HISTORY's biggest debit card hack, theft, now admitted by banks

[oscar111]

i dont know why this isnt more in todays news.

http://abcnews.go.com/Business/story?id=1872428&page=1&CMP=OTC-RSSFeeds0312.

Happened a month ago, poss russ gangsters hacking bank or store or who knows who's computers? Tho i dont think it was home computers, it must have been some big storage disk at some financial type place. Radio said cc have fifty limit for losses, "debit more losable, you will get it back, but a hassle to get it". Confusing conflicting news info on how much one might lose or what limits exist.

banks quietly reissued three hundred thousand cards. IIRC.

Banks keeping secret how it happened. Scandalous. I want to know.

Progressives , what would prevent messes like this in the future?

[HysteryDiagnosis]

1. A mark on your wrist or forehead.... perhaps a chip under your

skin..... not happy talk, I know, but don't put it past them.

[napi21]

2. Better security! I don't know about this one, but the ones in the

past have been due to carelessness on a company/bank's part! For God sake people, that's the damn business they're in! Security of info in your primary job!!!!!

[oscar111]

4. Profit is the primary job, not security. So dont spend on security, spend

on TV ads touting "we are the one to see when you need a loan. "

[JuniperLea]

5. And then they try to charge you for some credit card fraud protection

that should already be part of the service! It has always been their job!

[Boojatta]

3. PIN codes are stored in a form that is not encrypted?

...computer hackers who stole debit information and personal identification numbers (PINs) from their bank accounts.

"This is the worse debit-PIN breach that has been reported to date," said Avivah Litan, analyst and digital banking expert at Gartner.

Is that supposed to say "worst"?

[oscar111]

6. "worst", "worse".. he must be at an outsourced office in Agrovanazid

in Dubbayistan, working for twenty cents a day.

BTW, in the town of Lucknow india .. might google that.. a sale of cc data about a month ago by a low level clerk doing outsourced USA work. Sleep well tonight, my friends. Those clerks, i imagine they all live at a ratty level and are eager to make a few bucks on the side.

[mcscajun]

7. Credit Cards vs. Debit Cards: Your Risk of Loss and Your Responsibility

Mods, the following is public information on a government website, so copyright not applicable:

Lost or Stolen ATM or Debit Cards
If your credit card is lost or stolen, you can't lose more than $50. If someone uses your ATM or debit card without your permission, you can lose much more.

If you report an ATM or debit card missing to the card issuer before it's used without your permission, you can't be held responsible for any unauthorized withdrawals.

If unauthorized use occurs before you report it, the amount you can be held responsible for depends upon how quickly you report the loss to the card issuer.

* If you report the loss within two business days after you realize your card is missing, you won't be responsible for more than $50 for unauthorized use.

* If you fail to report the loss within two business days after you realize the card is missing, but do report its loss within 60 days after your statement is mailed to you, you could lose as much as $500 because of an unauthorized transfer.

* If you fail to report an unauthorized transfer within 60 days after your statement is mailed to you, you risk unlimited loss. That means you could lose all the money in your account and the unused portion of your maximum line of credit established for overdrafts.

If you failed to notify the institution within the time periods allowed because of an extenuating circumstance, such as lengthy travel or illness, the issuer must reasonably extend the notification period. In addition, if state law or your contract imposes lower liability limits, those lower limits apply instead of the limits in the federal EFT Act.

Once you report the loss or theft of your ATM or debit card, you're no longer responsible for additional unauthorized transfers occurring after that time. Because these unauthorized transfers may appear on your statements, however, you should carefully review each statement you receive after you've reported the loss or theft. If the statement shows transfers that you did not make or that you need more information about, contact the institution immediately, using the special procedures provided for reporting errors.


http://www.ftc.gov/bcp/conline/pubs/credit/elbank.htm

[many a good man]

8. Suspect Diebold

They're the largest ATM manufacturer in the country. Since the story did not try to pin the blame on a particular bank or institution, I suspect someone must have hacked in to the service that authorizes all debit cards. Diebold would have the ability to pass PIN codes to banks and authenticate the card.

We KNOW how weak their security is on ballot systems, why should we give them the benefit of the doubt concerning their bread-and-butter line of business???

Data security and privacy should be a major issue in the upcoming elections. Most companies are very careful but the legal landscape is foggy at best. Guidelines are needed and stiff penalties need to be meted out.