The Target breach hurts us all

TargetBy now you’ve probably heard about that millions of Target customers may have had their credit and/or debit card information stolen  If you haven’t heard then I suggest you take a look at this article by the Washington Post.  As one of those who may have had their information stolen, the consequences are fairly scary but the impact will be felt by more than just those who had their information stolen.  The breach has created a situation where the same person can be both a bad customer and a good customer.  If someone has stolen my info then there is a bad Kashef Majid out there that will attempt to fraud not only me but other retailers as well (the real Kashef Majid is the good anti fraud type).  To differentiate the good customers from the bad customers retailers such as Target are going to ramp up their security systems which will be financed by higher prices and they’ll impose greater emphasis on us to demonstrate who we really are.  Have you ever tried calling your bank only to be denied service because they couldn’t verify that you really are you?  To differentiate good customers from bad customers, retailers will have to expend more money and that increased cost will be passed on to consumers.  Luckily it’s not a situation that will spiral downwards, over time customers will choose credit card companies and retailers that offer them greater security and in doing so we will all benefit from decreased “bad customers” in the long run.

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