Hackers stole credit card information from customers who shopped at Target or Neiman Marcus, during the 2013 shopping season that stretches from black Friday through Christmas. Target was the first company to inform the public that their credit card systems have been hacked. Neiman Marcus informed the public of their own security breach caused by the same hackers that attached Target shortly after Target went public with the security breach. The system that the hackers attached was the point of sale (PoS) system that reads credit card information from customers when checking out.
The method used to steal 70 million Target customers credit card information was RAM scraping malware, which allows an attacker to steal information from memory of a PoS device. (Kerner, 2014) Since most PoS devices site in an internal network it was unclear how the hackers installed the RAM scraping malware on the devices. During the investigation Target reveals that hackers stole credentials from one of their vendors to access the PoS system where the RAM scraping malware was installed. (Davies, 2014) Target has not revealed who the vendor was and has not provided additional information pertaining to the security breach. Throughout this investigation Target has been willing to give the general public information which is not the case with Neiman Marcus.
Neiman Marcus is a retailer that sells high end clothing, was also a victim of the PoS Ram scraping malware has not provided much information around there security breach. (Kerner, 2014) There statement to the public was simply that they were affected by the malware but didn’t provide any more information around how there system was accessed or how many people are affected. PoS systems d...
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For example credit card transactions and security breaches have occurred which have cost the company million of dollars. Target Corporation must do a better job of securing its data to prevent future loss in profit, sales, and stock values.
Target has 1,799 stores, and its annual revenue was more than $71 billion in 2014. Considering that Target operates only in the United States, the company’s total income does not seem too low. Like Walmart, Target is open to all customers without membership, and its products are similar to Walmart’s products. For example, both companies sell household essentials, pharmaceuticals, personal care items, cleaning and paper products, apparel, accessories, sporting goods, electronics, and food items, along with furniture and other products. Instead of offering membership discounts, Target offers REDcard debit and credit cards, which provide consumers with a 5% discount on purchases. Since Target utilizes e-commerce for sales of its goods, delivering products worldwide can be highly beneficial for the company’s
The Minneapolis based Target Corporation announced in December that criminals forced their way into the company’s computer system. The data breach compromised 40 million credit and debit card accounts of customers who shopped during the holiday season between November 27 and December 15, 2013. The data captured was far broader than originally imagined as hackers gained access to 70 million customer’s personal information including names, home addresses, telephone numbers, and email addresses. Additionally, expiration dates, debit-card PIN numbers, and the embedded code on the magnetic strip of the card were stolen.
With Target handling the security breach as best as they could, investigators and the Department of Justice are trying to figure out how the security breach happened. Upon investigation, it is believed that “the data was obtained via software installed on machines that customers use to swipe magnetic strips on their cards when paying merchandise…”(Reuters, 2013. p.1). Even though investigators provided the theory above, they are still unsure of how the cyber criminals were able to take so many card numbers from almost all the Target stores. The investigators and feds are still looking into how and who stol...
Target’s collection and possible sale of private information could go against basic principles of confidentiality since people trust that they are not revealing information that is confidential. One expects that their personal information is protected and not just provided to anyone who is willing to pay for it. At the same time, people expect Target not to be buying influence ...
More along those lines, the attackers were successful in loading the card stealing malicious software to cash registers in the Target store...
Target bank is called the Target National Bank. It is owned by the Target Corporations itself and all the receivables go into Target has approximately 1,600 million dollars worth of lines of credits from twenty five different banks, approximately half the worth of the line is used and is due back for payment June 2005, with an extension all the way up to June 2006. The other half of the payment is due June 2008. The expected long term rate of securities rate for October 31 2004 was 8.5 %.
In 1995, Target began offering credit which was known as the Target Guest Card (Target Through the Years). This was a big step for the company in establishing customer loyalty and relations through the use of technology. By 2004, the cards were renamed REDcards and were able to create data portfolios to help Target figure out product demands and create different routes to satisfy their customers even more (Target through the Years). This was a huge step for Target and their use of technology to better their
As we can see now-a-days, there are many replacements to card payments such as MOBILE PAYMENT options like Apple and Samsung Pay. Recently, Apple has launched finger print (TOUCH ID) payment option in its new Mac-book Pro. Almost every application has its own wallet to pay. But still, as we know that technology is any day not secured. It might not be vulnerable today. But, we cannot predict its non-vulnerability because one day or the other, it becomes vulnerable to any type of attack.
Target has not significantly penetrated the online shopping business as compared to its competitors Walmart and Amazon.com
The December 2013 data breach exposed the underbelly of Target, to not only the nation but to the world. The type of data that was stolen during the data breach was information on guest members. This information included guest members names, addresses (physical and e-mail), and/or phone numbers. This information did not include guest members’ social security numbers. The data breach occurred when hackers, according to Target Corporation (2014), “criminals forced their way into our system, gaining access to guest credit and debit card information.” The Target data breach has affected more than 70 million Target guest members.
Target Corporation pioneered value chain activities like focusing on customer experience through superior marketing, ability to attract global talent, sustain in and outbound supply logistics, develop supplies with a high-quality vendor and partners, a great customer service, extend return by 30 more days if purchased through Target brand store cards, and a skilled workforce supports its generic strategy of "Expect more Pay Less" improves competitive position that its rival cannot match. --
Your identity is unsafe in more places than you may realize. Every store you walk in has the possibility or either having someone behind the counter, or someone hacking into a business from outside, readily waiting to steal your identity. Using your credit card in any store is never safe no matter what signs are posted around the store, or how big the company is; it’s not always the people who work there that want your identity. The article Identity theft growing, costly to victims in The Arizona Republic, J. Craig Anderson ...
One of Target’s goals is to provide more organic foods. Target is aware of how society is shifting their interest towards organic foods and health. Another one of Target’s goals is to reduce water waste by 10 percent in 2015, whih was met in 2014 by 13.1% (Target Corporate). The company is aware of the possible damage that water waste can cause to the environment and is actively working to prevent them. So far, Target has not had much attention surrounding their social responsibility, but there was one incident in December of 2013 where data of at least 70 million customers were leaked (Target Corporate). This breach allowed criminals to access credit card and debit card information. There is an entire FAQ page on the corporate website answering any questions or concerns that customers may have. Target has recently agreed to a $10 Million settlement in the lawsuit that came after the data breach, in which people will have to provide proper documentation showing their losses during the hack (Parks). Despite this compensation, some customers may not be comfortable shopping at Target
Journal of Internet Banking & Commerce, 18(2), 1-11. Retrieved from http://www.arraydev.com/commerce/jibc/. Sullivan, C. (2009). The 'Standard'. Is identity theft really a theft? International Review of Law, Computers & Technology, 23(1/2), 77-87.