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Corporate Law

Michaels Stores’ Debit Card Terminals in 20 States May Have Provided Info Used to Loot Bank Accounts

Posted May 12, 2011 6:38 PM CDT
By Martha Neil

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In the latest example of the seeming ease with which thieves can steal with the help of advanced technology, officials at Michaels Stores say they are replacing all 7,200 of its debit card processing terminals after discovering that those at about 80 stores in 20 states have been tampered with.

An unknown number of customers have reported that their bank accounts were looted after thieves apparently used personal identification numbers and other data stolen from the terminals to create fraudulent debit cards and steal money directly from their bank accounts, reports the Wall Street Journal (sub. req.).

Marquette Bank in Illinois recently found suspicious activity on 58 accounts used to make purchases at the retailer. "We caught it so early, there was not a great loss for our bank," said spokesman Jeff MacDonald.

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