Posted on June 19, 2017 at 1:05 PM
An American clothing line that boasts of around 450 stores in about forty-four states has reportedly been attacked by viruses designed to steal customer credit card information. the revelation of this came on the heels of a report passed to the company by KrebsOnSecurity according to information by people in the financial sector about a possible invasion.
Buckle has communicated the information by KrebsOnSecurity, getting intelligence from sources in the finance sector about a recurring trend of fraud noticed on both the debit and credit cards of the customers that indicated an attack on the POS facilities of Buckle stores across the Nation.
However, the firm issued a statement stating that the POS virus was truly found installed on the cash registers of Buckle stores Nationwide, also according to the statement, it was muted that the malware had been stealing the credit card information of the customers between the periods of October 2016 to April 2017, although Buckle came out to say that the sales made on its online platform were unaffected.
Buckle made it clear that its stores were enabled with EVM card terminals which imply that the POS machines can accommodate more recent, secure, micro chip-based debit and credit cards, therefore the firm may not be prone to the kind of invasion that Kmart suffered recently.
It is said that the malware copies account information stored on the card’s magnetic stripe. with this piece of information, hackers can copy the cards and then utilise them to purchase high valued goods such as mobile phones and the rest from electronics shops and big box sellers.
The challenge, however, is that it is not every financial institution that issues chip-enabled cards; these cards are quite expensive and hard for criminals to clone. Patrons that patronised Buckle compromised stores using the chip-based cards need not fear been in danger of their cards been copied and utilised elsewhere, however, the cards could be used for online fraudulent activities.
Cards service provider, Visa, have come out to say that in the month of March 2017, there were over 421 million Visa cards in the country, this represents about 58% of Visa cards in America. The data from Visa indicated that cloning fraud has reduced drastically over the months, going down about 58% at chip powered dealers in the month of December 2016 when contrasted and compared with other months.
America is the last of the G20 countries to migrate to chip-based cards. Card service provider, Visa said that it took about 3 years after the shifts in other Nations before 90% of payment card dealings were chip based.
Almost every other nation has made the move to chip on chip based cards has seen card scams shifting card present cards to non-present card scam because it is becoming increasingly hard for criminals to clone credit cards. Information retrieved by Experian indicates that electronic commerce scam has grown to about 33% the previous year above 2015.