On the heels of Equifax’s massive data breach that compromised 143 million identities, Mastercard today (Oct. 2) announced the launch of Early Detection System, which alerts banks to high-risk cards and accounts that are exposed in security incidents or data breaches.
On Sept. 28, Whole Foods Market announced it had recently received information regarding unauthorized access of payment card data used at certain venues such as taprooms and table-service restaurants located within some of its stores.
They say the proof is in the pudding. For CPI Card Group, it’s a case study showing how its instant issuance technology Card@Once saved an issuer significant time and money after customers were affected by a retail data breach.
Chipotle Mexican Grill said that whoever hacked into payments system used malware that searched for consumer track data read from the magnetic stripes of cards.
Retailer Target recently agreed to pay $18.5 million as part of a settlement with 47 states and the District of Columbia that stems from 2013 data breach. The news is a stark reminder of how costly and prolonged the process of recovering from a breach can be, which is why security continues to be at the forefront of payments news with three companies making significant announcements this week.
Target Corp. has agreed to pay $18.5 million in a settlement with 47 states and the District of Columbia that stems from a November 2013 data breach of the Minneapolis-based retailer. The breach affected more than 41 million customer payment card accounts and exposed contact information for more than 60 million customers.
Terminal maker Verifone says it’s investigating a breach that involved an attempt to get into its corporate network and targeted U.S. merchants. The company, which sells point-of-sale technology, says the Jan. 17 incident has not resulted in any misuse of data.
The case creates new issues surrounding standing and how to resolve and settle class action claims in the context of privacy and data protection suits, where some members of a group have not suffered concrete harm and thus may not be able to meet the concrete and particularized injury prong of the test for standing.
