Here’s the Worst Part of the Target Data Breach

 

You know what the most infuriating part of the massive data breach at Target is? This:

Over the last decade, most countries have moved toward using credit cards that carry information on embeddable microchips rather than magnetic strips. The additional encryption on so-called smart cards has made the kind of brazen data thefts suffered by Target almost impossible to pull off in most other countries.

Because the U.S. is one of the few places yet to widely deploy such technology, the nation has increasingly become the focus of hackers seeking to steal such information. The stolen data can easily be turned into phony credit cards that are sold on black markets around the world.

There’s really no excuse for this. The technology to avoid this kind of hacking is available, and it’s been in real-world use for many years. Every bank and every merchant in American knows how to implement it. But it would cost a bit of money, so they don’t. And who pays the price? Not the banks:

J.P. Morgan Chase & Co. Saturday told debit-card holders who shopped at Target during a 20-day data breach that the bank would be limiting cash withdrawals to $100 and putting on a $300 daily-purchasing cap, a move that shows how banks will try to limit exposure to potential fraud.

In a letter to debit card holders posted on its website, the bank said such limitations on spending would be temporary while it plans to reissue cards. The spending restrictions don’t affect credit card users, the bank said.

That’s right: it’s you who pays the price. Oh, these breaches are a pain in the ass for card-issuing banks and for Target itself, and it will end up costing them some money. But mainly it’s a pain in the ass for consumers. And if this breach causes you to be a victim of identity theft, you can be sure that neither Target nor your bank nor your credit rating agency will give you so much as the time of day. It’ll be up to you to reclaim your life even though it wasn’t your fault in any way. It’s a disgrace.

 

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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