Free Banking Tips

The biggest U.S. arts and crafts retailer, Michaels Companies Inc/Michaels Store, said it is investigating a possible security breach on its payment card network and advised customers to check their account activities for possible fraud activity.  This data breach incident will already be considered the second known data breach happened at the store since 2011. 

Michaels Chief Executive Chuck Rubin said in the statement on Saturday, January 25th, "We are concerned there may have been a data security attack on Michaels that may have affected our customers' payment card information. We are taking aggressive action to determine the nature and scope of the issue."

Federal investigators are aggressive to find out the perpetrator since it was not yet fully identified how many cards have been affected or whether the system were still compromised at the moment and looking out the possibilities if it might be the same Eastern Europe criminals which attached Target and Neiman Marcus. The company has a good intention in warning the public and launching a probe into the matter after hearing that there had been an increase in fraud involving cards of customers who had shopped at its stores.

January 28 2014, after the incident, and Illinois consumer, Christina Moyer sued Michaels Store Inc. in federal court in Chicago accusing Michaels Store Inc. of breaching and implied to protect the account information. Moyer said she and other consumer who filed the complaint must spend more time and money to deal with the consequences.

Bank has also started sending our cards for customers who might have been affected or might have card details compromised. Customers will be notified in advance in case new cards will be mailed out and to assure that customers receive their card right before the permanent cancellation of cards.