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Retail Breach Forces Banks to Cancel Cards

Last week several banks canceled thousands of credit and debit cards in Michigan as the result of fraud concerns stemming from an apparent data compromise. The breach appears to have taken place at a Muskegon based gas station with 51 locations.

Community Shores Bank Corp. and Family Financial Credit Union, and Fifth Third Bancorp have all replaced some of their credit and debit cards after seeing evidence of fraudulent transactions.

This breach highlights the importance of credit card security at every level of the system.

FTC offers online shopping guidelines

Here are some tips from the FTC for your online shopping:

  • Know who you're dealing with. Confirm the seller's physical address and phone number.
  • Always pay by credit card.
  • Check out the site's terms, like refund policies and delivery times.
  • Check a company's privacy policy.

Banks face growing threat of inside identity theft

Banks, especially in Europe and the United States, are investing vast sums to make computer systems impregnable and have been warning customers of the dangers of being duped into giving away confidential information about their accounts. While banks are confident they can deal with phishing attacks by constantly warning customers of the dangers, they are now getting increasingly concerned about the physical theft of confidential client data by insiders or impostors.

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