Outrageous. Abominable. Stupefying. Unbelievable…
These are just a few words that blatantly describes the catastrophe bestowed upon possibly as many as 110 million credit and debit card owners between the months of November and December in 2013. With Target being one of the top-selling leading retailers during the busy holiday shopping season, their announcement of a data breach of confidential information left millions to question whether or not the retail chain was capable of adhering to quality security policies to protect their customers’ information. Hackers reportedly have gained access to approximately 70 million names, phone numbers, and mailing addresses as well as email addresses with little to no further confirmation as to what or not other information was obtained during this invasion of privacy.
But this outlandish activity does not stop there…
Neiman Marcus, another high-end retail store, has recently announced a similar breach of security to its system. On January 1, 2014, evidence of a cyber-security intrusion has result in an investigation that has yet to determine just how many Neiman Marcus customers have been affected. While there is no confirmed statement of this breach being linked to the same Target scandal at this time, the most impertinent suspicious factor of evidence points to both malicious breaches of security being originally discovered approximately at the same time – mid December.
So what does it all mean for consumers? In a nutshell, having the pleasure of enjoying one’s in-store shopping experience without the added nuisance of carrying large amounts of cash around is not only a convenience – it is a luxury. Being able to make purchases from the comfort of your own home via the internet is a convenient luxury in its own right, yet lately the risks involved seem to inadvertently outweigh its advantages.
The main question is this: is there simple solution to protect consumers from the vile acts of privacy invasion? At the moment, the only feasible and seemingly safest way consumers can do their shopping is by carrying lump sums of cash on them at all times. For the banks, this solution spells financial troubles. For the retailers, this should not have any substantial affect on their sales revenue although their accounts receivable department may have less or more work cut out for them. In the end, all that really matters is regaining that trust bond between consumer and retailer once again, and with the rate things have been going lately, there is no current equitable solution to this being offered by retailers… except to advise all shoppers to shop at their own risk.
©2014 Learus Ohnine