Sunday, April 01, 2012

Major security breach with payment processor; minors targeted by ID theft rings


Brian Krebs, computer security blogger and journalist, reports on the major security breach at Global Payments in early March, 2012, affecting up to 10 million Master Card and Visa numbers, link here

Smaller businesses these days (compared to the 90s) are much more likely to outsource their own credit card processing (like to Amazon) and not take on the risk of being responsible for consumer information. But most of the breaches these days seem to happen at big companies. 

In the meantime, there are also major media reports of identity theft of social security numbers of minors.  Social Security has adopted new randomization algorithms to try to defeat this trend.

In fact, Equifax now offers a family notification service for about $30 a month, for two adults and up to four kids.  It sounds like paying protection money.  But here is a story about it on Smart Money on CNN, link.   There’s one case of a college student in Indiana who, when getting apartment, found pages of defaulted credit cards in her name since she was eleven years old. 

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