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If we have to learn from our mistakes, then each security breach is a lesson in itself. According to press reports from Australia, an Eastern European criminal syndicate targeted a small Australian business enterprise and hacked their way to details of half a million credit cards from the company’s network.

Losses from fraudulent purchases made with the stolen credit card details could total up to $25 million. To pre-empt the use of these credit cards, Australian banks have placed the cards on a high-alert watch list.

It is believed that the Eastern European criminal syndicate behind the attacks also masterminded the hack of US Subway Restaurants last year in which four Romanian nationals were charged for millions of dollars in credit card fraud that ensnared some 80,000 customers.

As is often the case, the attack happened because of poor security practices at the business enterprise. The syndicate searched the web for poorly guarded Point-Of-Sale terminals. Keyloggers installed within Point of Sale (POS) terminals captured the data. The Australian enterprise used default passwords and transmitted unsecured data over its network. Detective Superintendent Brad Marden, a part of the ongoing investigations, said:

“The network was setup by some local suppliers who didn’t understand IT security. It was a disaster waiting to happen. [The syndicate] has moved into other countries to attack with the same methodologies, and [the attacks] will happen again sometime in the future.”

Source: SC Magazine


Image Credit: Shutterstock

  1. GrrGrrr
    August 16, 2012 at 7:49 pm

    would they pay back to the ppls whose credit card were misued?

    • Saikat Basu
      August 17, 2012 at 5:25 am

      Really can't answer this one as I don't know it myself. But logic says that the business is liable for the loss.

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