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Payment Processor Breach May Be Largest Ever

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posted on Jan, 20 2009 @ 09:40 PM
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Payment Processor Breach May Be Largest Ever

A data breach last year at Princeton, N.J., payment processor Heartland Payment Systems may have compromised tens of millions of credit and debit card transactions, the company said today.

If accurate, such figures may make the Heartland incident one of the largest data breaches ever reported.

...

Avivah Litan, a fraud analyst with Gartner Inc., questioned the timing of Heartland's disclosure -- a day in which many Americans and news outlets are glued to coverage of Barack Obama's inauguration as the nation's 44th president.

"This looks like the biggest breach ever disclosed, and they're doing it on inauguration day?" Litan said. "I can't believe they waited until today to disclose. That seems very deceptive."



Yeah, the timing of the announcement wasn't a mistake.


Yikes.

See also Credit And Debit Card Breach May Affect Over 100 Million

[edit on 20-1-2009 by loam]




posted on Jan, 21 2009 @ 12:33 PM
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The more I think about this, the more outraged I become.





"The nature of the [breach] is such that card-not-present transactions are actually quite difficult for the bad guys to do because one piece of information we know they did not get was an address," Baldwin said. As a result, he said, the prospect of thieves using the stolen data to rack up massive amounts of fraud at online merchants "is not impossible, but much less likely."



Of course bozo doesn't point out that for less common names it's a simple matter to obtain address information from a variety of sources.

So, we have: a delay of notification until Inauguration Day hoping no one will notice...artificial minimization of the identity theft risk...a refusal to inform consumers subject to the breach...all summed up in one big freakin' cavalier so-what attitude.


I think that stinks.




[edit on 21-1-2009 by loam]



posted on Jan, 21 2009 @ 07:16 PM
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The more I think about this the more suspicious I become. Why this new, ever increasing level of credit card breaches over the past year or two. I swear each reported breach is bigger than the one before it. Why now, suddenly? Can there be another causal agent behind this or are my conspiracy tendencies acting up again?



[edit on 21-1-2009 by Corbin Dalus]



posted on Jan, 21 2009 @ 07:18 PM
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Yeah I just heard this on CNN, WOW is all I can say.

Can you imagine they have probably been just skimming a little bit off the top of all these 100 million people for a year so people would not notice. Making millions for themselves. Very sickening!!!

-Kdial1



posted on Jan, 21 2009 @ 07:27 PM
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Can you smell the scent of government bailout money in the air for these companies.

Financial insurance > banks > credit processors

Trickle down...



posted on Jan, 21 2009 @ 08:43 PM
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Not a big deal....they can just add it to my multi trillion dollar tab.

In the meantime i'm going to go on a spending spree because i have no money.



posted on Jan, 21 2009 @ 09:17 PM
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UPDATE:




The company did not respond to several phone calls and e-mails Wednesday seeking further details.

...

"We understand that this incident may be the result of a widespread global cyber fraud operation, and we are cooperating closely with the United States Secret Service and Department of Justice," he said.

Link.



I guess they're hiding under their rocks.


And:




Heartland says it has closed the security hole that allowed criminals to infiltrate their systems, but the matter is far from settled. The company will likely have to pay big penalties to banks to reimburse the cost of issuing new cards, and analysts say the intrusion could even threaten the company's survival if the big card brands decide to cut off Heartland from connecting to their networks.

...

Heartland says it doesn't know yet how much data was stolen, since the malicious program was capturing data as it flowed across the network, and in that type of intrusion it's hard to figure out how much data was snatched in transit by the interlopers. But the potential damage could be very large because Heartland processes 100 million transactions a month, mostly for small to medium-sized businesses.

...

Robert Baldwin, Heartland's president and chief financial officer, said the thieves accessed a part of Heartland's network that handles transactions for 175,000 of the 250,000 merchants the company works with. He said the program slipped past Heartland's antivirus software and was able to read data in unencrypted form as it was passed from Heartland to the card brands.

Source.



Good gawd.


Continuing...




"Unfortunately the bad guys are very, very good," he said. "The malware we encountered did not, and does not, get very well captured by antivirus software, so it's a challenge we're going to have to keep working as an industry to combat."

Heartland hasn't identified the merchants that may have been affected by the breach, so it's difficult for consumers to identify whether they might be victims of fraud.



So they were good enough to get into their systems, but not good enough to know how to obtain address information to actually use the cards?


Morons DESERVE to go out of business.


[edit on 21-1-2009 by loam]



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