This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Has Best Buy Been Hacked? (UPDATED)

**UPDATE: Wanted to keep this update on top to ensure you see it.

A director at Best Buy contacted me and put me in touch with a senior person in the company's security department. Somebody apparently got a hold of my password and continued to attempt to make fraudulent purchases. We reset my account and the problem is resolved. BBY handled this process incredibly well, however, as I explained to the Best Buy director, the issue was how the situation was treated by customer service representatives -- without empathy or urgency. He agreed and passed the feedback onto the person who runs that team. Score one for Best Buy here ... once escalated they did a quick and efficient job of explaining and remedying the situation. They just need to do a better job at the frontline of making sure fraudulent purchases do not go through in the first place and that customer service reps leave consumers confident, not confused. 

NEW YORK (TheStreet) -- I woke up this morning to discover that somebody made an (apparently) fraudulent purchase on my Best Buy (BBY - Get Report) credit card serviced by Citigroup (C - Get Report).

Here are the first two emails I received:

I phoned Citi. They cancelled my account and removed the fraudulent charge. However, the woman on the phone was more interested in making sure she issued me a new card than she was discussing the security breach, how it could have happened and what would be done. In fact, short of making sure they sent the new card to the right address, Citi/Best Buy appeared to have no interest chatting with me. As if I was being unreasonable to want details on the hack.

A few hours later I received this email:

Must Read: Information Asymmetry, Taxicabs and Zillow

Maybe it was automated. I don't know. Either way, nice work Best Buy! I recall when a fraudster attempted to use my debit card at a CVS (CVS) store in Texas. My bank did not approve the charge and had corrective actions rolling before I even called to inquire. I'd be silly to expect the same from anything Best Buy's associated with. 

Given recent events with Target (TGT) and such, here's hoping I'm the only one who was impacted. 

But wait, there's more! See Page Two ... as the fraudulent purchases inside my "My Best Buy" account just keep on coming. 

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BBY $32.08 -1.75%
C $46.28 -0.96%
AAPL $93.74 -1.15%
FB $117.58 0.73%
GOOG $693.01 0.29%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs