Wednesday, June 11, 2008

Update: Credit card fraud soars despite 'chip and pin'.

Further to my post dated Saturday 15th March 2008 on this blog, we were not the only people to be robbed by "card not present" fraud. Hackers have gained access to the details of thousands of credit cards used to buy clothing from the Cotton Traders website. All card-holders were, or should have been, contacted by their bank and issued with new cards following the attack in January. Cotton Traders said a claim by the BBC website that the hacking involved 38,000 cards was "wildly inaccurate" but declined to state its own figure. In a statement, the company added: "In January 2008, we identified a security issue. We immediately brought in industry security experts to resolve the problem."

...Well, well - this story has taken a long time to break in the press. Considering that the attack on our account happened on the 7th March 2008 and Cotton Traders are talking about a January 2008 security breach then I think that the BBC website estimate of 38,000 cards is right and that they never really resolved the security issues. This really annoys me and I feel there are a lot people who may not have checked their bank statements and the criminals have got away with their money. When this happens Cotton Traders would not have lost any money or product.

With the benefit of experience I will not be buying anything from Cotton Traders again, either online or in one of their shops. Cotton Traders have kept this story away from the press and when companies do this it really gets up my nose.
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