Another day, another data breach. This time, hackers have targeted Saks Fifth Avenue and Lord & Taylor.
On April 1, The Wall Street Journal reported that the two retailers had been hacked and that the hackers had obtained millions of credit and debit card numbers. The hackers can sell those numbers to other criminals online, putting cardholders’ information at risk.
Here’s what you need to know about the latest credit card data breach and how you can protect yourself from credit card fraud.
How did the data breach happen?
According to Gemini Advisory LLC, a New York-based cybersecurity firm, a hacking syndicate announced in March that it was selling more than 5 million stolen credit and debit cards. The attack, which took place between May 2017 and the present, is one of the largest to ever impact retail companies.
The hackers seem to have implanted software into cash register systems without the retailers’ knowledge, according to The New York Times. The software saved credit and debit card information and relayed it back to the criminals.
Gemini Advisory used its analytical tools to determine that certain Saks Fifth Avenue, Saks Off 5th, and Lord & Taylor stores in North America were the victims of the attack. However, the majority of stolen information came from stores in New York and New Jersey.
Currently, 125,000 cards are available for sale, but Gemini Advisory expects millions more will be released in the following months.
Hudson’s Bay Co., the parent company of Saks Fifth Avenue and Lord & Taylor, confirmed the data breach. “We have identified the issue and have taken steps to contain it,” the company said in a statement on the Saks Fifth Avenue and Lord & Taylor websites.
How to find out if you’re affected
Right now, the companies don’t know whose data was affected, but they don’t believe Social Security numbers or driver’s license numbers were stolen.
“Once we have more clarity around the facts, we will notify our customers quickly and will offer those impacted free identity protection services, including credit and web monitoring,” the statement said. “We encourage our customers to review their account statements and contact their card issuers immediately if they identify activity or transactions they do not recognize.”
As soon as they have more information, the companies will update their websites. Starting April 4, you can call 1-855-270-9187 to speak with a dedicated call center representative.
How to protect your credit
The retailers will provide free identity protection services to customers. However, it’s important to take action right away to protect your private information.
1. Contact your credit card company
If you shop at Saks Fifth Avenue or Lord & Taylor, it’s a good idea to call your credit or debit card company, even if you don’t receive a notification from the retailers.
Let the representative know you’re concerned about the data breach and ask them to cancel your current card number and issue you a new one. That way, thieves won’t be able to use your card for fraudulent charges.
2. Set up a fraud alert
Even if you cancel your card, the hackers might have enough information to open new accounts in your name. That’s why your next step should be to place a fraud alert on your credit report.
Setting up a fraud alert is free. Anytime someone tries to open up a new line of credit in your name, the fraud alert notifies the creditor or lender to take extra steps to verify your identity.
You can set up a fraud alert by contacting one of the three credit reporting agencies:
Preventing credit card theft
If you’re one of the millions of people affected by the latest data breach, it’s important to take action now to prevent thieves from using your information. For added security, consider signing up for Credit Karma’s free identity protection service.
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1 Important Disclosures for SoFi.
2 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.50% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.49% APR (with Auto Pay) to 7.27% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of April 17, 2019, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 04/17/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at email@example.com, or call 888-601-2801 for more information on our student loan refinance product.
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3 Important Disclosures for Laurel Road.
Laurel Road Disclosures
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
All credit products are subject to credit approval.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.48% effective April 10, 2019.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
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