Seeking Alpha

Michaels investigates possible breach of payment cards

  • Michaels Companies has become the latest major retailer in recent weeks to say it is looking into a possible or actual cyberattack against its payment-card network.
  • However, it's not clear how many cards may have been compromised, when the breach might have taken place, or whether the attack is still going on.
  • The hacking assault would be the second against Michaels since 2011, and comes as the arts and craft retailer prepares for an IPO. Its main investors include Blackstone (BX) and Bain Capital.
Comments (2)
  • Moon Kil Woong
    , contributor
    Comments (11015) | Send Message
    The bright side is maybe people will stop signing up for credit cards from every store and cut back on the plastic use. The simple fact is most all stores payment systems are far from secure and given time and effort most competent hackers can probably breach them.


    Generally assume all your data given to others is not secure. That's why you should insist on refusing to give away your social security number or use it as a verification of your identification. Pay for things to people you don't know in cash. and limit your credit card use to a reasonable number which you can track to make sure no fraud is occurring.


    You could also contact your elected official and protest the NSA and thank them for making all internet transmissions unsafe by enabling SSL to be breached with a faulty encryption method. When spying and monetizing your personal data is #1, your security is not #2, its nonexistent.
    26 Jan, 09:17 PM Reply Like
  • Moon Kil Woong
    , contributor
    Comments (11015) | Send Message
    On a side not Michaels is a great company. I remember investing in this company a long time ago. It seems like the thefts are not well targeted. The main demographic for Michaels remains responsible mid-aged females whereas Needless Mark-ups can obviously be tied to wealthy individuals and Target to the general middle class population.
    26 Jan, 09:55 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector

Next headline on your portfolio: