Credit Card Hack Goes Beyond Target

Jan 24, 2014
Hackers Grab 40 Million Accounts From Target Stores

The recent breach that affected nearly 70 million Target customers was ultimately based out of Russia. A cybersecurity firm called iSight conducted an investigation and determined the source originated from Russia. The iSight report also pinpointed that a high degree of skill was displayed as a handful of other retailers were affected as well. High risk credit card processing was compromised through the terminals of Target. A virus was implemented into the credit card machines and allowed for data to be collected. The main issue that arose was that the anti-virus could not detect the malware that was installed. The people who imposed the malware are part of an underground that is responsible for composing the code.

A retail analyst pinpointed some dire news as the possibility of another breach has an 80 percent chance of occurring again. Much of the information about the other breaches is not being released to the public. The Wall Street Journal also shows that the programming code was written in a Russian dialect which means that it was tied to a crime syndicate in the Soviet Union. The Retail Analyst states that the hackers were very educated people as they had knowledge in Computer Science and Mathematics. Many employment opportunities are lacking in the region of Eastern Europe which resulted in the Target and retail hack. As a result of the hack, VISA has decided to move away from utilizing a magnetic strip and impose a PIN system and a much more secure chip. The new system is expected to be implemented by the year 2015. An infrastructure change will also need to be imposed across Target worldwide. Reuters also states that six other attacks occurred across merchants. The retailer called Neiman Marcus also experienced a data breach which occurred in the month of December.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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