Between November 27 and December 12 of 2013, Target stores company-wide were hacked, compromising up to 40 million credit cards. The breach does not include purchases made online with Target, only in its retail stores. If you've ever used your credit or debit card at Target in the United States, it's highly recommended that you get a new card and close your current account. Canada Target stores have not been breached, however, because of their requirements for a digital chip in the card itself and a PIN. Without these two factors, a transaction can't be made.
Jay wants to know if he should keep all apps closed while shopping online. Leo says not really. The real key is to make sure he's using "https" when he's shopping. That means the traffic is encrypted. What we learned from the Target breach is that it's the security afterwards, when they're storing the credit card number. Leo says that it's often possible to set up a one time only credit card that can only be used once or only with a single merchant.
Steve was a victim of identity theft after applying for a home loan online. Leo says that all it really takes to steal your identity is your date of birth and social security number. What can he do? Lifelock is one solution. Leo says it's very frustrating and the credit reporting agencies aren't sympathetic at all. He could pay them a monthly fee, sure. Leo also says there's so much ID theft that police are drastically undermanned and just can't keep up.
"One Card to Rule them all, One Card to Charge them. One Card to Bring them all, and in debt bind them." That's the idea of Coin, a one size fits all digital credit card that can be programmable for all cards, and can switch between them as users use it. Leo says the marketing has been fantastic with it, but he wonders how secure Coin will really be. And will merchants buy into this idea?