Credit Card Breach Essay

And that's just in the United States. The card has become more secure and can be managed in the palm of your hands. From freezing your account to making deposits it can be even more secure to making online, over the phone, and on your phone/apps by the touch of your phone. That's how the credit card evolved from being a cardboard to cheap flammable plastic and now a card you can wear out. In the end the credit card was invented by a man that couldn’t pay his bill in a restaurant and thought of one of the best thing that people nationwide could use and that forever changed the way we paid for

A new type of credit card is starting to become more familiar in the Unites States, called a chip-and-PIN card. The chip-and-PIN cards contain an embedded security chip and a traditional magstripe. This embedded security chip ensures that the card cannot be duplicated, as it masks the payment data uniquely each transaction. The problem with this alternative is that they cost significantly more to make than traditional payment cards and most merchants do not have systems that are capable of accepting the new chip-and-PIN cards. However, in October of 2015 if you have not changed your systems to support chip-and-PIN cards, the liability of the data breach now falls on the merchant, rather than the banks.

With tons of information flowing in the marketplace; merchants, financial institutions, and consumers need to protect information and data from potential hackers looking to leverage that data. This problem exists because the average consumer and merchant is not always careful with their security measures, thus opening the door for data breaches. Data published by the Nasdaq showed the following, JP Morgan Chase had 83 million records accessed, Staples had 1.16 million records accessed, and Target had 40 million credit card numbers stolen. While those are some of most highly publicized breaches, everyday consumer data is stolen from merchants, and often the proper preventative measures were not taken. Credit Card fraud affected 31.8 million

Because of this new Chip technology fraudsters are changing their techniques, as well as finding other ways to take your money out of your bank account and charge your credit card.

There are some people who still insist on paying the old fashioned way, with cash. If you purchase anything using a credit card, you are most likely aware that thousands of cardholders have had their data stolen by unethical hackers.

No matter what precautions are taken, credit and debit card fraud will remain an enemy to hard working consumers everywhere. Credit card thieves can use a variety of methods to attack the consumer. ATMs can be used to steal information from a debit card transaction. Online predators can steal credit card information through a click of a button. Stores can also be targeted through the use of data mining in the magnetic card readers. Persistent consumer vigilance is needed if credit card theft is to be avoided.

Donald J. Trump is one of the most influential business men of the 21st century. He owns stock in many companies and owns Trump industries. He currently has a net worth of approximately 4.3 billion dollars. He made this money the good old fashioned way, through hard work and smarts. Throughout the years he has learned a lot about economics, and has put this knowledge to use, now running for president of the United States in 2016. The free enterprise system helped Donald Trump become more successful in business, because he was able to freely buy and sell property to make a profit. he now has projects building recreational centers and golf courses and other things for profit.

The biggest risk of data theft lies within a company 's customers. When security breaches happen, the customer begins to question if Sunoco has looked out for their personal information and overall trust becomes an issue. Whenever someone purchases with a credit card, the customer is putting their trust in Sunoco that the information will not fall into the wrong hands. If Sunoco does not handle the situation quickly and efficiently after it occurrs, panic ensues by current and potential customers. Credit cards are a huge portion of sales today. According to Javelin Strategy & Research, “plastic cards purchases comprised 66 percent of all in-person sales, with nearly half of them, or 31 percent, made with debit cards. Last year shoppers used credit cards for 29 percent of point-of-sale purchases; it is expected that the numbers will rise to 33 percent by 2017” (New, 2012, para. 5). That leaves potential for a significant loss in sales and annual earnings. With the increase of credit and debt card usage, Sunoco needs to take the necessary action to ensure that data theft does not occur again for their customers.

Our company has worked with other retail establishments and are familiar with credit card transaction equipment and requirements. With the new chip requirements used with credit card transactions, our own Jose Pagliery was the first to publically identify all the vulnerabilities in the equipment and vendors. Trustwave admitted “that keeping the credit machines is safe is low on a store’s list of priorities” (Pagliery, 2015). Even Verifone try to publically say that the issues of the article were not a vulnerability by itself. However, we have learned that Verifone has changed their security procedures because of the article.

Worldwide credit and debit card fraud resulted in losses amounting to $16.31 billion during the year 2014. The United States has been disproportionately affected by this fraud, due to their lack of adoption of the EMV Chip security measure. According to the 2012 Nilson Report, American card issuers lost $3.4 billion and merchants lost another $1.9 billion. America makes credit card fraud easy for fraudsters, by still relying on cards with magnetic strips which are less secure than EMV Chip enabled transactions.

Donald Trump is a business owner and well known in reality television. He currently holds the positions of the Chairman of the Trump Organization. The Trump Organization is a united states based real estate development

For this situation, Tyco International neglected to give genuine monetary picture for quite a while. Dennis Kozlowski, Mark Swartz and Mark A. Belnick were those Tyco's directors who committed scam or swindle by accused of twisting

Banking cards includes a Debit/Credit/Cash/Travel card which offers enormous flexibility in daily usage. These cards provide consumers more security, convenience and control over their transactions. Payment cards help the people to purchase articles in stores, on the internet and over phone also. These cards are commonly linked with the bank accounts of the customer. And it provides two factors authentication system for securing the transactions. After demonetization, usage of card payments is increasing.

Magnetic access control card security systems use smart cards which are small plastic cards made out of Polyvinyl Chloride incorporating one or more integrated circuits within its thickness to store and transact data (Hendry, 2007). Types of smart cards include Subscriber Identity Modules (SIM) cards, magnetic

Credit Cards have become an everyday financial tool for us here in the US and around the owrld. This simple plastic card comes with it a host of benefits, rewards, and dangers.