by the million. It is believed the sudden increase in black market cards is directly linked to Targets security breach that lasted 3 weeks from November 29th (Black Friday). Card data on the black market is sold anywhere from $0.25 to $100 per card.
This is one of the biggest data breaches seen by any retailer. A similar event occurred in 2007 when retailer TJ Maxx was hacked, compromising over 45.7 million cards over a period of 18 months.