09/11/2024

Payment Gateway Reveals Hack Affecting 1.7 Million Cards

PaymentsJournal

Slim CD, a processing gateway that handles credit card payments for U.S. and Canadian merchants, revealed it was hit by a cyberattack in June. The breach potentially exposed the credit card details of 1.7 million individuals.

Slim CD said that the compromised data included users’ credit card numbers,  expiration dates, names, and addresses. The company first became aware of suspicious activity on June 15 and was reportedly able to shut down the breach quickly.

According to the company’s statement, an investigation revealed unauthorized access to its systems from August 17, 2023 to June 15, 2024. This breach may have allowed an unauthorized actor to view or obtain certain credit card information between June 14, 2024 and June 15, 2024.

“It is extremely troublesome that the payment processing giant did not detect the breach for almost a year,” said Jennifer Pitt, Senior Analyst, Fraud and Security at Javelin Strategy & Research. “This breach, along with the many other data breaches reported this year, begs the question of whether companies are doing enough to secure their data and detect intrusions early, before data is compromised. From someone on the outside looking in, it certainly appears that many companies are choosing to skirt robust data security practices in favor of saving money instead.”