This weekend's Wall Street Journal (subscription required) said some interesting things about retailers and FedEx Corp (NYSE: FDX).
Over 100 federal lawsuits seeking class-action status against merchants including Wendy's International (NYSE: WEN), TJX Cos (NYSE: TJX), Rite Aid Corp (NYSE: RAD) and Fed Ex Corp (FDX) have been filed for printing too much payment-card information on customer receipts this year alone.
TJX Co, the parent company of T.J. Maxx and Marshalls, reported in January that its computers were hacked and at least 47.5 million customers susceptible to fraud. For the following eight weeks, shares of TJX lost -15%; they have since recovered modestly.
As of December 4th, retailers will be prohibited from printing more than the last five digits of credit-card or debit-card numbers on receipts that are given to customers.
Breaking the law could result in fines as much as $1,000 per transaction.
A spokesman for Fed Ex Kinko's, the Fed Ex unit involved in the lawsuit, denied the charges by saying expiration dates were never identified as an item that could "compromise cardholder security."
Now, to some people this might make sense, but to me I have to scream foul against the claims made against FedEx. Does having one's credit-card expiration date on a receipt make you vulnerable to fraud and identity theft?
I'll stick my neck out on this one folks and say no.
My Discover card expires in May of 2010. Try to get something from that.
Problems at FedEx - and it's only Monday
Posted Apr 30th 2007 5:02PM by Kevin Shult
Filed under: Bad news, Industry, Law, FedEx Corp (FDX), Wendy's Intl (WEN)
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Reader Comments (Page 1 of 1)
5-01-2007 @ 6:11AM
Chris said...
Credit card expiration date is a critical piece of information that fraudsters and identity thieves need. You credit card number by itself typically won't be enough for someone to fraudulently use your information. At a minimum, they'll also need the expiration date, and lately most systems require the other number on the back of the card.
Making such information available, or just easier to get, is a bad idea. I'm not saying it warrants a class action lawsuite, but I would ask that that information not be printed on my receipts.
5-01-2007 @ 6:12AM
shrikant raman said...
Now, to some people this might make sense, but to me I have to scream foul against the claims made against FedEx. Does having one's credit-card expiration date on a receipt make you vulnerable to fraud and identity theft?
I'll stick my neck out on this one folks and say no.
Does it make you vulnerable to fraud and identity theft immediately ? Maybe. Maybe Not.
Think of this as a 10 piece picture puzzle. Information such as CID, Exp Date, Home Address, Full Name, birthdate etc.. by themselves may not cause much harm. When put together however, can used as information along with a credit card number for authorizations ... hope this helps!