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Credit Card Security

Credit Card Security. Bryan Mathews. The Issue. Over the past 20 years there has been a growth in the technology industry and online purchases Companies are increasingly storing as much customer data as possible Consumers are using credit cards much more than they were 20 years ago

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Credit Card Security

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  1. Credit Card Security Bryan Mathews

  2. The Issue • Over the past 20 years there has been a growth in the technology industry and online purchases • Companies are increasingly storing as much customer data as possible • Consumers are using credit cards much more than they were 20 years ago • Credit Card and Identity theft is at the forefront of consumers and companies minds

  3. The root cause • Hackers • If the information was insecure and nobody wanted it there would be no problems • Hackers have evolved from elaborate schemes in restaurants and at ATM’s • Stealing Card #’s with card swipes • Spying on ATM users • Now hackers are trying to steal large batches of credit cards from companies insecure databases

  4. Why is it a problem? • Consumer information and credit card information can be used by the hackers • Identity theft: The worst problem, when people steal an entire persons identity and open up credit cards, bank account and more using that identity • Mass Credit Card Sale: Many hackers will steal and sell the credit cards in large batches to those willing to take the risk of using those cards • Individual CC Fraud: People who steal individual credit card numbers and use them till the consumer catches on

  5. How Big is the problem? • TJ Maxx just recently had a credit card breach which possibly affected 95 million credit cards • California Passed a law in 2003 that requires companies to reveal to consumers if their information is stolen • There are news reports all the time about companies losing credit card information

  6. Who does it affect? • Companies • Public Relations • Cost of restitution • Cost of loss of business • Fines • Consumer • Must actively follow their credit reports • Could take months for them to resolve the problem • In the case if identity theft, the problem multiplies

  7. Who does it affect? • Politicians • Consumers look to their politicians to pass laws to protect them from companies who have been lax on security • Politicians see the need and try to determine what laws to pass to protect consumers • Hackers • As the technology changes hackers adapt and look for new loopholes • The hackers are the ones who are causing the problems

  8. The Future • Companies are beginning to secure their information but all companies small and large are susceptible • Standards have emerged in the form of the Payment Card Industry (PCI) but not all companies follow these standards for various reasons • Many consumers are still weary of using credit cards online and are turning to payment services such as PayPal and Google checkout.

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