Stolen Data Results in Huge Fraud

There have been many news items earlier this year about the huge data breach that hit retailer giant TJX. Hackers had been stealing sensitive information for a few months, so it's easy to imagine how hard the blow was. Costs were huge on the company side, after the hack has happened, and I'm talking about millions of dollars here!

People had been announced of what has happened so that they would know how to act should a problem occur. If until now things were rather quiet, now frauds are finally starting to come out of this issue. I can't say that this was unexpected. A lot of TJX customers' sensitive data has been stolen, and that resulted in compromised credit cards popping up all over the place.

So, this is why cyber-security should properly be enforced - just look at the damage. People are losing money because of the fraud, the company is losing a lot of dough because of lawsuits, compensations and all that.

As according to MCPMag, TJX acknowledged that the hackers who have broken into their systems have stolen information regarding credit and debit card transactions, as well as checks and merchandise returns for customers in the US and Puerto Rico. To me, it has been clear that they were seeking a profit the moment I found out that they stole some people's personal info. No hacker phishes without thinking first about getting some money, that's for sure.

A couple of weeks ago, there was a piece of news regarding the recent bust of a Ukrainian. This guy had bought a lot of fake credit cards on the web, as I remember it. It was all related to the initial TJX hack. When I got a hold of that piece of news I was thinking - such a huge hacking operation and only one guy caught with these cards!? But now, I found out (from MCPMag) that close to 60 banks have reported they've been contacted by credit and debit card companies about compromised cards. And I think this situation is going to get worse�