In today's world, the internet has become an integral part of our lives.

With the vast amount of information available at our fingertips, it's no wonder that cyber security has become a growing concern for individuals and businesses alike.

Data breaches have become all too common in recent years, with hackers constantly devising new ways to compromise online systems and steal sensitive information.

Unfortunately, it looks like this was the case with Coles Financial Services, which confirmed that historical customer credit card details has fallen victim to a massive hack.

The retailer expressed its disappointment after learning that the massive Latitude Financial data hack has impacted its customers.

A Coles representative said in a statement: ‘We are disappointed that this cyber incident has taken place and apologise for the inconvenience and uncertainty created.’

‘As a former service provider, Latitude Financial Services has informed Coles Financial Services that historical Coles credit cardholder data has been affected by the recent cyber incident.’

Of the approximately 14 million customer records that were exposed in the attack, Coles’ historical credit card holder’s personal information is the latest to be identified. Credit: Shutterstock.

According to the spokesperson, Latitude has not yet provided Coles with any specific information regarding the number of affected customers or details of the breach.

‘In March 2018, Coles Financial Services moved its credit cards to Citibank,’ they continued.

‘In the event you have any questions about your current Coles Mastercard please visit our Coles Financial Services contact centre page.’

Latitude Financial provides personal finance products, such as interest-free credit cards and buy now, pay later schemes, to customers in Australia and New Zealand.

It was previously owned by GE Australia before being acquired by Värde Partners, KKR, and Deutsche Bank in 2015. The company has partnerships with several major retailers through its different credit cards, including Apple, Harvey Norman, Domayne, and Joyce Mayne.

Its Gem Visa card is partnered with JB Hi-Fi, Amart Furniture, The Good Guys, and offers interest-free offers with 91 other businesses.

Latitude Financial's CEO, Bob Belan, stated that the company will not pay a ransom to the cybercriminals responsible for stealing their data.

Belan said that rewarding criminal behaviour would not benefit consumers and no guarantee paying the ransom would result in the destruction of customer data.

Additionally, he believes that paying the ransom would only encourage further extortion attempts on businesses in Australia and New Zealand.

Key Takeaways

• Coles Financial Services has expressed disappointment after learning that historical customer credit card details were stolen in the Latitude data breach.
• Coles credit card holders' personal details are among 14 million customer records compromised in the hack.
• Latitude Financial Services has informed Coles of the breach and is contacting affected customers.
• The hack included details for 7.9 million driver’s licences and roughly 53,000 passport numbers among the stolen customer records.

The recent data breach involving Coles Financial Services highlights the growing concern for cyber security in today's world.

With hackers constantly devising new ways to compromise online systems and steal sensitive information, it is important for individuals and businesses to take steps to protect themselves.

How to protect yourself from a data breach. Credit: Seniors Discount Club.

We also recommend reading this article where we reported on how some of the data stolen from organisations were found on the deep web.

What are your thoughts on this, folks? Also, feel free to share this article to your friends and loved ones, especially those who may be impacted.

 

[Keswickian]

There needs to be a law that prevents Companies keeping customers' financial details after the account has been closed or expired.

 

[Rob44]

Steps to take after a data breach by hackers; class-action litigation against the companies whose cyber-security is defective. More and more we are being compelled to use 'modern technology' to buy stuff. I hear banks want to no longer issue us with cheque books for payment of bills.

Cheque books are a secure way to record purchases for easy search of records as to when and why a payment was made. Paper bank statements posted to us are a secure way of keeping our financial records secure.

Medibank; Optus; Coles credit cards; how many more major hacks and scams will it take for our financial privacy to be protected properly? Just sue them every time it happens!

 

[Trevor21]

The only way to protect our data kept by many institutions is to make them accountable for the loss. Perhaps that way they may make it harder for the data to be stollen. I suggest a payment of $1000 dollars to every person who has an account. Most secure institutions have at least a 2 factor layer to data and not just the password. Any stored data should be kept offline and only available to the same minimum 2 layer.

 

[Rob44]

Assorted organisations find it more profitable to them than us for us to use credit/debit cards. OK it's also convenient for us and helps us over-spend. However, a trail of paper bills and receipts held by we individuals is a damned sight more secure for storage of what is our private information as our house has to be burgled for a hacker to get those data. And payment by cheque is a very easy way for us to record what was paid, who was paid for what was paid and the date. Cheque books are harder for us to lose than small slips of paper; bank statements on paper posted to us each month by the bank are invaluable records that back-up the stubs in cheque books. And all can be filed and kept accessible SAFELY in our homes for years as undisputable records for when we do our tax returns.

Old fashioned? Yes. But at one time bank robbers had to break into banks and their safes to steal our money; or into our homes; and that's why we pay insurance companies to insure us against theft. Try getting your insurance company to pay up for your money a hacker has stolen from your bank/credit card account!

And no-one pays me for my investment in buying a compute/mobile phone (or power bill or internet bill) to read my bank statements etc via the internet. Nor am I am paid for my time in doing such.

Hackers did not exist as a danger to us before the internet! Insist on paying your bills by cheque or cash!

 

[MindyMac]

Here we go again and Coles is just one of many. Many, more to follow. Again, I refuse to link my bank and/or credit card to my computer and iphone. Too easy to be skimmed or companies like Coles and the others to be hacked & skimmed.

I have updated my Skim Guard cards to their newest ones and in my wallet and have two there just in case one does fail. The new Skim Guard cards also block skimming devices for cards like RSL membership cards, loyalty cards, any card that you have with that black strip on the back e=including gym cards they all have your personal information encrypted on that black strip. Everyone's individual personal details are on that black strip. Plus, using your iphone to scan and pay for goods and people linking their bank account and credit card as well, plus linked to their home computer. Come'On people... please do not do that. If you need to because you need to, use eftpos. Or, open a second account and have one main one that is not linked in anyway to a computer and/or iphone. Have a smaller one and transfer money and place something like $250 at most there for eftpos payments. Even less than that amount.

Skim Guard cards available via TVSN and the company themselves is your best bet to HELP protect you from even walking past you in the street, shopping centres, cafes, clubs, even driving past in a car and they have a skimming machine. That's all they need. The Skim Guard cards put up an invisible barrier to protect you from being skimmed. Every person should have at least one in their wallet and one with their mobile in a mobile cover.

 

[MindyMac]

Assorted organisations find it more profitable to them than us for us to use credit/debit cards. OK it's also convenient for us and helps us over-spend. However, a trail of paper bills and receipts held by we individuals is a damned sight more secure for storage of what is our private information as our house has to be burgled for a hacker to get those data. And payment by cheque is a very easy way for us to record what was paid, who was paid for what was paid and the date. Cheque books are harder for us to lose than small slips of paper; bank statements on paper posted to us each month by the bank are invaluable records that back-up the stubs in cheque books. And all can be filed and kept accessible SAFELY in our homes for years as undisputable records for when we do our tax returns.

Old fashioned? Yes. But at one time bank robbers had to break into banks and their safes to steal our money; or into our homes; and that's why we pay insurance companies to insure us against theft. Try getting your insurance company to pay up for your money a hacker has stolen from your bank/credit card account!

And no-one pays me for my investment in buying a compute/mobile phone (or power bill or internet bill) to read my bank statements etc via the internet. Nor am I am paid for my time in doing such.

Hackers did not exist as a danger to us before the internet! Insist on paying your bills by cheque or cash!

Agree. The old fashion way for me as well. There is no way I will link my bank account/credit card to my iphone or computer. If the future demands this, I will open up a separate bank account and place the smallest amounts there. I also use my landline phone to BPay my credit card. I refuse to use the mobile. The landline has no tracking so one's home phone can not be hacked. I suppose there will be no home phones in the future. Maybe they will rethink and make everyone have a landline phone that is just that, a landline phone only and not linked to a computer. Mine isn't.

 

[Rob44]

I think I will just get back to paying by cash..................I refuse to have a mobile phone. And if Coles doesn't want my personal cheque at the till then maybe they can just put all the goods I would have bought back on the shelves themselves............

Five steps to take after a data-breach. 1) Pick up your phone. 2) Phone your lawyer. 3) Go to your lawyer's office. 4)Enter your lawyer's office. 5) Instruct him or more likely her to sue the entity who has enabled your data to be breached through weak cybersecurity. Pity that we can't afford to do that!

 

[MindyMac]

I think I will just get back to paying by cash..................I refuse to have a mobile phone. And if Coles doesn't want my personal cheque at the till then maybe they can just put all the goods I would have bought back on the shelves themselves............

Five steps to take after a data-breach. 1) Pick up your phone. 2) Phone your lawyer. 3) Go to your lawyer's office. 4)Enter your lawyer's office. 5) Instruct him or more likely her to sue the entity who has enabled your data to be breached through weak cybersecurity. Pity that we can't afford to do that!

Personal cheques are truly a thing of the paste and back in the 50's, 60's and early 70's it was acceptable that was until people's personal cheques bounced all the time. If I was a business, there is no way I would accept any person's personal cheque and let them walk banking way with the goods.

Get eftpos attached to your banking card. But still get Skim Guard cards for yourself and as gifts for family members. Make them put it into their wallets immediately.