More bad news for Target and its shoppers: After 40 million credit and debit cards were compromised, The New York Times reports that information is now showing up on the black market.
Thursday, Target admitted it suffered a massive security breach between Nov. 27 and Dec. 15 with millions of customers' data getting stolen. (Via WJLA)
It didn't take long for that information to pop up on the black market. On Dec. 11, fraud experts noticed a "ten- to twentyfold increase in the number of high-value stolen cards on black market websites, from nearly every bank and credit union." (Via The New York Times)
A writer for CNET explains the hack exposed customers' "names, credit and debit card numbers, expiration dates, and three-digit security codes."
CTV says that information can then be burned onto a blank card.
"The thieves input your stolen information, then like getting a new room key at a hotel front desk, they just swipe it onto a blank card like a used-up gift card."
Brian Krebs, a security blogger who broke the original story, said the stolen cards get sold in bulk from as little as a 25 cents to $100, depending on their credit limits. (Via Krebs On Security)
On Friday, Target released a statement saying some types of customer information weren't taken.
"Target's CEO says there is no indication that any debit card pin numbers were compromised, and they believe customers' birth dates and Social Security numbers are safe." (Via TXCN)
The CEO also said the company would email affected customers by the end of the weekend and will not hold hold them financially accountable for any fraudulent purchases. (Via Target)
Target is attempting to lessen the blow by offering a 10 percent discount to customers on in-store purchases this weekend.
