By  Mon Jan 27, 2014

Another Nationwide Retailer Suffers Card Data Breach: 5 Things to Know for the Week

Nicholas Eckhart / Flickr | http://www.flickr.com/photos/fanofretail/8967643260/

Nicholas Eckhart / Flickr source

The bad news continues to plague the retail industry as another major retailer reveals that it was the victim of a security breach. The recent string of data-breach revelations could mean that more is yet to come.

  • Apple is preparing to the join the battle to revolutionize mobile payments. According to the Wall Street Journal, citing undisclosed sources, the tech giant’s top executives have discussed how it would handle payments for good and services through Apple devices. Industry analysts have long awaited the entry of Apple into the mobile-payment space because it holds such promise for widespread adoption.
  • On Tuesday, the Federal Reserve will hold its next board meeting, with announcements to come on Wednesday. It marks the central bank meeting before Chairman-elect Janet Yellen takes office, from Ben Bernanke, later this week on Saturday, Feb. 1. The financial markets will likely be looking to see the Fed’s progress on its decision to taper its bond-buying program.
  • Another card data breach has been reported at Michaels Stores, an arts and crafts specialty store chain that has 1040 locations in the U.S. and Canada. The retailer says it is working with federal authorities to investigate the breach. The company did not disclose how many customer cards were affected and what type of data was compromised.
  • The dreaded chore that every American taxpayer during the first quarter of every year has returned. On Friday, the 2014 tax season officially begins as the Internal Revenue Service starts to accept tax returns. The later-than-usual start date was due to the temporary government shutdown last year. However, the tax deadline remains unchanged for April 15.
  • Starting Saturday, Chase tellers will begin asking customers for ID when making cash deposits. The new practice is an attempt to battle misuse of accounts, including illegal activities such as money laundering. The policy does not affect check or money order deposits.

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