This week one of the the retail giant’s, Target, announced Thursday that their security system were hacked and more than 40 million customers information was compromised. For people who shopped anytime in store during the blackfriday to Dec. 15th at one of the Target retail stores are in the risk of being their credit card information stolen. Reports are coming in from many people claiming that there is a unknown charge on their credit card statement. So, if you shopped during these days I would advise you keep an eye out on your statements for any unknown charges. To make this matter worse, according to the New York Time, the information stolen from the target systems has showed up in millions of number on black market sites. The information is being sold for anywhere from $20-$100 range. Target said that they would email everyone whose information was stolen by this weekend.

With today’s technology it was a matter of time before something like this was going to happen. Our technology is advancing but we still have same credit cards with magnet strips that’s hold all of our information, and with a swipe that information can be shown in any computer. I think it’s about time that’s financial institutions come up with better security to protect our information. Which I unfortunately don’t believe will happen anytime soon. According to a CNN article, financial Institutions are profiting more than $41.2 billion from credit card swipe fees and losing only about $5 billion in frauds. For them making any changes to the system is not important and things are working fine for them. However for the people it’s a very important concern, things like security breaches or data hacking are happening more and more and they are going to continue on and get worse until something is done.

Target in respond to the security breach are offering people 10% off on their purchase this weekend. For more information on this please visit this link: http://money.cnn.com/2013/12/20/news/companies/target-credit-hack/index.html?iid=s_mpm

If you like to read more on this topic then click through the links below to get more information.

If you like to keep up to date with technology news then don’t forget to visit this blog every week.

http://www.nydailynews.com/news/national/black-market-flooded-40-million-credit-card-numbers-stolen-target-article-1.1554858

http://money.cnn.com/2013/12/20/technology/security/target-credit-hack/index.html

http://money.cnn.com/2013/12/20/news/companies/target-credit-hack/index.html?iid=s_mpm

http://news.cnet.com/8301-1009_3-57616201-83/target-data-stolen-in-hack-showing-up-on-black-market/