Just before Christmas last year the mother of all hacks took place in the US. Target, a retailer which sells everything from kid’s swings and outdoor flooring to curling irons and razor sharp HD smart TVs had its point of sales (PoS) systems hacked.
Information from up to 40 million customer’s credit and debit cards was lifted by hackers. Within days, this information started appearing on underground web sites which specialize in this type of information. Some of the credit card details were going for about $20 each. So worried were the banks that some of them even dived into the deep web and bought up the credit/debit card information to protect their reputation and their customer’s bank accounts.
In January, Neiman Marcus confirmed that it had suffered a data breach. Initially only a few details were released - all that was shared was that fraudulent charges were found on credit and debit cards of customers of Neiman Marcus. It did not reveal what types of data were stolen or how many customers were affected. A few weeks later, it was revealed that the data breach was much worse than originally thought. Neiman Marcus has since announced that cyber criminals had hacked into their system and had been operating within it for several months. Over 1.1 million credit and debit cards were affected.
A spate of recent hacks has exposed millions of passwords and email addresses. One organisation has even gone so far as to tell its members that at some point their cyber defences will be breached. The hacks also expose some serious passwords blunders and reveal that many people still don’t understand the need for strong passwords.
Recently, Google updated their Terms of Service. The update included permission for Google to use your reviews, name and photo for advertising purposes. Of course this update has now been set as a default setting within everyone’s account. Every time you recommend or comment on an item or service, Google is now permitted to share that reaction, and they’re referring to it as a “Shared Endorsement”.
The future of mobile banking is now, and it’s happening. In an effort to make banking safer and easier for their customers the American Bank, City National Bank is launching “Cardless Cash Access”.