Sample Essay
The credit card theft through the internet in the case had a profound negative impact on all the parties concerned including the banks, the retailers involved as well the customers whose credit card information was stolen by the hackers. The court proceedings for the computer crime resulted in the perpetrators being convicted while the retailers were compensated for their losses by the credit card/ debit card issuing companies like VISA and MasterCard. “In May, TJX said it won support from Mastercard-issuing banks for a settlement that will pay them as much as $24 million to cover costs from the data breach.
A similar agreement reached last November with Visa-card issuing banks also was overwhelmingly approved. That agreement set aside as much as $40.9 million to help banks cover costs including replacing customers’ payment cards and covering fraudulent charges.” (Associated Press, 2008)
However if the crime was detected at an earlier stage with the level of loss faced by all the parties highlighted above would have been significantly small, and many of the customers who were injured by this crime would have been saved from the trouble of the theft of their credit card information through the online payment systems of the nine prominent online stores.
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