Home » General » Thieves Swipe Debit Card Data

Thieves Swipe Debit Card Data

by Ann Zimmerman and Miguel Bustillo Friday, May 13, 2011 to the Wall Street Journal

An unknown number of shoppers at Michaels stores in 20 states whose bank accounts were looted after they had used their bank debit cards at the retailer. Thieves tampered with the retailer’s debit-card processing equipment at about 80 stores from Massachusetts to Washington, according to the chain’s corporate parent, Michaels Stores Inc.The thefts apparently involved the use of electronic devices called skimmers that allowed crooks to record information from shoppers’ debit cards and steal their personal identification numbers, or PINs. The Irving, Texas, company said Wednesday that it uncovered almost 90 improperly altered debit-card processing devices called PIN pads. Thieves were able to use the stolen data to create duplicate debit cards and use them at automated teller machines to steal money directly from victims’ bank accounts, primarily in denominations of $500. Michaels Stores said it first became aware of the fraud scheme in early May after police departments around Chicago began receiving reports from consumers alleging their bank accounts had been looted, primarily from thieves using ATMs in California…

(for more of this story,  http://finance.yahoo.com/banking-budgeting/article/112735/thieves-debit-card-data-michaels-wsj)

 

Leave a Reply

Copyright © 2008-2017 · Sedona Eye · All Rights Reserved · Posts · Comments · Facebook · Twitter ·