Stupid question

[drcha]

Someone please explain to me why TGT may be on the hook for 50 million regarding the credit info theft.

My (admittedly dim) understanding is that the credit card companies make good on these transactions, protecting the consumer. So do they pay the retailer for the cost of good sold, or not? Where does the money go? Who are the winners and who are the losers?

 

[drcha]

This is one of so many issues the media is covering badly. Dumbed down, not explained, sophomoric reporting. I am really losing respect for reporters. I hope someone will post a few decent articles that will restore my faith.

 

[badnewsbear]

I don't understand why Target is being sued.

The banks take the bill for fraudulent charges. The retailer is never at fault. The same thing happened with TJ Maxx a few years ago. This is overblown by far.

Some people installed malware on target POS systems; they siphoned credit card information and pin numbers. Same story as TJ Maxx.

http://krebsonsecurity.com/2014/01/a-closer-look-at-the-target-malware-part-ii/

 

[Derrick1983]

Looks like Wall Street is scared of the effects of this – the stock is down significantly since this news broke. Perhaps now is a good time to load up and wait for this all to pass?

 

[PieterSteidelmayer]

Buy the rumour, sell the news.

 

[drcha]

Looks like Wall Street is scared of the effects of this