Cardholder 's Information At Citigroup Hacked Essay

The Wells Fargo scandal involved a variety of stakeholders who have stake in the issue; however, the main stakeholders include the consumers, the employees and their families, and stockholders of the organization. The affect these stakeholders suffer varies, but the ultimate affect the scandal has had is violation of trust by Wells Fargo and its leadership. When examining this situation, the main stakeholders who suffered the greatest harm from the scandal were the customers who fell victim to the fraud and had their privacy violated by an organization they trusted. In the course text, Trevino and Nelson spoke of the importance of trust and its importance in a service economy. Wells Fargo violation of the consumers’ trust has ultimately added

Even after the attack, when the company did not know whether the customer information, which included credit card information, the company had no intention to announce the security breach to the public. This can be detrimental to the company if customers became

During the last Christmas season, Target announced that their data security was breached. According to David Lazarus in Los Angeles Times, Target stated that roughly 110 million customers’ information was illegally taken from their database. The information included their credit/debit card info, phone numbers, and email addresses. Target is one of the most popular grocery stores in the U.S.; they have a substantial amount of consumers. Because of this incident, consumers' trusts for the store have been decreasing. Worrying about losing its customers, the company offered a free year of credit monitoring and identity-theft protection, so the customers will feel more secure. Not only Target, some other large retailers also faced the same issues. They want their customers to trust that the companies can protect private data. However, should we not worry? Data breaches have been going on for about a decade, but we have not seriously thought about the issue. In order to protect people’s privacy, the federal government should make new laws concerning companies’ handling of customer information.

A week after the last security breach, Sony announced to its PlayStation Network users that certain information may have been compromised. Many users were very upset because their personal and financial information had been compromised for over a week and they were unaware. There was a significant delay between when the card information was compromised and when Sony notified its users. Many users who did not give credit card information to Sony were still upset because they use the same login and password for multiple sites, and now their information on other sites may have been accessed without their knowledge. After the breaches, Sony did not just patch the holes in its network security, it had to rebuild from the ground up, further upsetting users by causing the network to be

The intriguing thing about the TJX escapade is that TJX lost the Visa information of 96 million buyers (around 29 million MasterCard casualties and 65 million Visa casualties). The expense, all things considered, had to be taken care of by the guarantors of the charge cards. From a business point of view, the scandal shows up not to have unfavorably influenced TJX. It may matter to clients who turned into the casualties of character extortion and the banks who need to cover the false utilization of charge card numbers, yet it has not influenced TJX. Since TJX lost claims by banks, it seems to have affirmed the of held (but deceptive) conviction that defensive measures are unimportant, and that the insignificant sum ought to be spent on them.

On September 8, 2015, it was discovered that a Patriot Financial Services (PFS) employee, whom provided customer support services to clients, had stolen personal financial data from approximately 50K of their customers. The data stolen by this employee was comprised of personal customer information including full names, home addresses, social security numbers, contact numbers, bank account numbers, driver 's license numbers, birth dates, email addresses, mother 's maiden names, pin’s and account balances. The suspect employee then proceeded to leak out this

The Target data breach remains one of the most notable breaches in history, it was the first time a CEO of a major corporation was fired due to a security event. The breach received an enormous amount of attention, it caused corporations and individuals to change the way they think about information security and data protection. Between Thanksgiving and Christmas 2013 hackers gained access to 40 million customer credit cards and personal data of 70 million Target customers. The intruders slipped in by using stolen credentials and from there gained access to vulnerable servers on Targets network to launch their attack and steal sensitive customer data from the POS cash registers. All this occurred without a response from Targets security operations center, even though security systems notified them of suspicious activity. The data was then sold on the black market for an estimated $53 million dollars. However, the cost to Target, creditors, and banks exceeded half of a billion dollars. This report will review how the infiltration occurred, what allowed the breach to occur including Targets response, and finally who was impacted by the security event.

In 2013, A US retailer Target got hacked in their payment system. Credit card information, addresses and names of 100 millions of people were leaked (Adee, 2015). Curiously, a few months later, one of my credit cards, used in Target recently before the hacking, had many abnormal purchase on physical and online store transactions. I can solve the problem and remove unpurchased value on credit card account, but it costs me many days. I had to fill out some form, I called many times to the bank for the claim, I listened some wonderful music while I was waiting for a representative to attend to me, and get the same message, “all of our current representatives are busy right now, wait for the next available representative or call back later…”, over

Until the intent or motive is recognized, a problem cannot be described or solved. This should be a major question to ask in the Wells Fargo case. Most workers, especially in sales and marketing jobs are known to be compensated and promoted based on their performances (number of products and services sold, number of set targets met). So it is possible that Wells Fargo compensation and promotion structure motivated these employees to engage in such fraudulent acts in order to boost their incentives and bonuses which was measured based on their performance. Because it is surprising that such huge number of employees would engage in such acts to cheat customers for a period of five years. Both former and current Wells Fargo employees told regulators that their motivation to open unauthorized accounts was because of the compensation policies and felt extreme pressure to do that to benefit from such policies (Corkery

A single data breach can severely impact a company’s reputation as well as their ability to conduct business in the future. For merchants that process, store and transmit credit card information, PCI DSS has never been more important.

In September of 2016, it was revealed that there was alleged misconduct at one of the largest and safest banking institutions in the United States. Wells Fargo Bank was ranked among the nation’s safest financial institutions according to an analysis done by Global Financial, (Inside Tucson Business, 2009). Alleging that between May 2011 and July 2015, there were more than 2 million bank accounts or credit cards opened for customers without their knowledge or permission (Blake, 2016). Clients started complaining the they were receiving debit/credit cards from the bank that they had not ordered. Wells Fargo employees also started complaining that about the unethical behaviors they witnessed or were asked to participate in to the Human Resource Departments, the bank’s internal ethics hotline, branch’s individual managers and supervisors. All which led to the discovery of the fraud scandal.

Advanced technology has infringed on the consumers’ privacy because of companies’ negligence. Why are companies breaking silence on being hacked (Perlroth, 2013)? And if there is advanced technology to protect consumers, why are companies not implementing it? There should be more regulations to increase consumers’ protection. Companies’ negligence should not be excused because there is advanced technology that can protect their client’s information; their negligence allowed convenient access to hackers, so they should be punished. The Fortune 500 Companies are being hacked, and hackers have stolen consumers’ information but most companies do not notify the public because they are interested in protecting their image rather than their customers’ information.

As stated in the case for 25 years, the company has won the trust of the customers. I think the best option Brett has is to inform the customers about the breach. This will make the customers satisfied that they are kept in loop instead of keeping it as a secret. In the letter, the customers must be given an assurance that the issue will be addressed as soon as possible. Brett can request the customers to keep this breach a secret as it is still being investigated and talking about the issue may affect the s

customers had no idea about it. The customers were charged fees for those accounts since 2011.

For example, in April of 2013, “Bank of America sent out alerts saying they disabled several area cards out of fear that account information may have gotten into the wrong hands” ("Bank of America Alerts Customers of Security Breach." CBS St Louis). The spokesman for the bank said: “We have not heard of anything specific, but I can tell you that we, along with other banks, periodically receive alerts from the payment networks about cards that may have been compromised at a third-party location”( "Bank of America Alerts Customers of Security Breach." CBS St Louis). In May of this year, several residents of Lawrence County in Missouri reported “that their Commerce Bank debit cards had been compromised following a security breach over the weekend. Carl Bradbury, director of consumer card product for Commerce Bank, said that about 1,500 customers in various states were affected by a “merchant’s” security breach” (Doombos, Caitlin. "Lawrence Residents Report Commerce Bank Debit Cards Compromised in Security Breach." LJWorld.com.). Bradbury also added, that “security breaches in the banking industry are not rare. He noted about ‘60 to 80 breaches are going on’ at any given time” (Doombos, Caitlin. "Lawrence Residents Report Commerce Bank Debit Cards Compromised in Security Breach." LJWorld.com).