(Thumbnail image from FT.com)
Prosecutors are calling it the largest identity theft case in U.S. History – with more than 130 million credit and debit card numbers stolen between 2006 and 2008. Charged in the case is 28-year-old American, Albert Gonzalez, and two unnamed Russians.
We’re following news sources from around the world on this story, including France 24, FOX News, CBS and The New York Times.
While Gonzalez was the mastermind behind this historic case of fraud, guess who pulled off the last historic case of fraud? France 24 shows us the answer.
“The man in question just beat his own record, he was already the record holder for credit card fraud, the last time he did manage to recover 40 million credit card numbers, he’s already in jail for that.”
Our research finds media outlets in the U.S. are focusing on what could have been done to prevent the case.
The New York Times shares with us perspective from a security company employee, who says the burden of identity protection shouldn’t be on the consumer, but the companies.
“...the case provided more evidence that retailers and banks needed to strengthen industry standards and encrypt credit card numbers when they are transmitted between computers. Currently, major banks agree to encrypt such data only when it is stored.”
But CBS Money Watch editor-in-chief says consumers need to watch out for themselves.
“Most states have rules if you have been compromised or might have been compromised, the card provider has to tell you, but in the meantime, you ought to check your credit card statement, you have to be vigilant, you have to be vigilant.”
Finally, FOX News brings in a different perspective from a security company president, who says there’s nothing we can do and that someone’s identity is stolen every 3-and-a-half seconds.
“I think one day identity protection is going to be something that becomes just as commonplace as home insurance or auto insurance... We can’t stop the flow of information out to the Web, we can’t stop information to the bad guys, the chat room you just had on the screen is where this information is bought and sold.”
So what do you think? Do you agree that cardholders or credit card companies should take care of identify protection issue?
