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Cotton Traders Scam on Credit CardsCotton Traders announced yesterday that in January their system was hacked by fraudsters. This hacking occurred in January of 2008 at the clothing firm. Anyone who has been to their company and used a credit card is now in danger. The addresses, credit card details, and other personal information have been stolen. Cotton Traders estimates that about 38,000 credit cards were stolen by the fraudsters hacking into their accounts. The store is not sure how many have been affected by this hacking; however they were notified by consumers about the problem. Barclay card was the issuer of most of the credit cards and the company has been notified. In fact many of the credit card numbers have already been cancelled so they can’t be used fraudulently later on. In this case the fraud type is called “card not present.” It just means that the person with the credit card number is using methods in which they don’t have to show an ID for the card. A lot of these purchases will occur online and in overseas stores. The crime ring tends to take the numbers from the UK and ship them to the second part of their ring where they will make a lot of high dollar charges before the card is closed down. To prevent this issue from spreading any more than it already has a lot of the companies like Barclay have begun to use the chip and pin system. This requires a pin number to be entered before the charges will be taken. The card also has a chip in it that makes hacking a lot more difficult. This doesn’t help the Cotton Traders stolen credit card issue, but it can save something like this from happening again. As least it makes it more difficult to get the addresses and stolen card information to prevent identity theft. Cotton Traders was founded by England Rugby captains Fran Cotton and Steve Smith. Since this occurrence they have made sure to upgrade their security measures to provide better encryption and stop something like this from happening again. Ideally they hope to reassure their consumers that they are now secure and can return to buying items on the website. They are ensured of providing security to meet the industry requirements. Credit card fraud will continue to get worse unless more companies take an active stand to correct the security problems. Back To Financial News June 2008 100 Percent Mortgages |
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