JP Morgan Chase has limited the use of its Chase debit cards after the massive hacking which took place at Target. Over two million debit card holders have had to bear the brunt of the burden in the form of cash being withdrawn from their personal accounts.
The scenario is one straight out of a nightmare. The only difference is that it is happening in reality. After Target customers had their credit card information hacked into, JP Morgan Chase decided to set limits on its debit cards.
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Those who used their cards between the months of November and December will be allowed to withdraw $100 per day and make purchases worth at least $300. The two million people affected by this breach of security form roughly 10% of JP Morgan debit card users. The reason given by the bank which has the most assets is that this will prevent criminals from employing the accounts of innocent people.
Whether it is credit card fraud or debit card hacking, the banks have had enough. Now, finally in a move to end this tsunami in financial transactions, JP Morgan is using its clout to build better security measures. It is hoped that the same mistake will not occur in the future.
Bank of America and Citigroup too have jumped on the bandwagon although they have not named the practices that will limit this sort of monetary crime. A lot of surveillance and systematic uprooting of chinks in the armor that may be hacked are being instituted.
Meanwhile, the timing couldn’t have been more inconvenient. Christmas is here and so holiday season shopping is in full swing. The failure lies squarely with the banks though and they will have to be very careful in the unpredictable times which tomorrow will bring in its spate.
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Source: Chicago Tribune