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Funny Money Friday: How Secure Is Your Credit Card Data?

Posted on 02/09/2007 08:45:41 | Link | Post Comment

Money doesn't have to be boring! Each week, CreditBloggers.com takes a look at the lighter side of the personal finance world in a series called Funny Money Friday.

This week's announcement that a hacker gained access to vast amounts of consumer credit data through TJ Maxx computer systems has everyone thinking once again about data security policies. TJ Maxx hasn't disclosed the total number of consumers impacted, saying only that it is less than a million; but the Wall Street Journal reported that it could be as high as 40 million. And the credit and debit transaction records accessed by the thief go all the way back to 2003. Anyone who shopped at TJ Maxx, Marshall's over the last few years could be now potentially be susceptible to credit card fraud.

Security and privacy experts are saying that the TJ Maxx credit data was most likely not encrypted when it was stolen. Encryption is a relatively easy way for businesses to protect the security of their data from hackers and thieves, however many businesses don't use it since there are no regulations specifically requiring this type of precaution. Credit.com's own security guru recently wrote an article about how companies can encrypt data that should be a must read for any business.

I know that when I swipe my credit card or fill out an online form, that I expect the company receiving my data to adhere to the highest data security standards. I guess that having worked for companies that do take these precautions has spoiled me. Whether it is Amazon.com or my local dentist office: I want my data encrypted, my files shredded, their computers password protected and their offices regularly tested for security.

One company that seems to be going above and beyond is Australian bank, ANZ. They've even created a clever commercial about the security of their credit card division. Click the image below to watch a QuickTime clip of this week's Funny Money Friday spotlight:


I guess that just goes to show that there is always a human element in even the most high-tech security systems! Happy Friday!
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