Fashion divas be aware! Joining Eddie Bauer, the handbag and luggage designer Vera Bradly has informed customers of a data breach of its retail locations that occurred sometime around October 12. Information on the magnetic strips from payment cards was accessed as a result of a malicious program that was installed on its payment processing system. Specific data that may have been accessed included names, card numbers, verification codes, and expiration dates. In other words, all the data needed to use the card for fraudulent transactions.
The company warned that any fraudulent activity on the cards likely took place between July 25th and September 23rd. Online shoppers were not affected.
Anyone shopping at the retail locations should monitor payment card charges for potentially fraudulent activity. Don’t wait till the statement arrives, if possible. Check it often for at least the next year. Report anything out of place to the card issuer right away. The sooner this happens, the better for both parties.
Card fraud costs financial institutions nearly $2 million each year and the costs to retailers are approaching $600 million. That is not good for the consumer either. So keeping your information safe and identifying fraud early is better for everyone.
The malicious program has since been removed, but the cost to the company may run deeper than only the loss of revenue. According to Reuters, the company has already delayed upgrades to its website until 2017 and it is difficult to put value on loss of customer loyalty.
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