TK Maxx

Fraud protection specialist says card crime scam doesn’t come as a surprise

News breaking today that customers of TK Maxx, the fashion retail chain,
have had their credit and debit cards compromised should be kept in
context, according to fraud protection specialist, the 3rd Man.
Furthermore, consumers concerned about the future misuse of their credit
cards should keep checking their bank statements, but equally need not be
overly concerned.

Commenting, card crime specialist, Paul Simms, CEO of the 3rd Man, said:
“If it’s true that 45 million customers have had their cards compromised,
that’s obviously very serious but fraudsters often obtain card numbers from
a variety of sources. Provided security information has not been
compromised then there is no need for wholesale panic.”

According to reports, customers of TK Maxx have already had card details
used in fraudulent circumstances. Understandably many consumers, and not
just those who shop at TK Maxx, will be concerned about their cards being
compromised in the future.

“Card numbers on their own pose little threat,” explains Simms. “However,
card numbers together with names and addresses or security numbers would
represent a problem, but I would be highly surprised if this were the case.

“It shouldn’t come as a surprise to anyone that card crime continues to
flourish and criminals will do all they can to shift their interest from
one place to another. We saw it with Chip and PIN and the move to ‘card
not present’ crime, such as over the Internet and mail order. Since then
many retailers have put in place systems to prevent card not present fraud
from happening.”

A card number without a PIN is of little use in shops, and a card number
without the security number will be of little use on the Internet or over
the phone. “This story must not scare customers from shopping online,”
says Simms. “It is extremely unlikely that your details will be
compromised if you shop online. Furthermore most retailers use
sophisticated screening techniques to spot fraudsters if they try. Fraud
need not be a problem, it will remain something we all need to be aware of,
but it really should not cause anyone to lose sleep.”