Michaels Stores confirmed that as many as 3 million cards were affected in a recent security breach, or approximately 7 percent of all credit and debit cards used in its namesake stores and approximately 400,000 cards used at the chain's 54 Aaron Brothers locations.
There's yet another security nightmare staring down retailers as the Heartbleed bug threatens to expose encrypted data in OpenSSL.
The International Association of IT Asset Managers (IAITAM) has teamed up with Ernst & Young to create the IT Asset Management Organizational Certification.
As evidenced by recent high-profile breach incidents, keeping payment data secure in today's world is an increasingly complex challenge. While EMV chip solves one part of the problem, there's no single solution that addresses all security challenges.
It seems far-fetched that a bank would refuse a retailer's business, but that is exactly what happened in the case of Lovability, an online retailer of condoms. In mid-March, a division of JPMorgan Chase rejected an application to process payments for Lovability, citing "reputational risk" associated with "adult" products. After some bad press, however, a representative from Chase's marketing department said the company will reverse its decision.
The Retail Industry Leaders Association is getting ready to fight crime, cyber- and organized retail crime, as the industry gathers for RILA's Retail Asset Protection Conference in Indianapolis. The event will take a deep dive into hot button topics including cyber security, shrink and injury prevention with a big focus on organized retail crime. "The organized retail crime push is very exciting for us," said Garth Gasse, RILA director, asset protection. There will be sessions specific to surveillance and counter intelligence efforts. According to Gasse, in order to fight organized retail crime, the industry has to work backward, to get wholesalers to stop participating and small-store owners to stop selling stolen merchandise. "It's a battle we fight every day," he said. "RILA sees an opportunity to get involved to really help fight through collaboration."
What if a government agency held hearings on fraud protection and data security, prompted by recent data breaches at national retailers, and failed to invite a single retailer? That's exactly what happened when the House Financial Services Committee's Subcommittee on Financial Institutions and Consumer Credit held a hearing on data security.
Sally Beauty Holdings has joined the ranks of retail data-theft victims. The Denton, Texas-based retailer confirmed that credit card data from up to 25,000 customer accounts was compromised in a breach of its systems that was discovered on Mar. 5. The company likely was attacked by the same hackers who stole 40 million credit and debit cards from Target, reports KrebsOnSecurity. "We have now discovered evidence that fewer than 25,000 records containing card-present (track 2) payment card data have been illegally accessed on our systems and we believe it may have been removed," Sally Beauty said in a statement.
MasterCard and Visa announced the formation of a new cross-industry group focused on enhancing payment system security in the wake of multiple security breaches.
Cyber crime is on the rise as 'dark web' malware becomes easier to obtain and retailers are at risk for more POS attacks and data breaches.