A prominent case involving theft of credit card identity and computer fraud had nine major retailers in the United States being targeted by a group of 11 people who managed to steal and then sell 40 million card numbers in the market.
The incident involved the theft team stealing the customer records specifically the credit card numbers form the online computer systems of the main retailers of “TJX Cos, BJ’s Wholesale Club, OfficeMax, Boston Market, Barnes & Noble, Sports Authority, Forever 21 and DSW” (Associated Press, 2008). This was done through the use of sophisticated techniques of hacking into computer systems, conducting security breaches as well as installing malware and software which extracted financial data from the payments systems and customer record files. The credit cards that were involved in the case pertained to both VISA based as well as Master Card debit and credit cards. “The heist was a black eye for retailers like TJX. The company, which initially disclosed the data breach in January 2007, said a few months later that at least 45.7 million cards were exposed to possible fraud in a breach of its computer systems that began in July 2005. Court filings by some banks that sued TJX put the number of cards affected at more than 100 million, based on estimates by officials with Visa and MasterCard, who were deposed in the suit”(Associated Press, 2008). The result of the incident was that the online retailers faced losses worth millions of dollars along with lack of credibility about their security systems and networks, therefore losing the trusts if the consumers conducting transactions online using their credit card.