Why the TK Maxx hacker has caused more damage to retailers than consumers

May 10, 2007

Although the TK Maxx hacker managed to steal millions of pounds worth of money from consumers, the real damage has apparently been to the retailers.

When people realised that by shopping online and by even shopping with a chip and pin machine that the consumer is not always protected, they became a little more wary of spending on their cards. This meant that obviously less money has been spent all around and retailers have really started to feel the effects of this change of attitude.

It is mainly online traders who have been hit the hardest because they are held responsible for anything that goes wrong, even if the problem was not their fault. So many businesses are finding it extremely difficult to do things the right way and now they have to make sure that consumers know of any risks which may be involved with purchasing items from their websites.

It is hardly surprising that people are more reluctant to spend on their credit cards after the TK Maxx hacking incident. People simply assume that when they purchase something with a chip and pin device that they are completely safe from fraud. However when something like this happens it makes people stop and think and unfortunately for many retailers, that means that many people simply stop spending as much money on their cards.

Overall shoppers are more wary now thanks to the TK Maxx hacker and millions of people from across the UK are still struggling to come to terms with the money which they have lost due to the hacking incident. It is only a matter of time before things die down again however so really retailers should not have to worry for too long. However shoppers will still be expecting a better guarantee that their details will be safe when they shop with any retailer in the future.