It's nice to see that TJX (TJ Maxx, Marshalls) is so upfront about the problem. With a down year in Christmas shopping expected, they help make the choice of where to spend your money a lot easier. How can a company like this be trusted with personal data? Maybe they can put signs on their windows saying "shop at your own risk."
The filings in a bank case against TJX indicated that fraud-related losses involving Visa cards alone range from $68 million to $83 million and are spread across 13 countries. One filing warned that the total will rise as thieves continue to use data from compromised cards.
"These are going to be sold off for a period of time in the future, so it's going to continue for some time out there," Joseph Majka, Visa USA's vice president of investigations and fraud management, said in court documents unsealed late Tuesday.
Depositions of security officials at Visa and MasterCard suggest the breach was far bigger than TJX has indicated. Even before the latest numbers, independent organizations that track data breaches had called the case the largest ever.
