News, Education and Events Decoding Digital Payments & Fraud

News, Education and Events Decoding Digital Payments & Fraud

Saks, Lord & Taylor Parent Acknowledges Data Breach

Saks, Lord & Taylor Parent Acknowledges Data Breach

After a well-known hacker group announced it would put a batch of more than five million stolen payment cards up for sale last week, a security company said its research suggested Saks Fifth Avenue and Lord & Taylor stores as the source. On Sunday, the parent company of the luxury retailers acknowledged a data breach.

Hudson’s Bay Co., which also owns Gilt and Home Outfitters among others, has not confirmed the number reported by Gemini Advisory, but online merchants should brace themselves for a wave of fraud attacks. While many recent high-profile data breaches have targeted massive troves of personal information (the kind suited for perpetrating account takeover, account creation and synthetic fraud), the intrusion at Hudson’s Bay Co. along with other recent breaches illustrate that fraudsters have not abandoned good, old-fashioned card fraud, fueled by stolen credit card numbers.

Even though hacks of PII have led to a huge surge in account takeover and account creation fraud, hackers continue to target payment card information. In fact, according to a recent report, even though the number of individual records stolen in breaches like the one last September at Equifax dwarf the number of individual payment card accounts compromised, most breaches still target payment cards. So, while ATO and other types of fraud attacks that target companies at the account level are surging, fraudsters are still leveraging stolen credit cards to commit all kinds of fraud.

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