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Snackman, I just re-read the last CC transcript (unclever.com). I have always been upwardly optimistic in my calculations regarding revs, but believing that TPMs and the other "automatic" revenues that wave is involved in is only a matter of time, I have no problem reckoning that revs will come in easily to beat Q1 and could satisfy some of our thirst for what I as a long investor think is possible. That being said, I do hold some reservations as to uptake rates and sales in general. I will sit back now to listen and watch.
I wish everyone a great day!
Ciao!
Bunnyman,
reports of lost company data in the news is great for awareness...even better to see ads from Seagate showing what their fde drives can do. Sort of putting their money where their mouth is.
Ciao!
OT: Great marketing collateral. Ciao!
http://www.iht.com/articles/ap/2008/05/12/business/NA-FIN-US-Restaurant-Hacking.php
3 charged with hacking into US restaurant chain, stealing credit information
The Associated PressPublished: May 12, 2008
GARDEN CITY, New York: Three men were charged Monday with hacking into a national restaurant chain's computerized cash registers and stealing credit card information from customers.
Eleven Dave & Buster's restaurants at various locations around the United States were hit in the scheme, including one in Islandia, on Long Island, where information was stolen on 5,000 credit and debit cards, causing at least $600,000 (€390,000) in losses, federal prosecutors said.
The extent of the losses from the other branches was not immediately known.
Maksym Yastremskiy, of Kharkov, Ukraine, and Aleksandr Suvorov, of Sillamae, Estonia, were charged in a 27-count indictment with wire fraud conspiracy, wire fraud, conspiracy to possess unauthorized access devices, access device fraud, aggravated identity theft, conspiracy to commit computer fraud, computer fraud and interception of electronic communications.
The indictment was unsealed in U.S. District Court in Central Islip. Separately, a one-count complaint unsealed in Central Islip on Monday charged Albert Gonzalez of Miami with wire fraud conspiracy.
"Operating from locations in the United States and abroad, these defendants hacked into computer systems and stole credit and debit card data from unsuspecting victims for their personal enrichment," assistant attorney general Alice S. Fisher said in a statement from Washington.
Prosecutors say the trio hacked into the cash register terminals in order to acquire "track 2" credit and debit card information. Track 2 data includes the customer's account number and expiration date, but not the cardholder's name or other personally identifiable information, prosecutors said.
The men then sold the stolen data to others who made fraudulent purchases, prosecutors said.
Yastremskiy and Suvorov are accused of gaining unauthorized access to the terminals and installing so-called "packet sniffers," which are computer software codes designed to capture communications between two or more computer systems on a single network. Gonzalez supplied the computer software used in the scheme, prosecutors said.
Yastremskiy was arrested in Turkey in July 2007, and he remains jailed there on potential violations of Turkish law. U.S. authorities are attempting to extradite him. He also faces charges in a credit card trafficking case in Southern California, prosecutors said.
Suvorov was arrested in March 2008 while visiting Germany. Extradition proceedings are pending. U.S. Secret Service officials arrested Gonzalez in Miami this month.
It was not immediately clear whether the three men have legal representation.
A call for comment Monday to Dave & Buster's, which has nearly 50 restaurants around the country, was not immediately returned.
After reading the CC I am pleased to hear of the new customers inquiring of wave. High uptake rates. Loads of interest. Via the Dell & Seagate partnership wave has established itself as the goto solution for trusted computing's rock hardened answer.
It is finally underway. Thanks to all for your hard work.
Ciao!
Ramsey, agreed! In that vein I especially liked the remarks for the 40,000 laptop opportunity. First contact in December, first meeting in January, pilot in progress. Decision to buy their next block of PCs during summer.
Security is no longer an option.
Ciao!
Whitewash, I don't see the economy as bleak as you may. Yes, a market downturn may delay a firm's plan to modernize its PC network, but they can't stop. The discussion from the CC is that a customer likely will order a couple hundred seats per month through the course of a year. Now maybe its only 150 seats. But they still have to maintain & replace their PCs, and securing those PCs, hardening the data, keeping a chain of custody on that machine, the network and data can be done cheaply and the consequences can be devastating.
It cost TJMAXX about $25 mil (est.)on their publicized breach. You don't build a new house without a home alarm.
Ciao!
Whitewash, I'm saying TJMAXX is certainly investigating ways to protect their sensitive data. I don't know if they are looking at wave's stuff, but after losing tens of millions as reported in the press as a direct result of their failure to maintain sensitive data, they had better be doing something.
Even in a climate of tightening budgets I just don't see how trusted computing can reasonably be overlooked. A firm may opt for alternatives to wave's solution but they would be derelict if they did not invest in data protection of some sort. Wave's solution is cheap insurance. It's like my friend who is building his dream home. Yeah, houses aren't going up as fast nowadays but who builds a new home without installing a home alarm system?
I would not want to be the IT guy who bought the last non-trusted computing network. In that regard, PC security is immune to market downturns. Yes, the rate at which an entire network is replaced may slow, but security is not an option.
Ciao!
Whitewash, the general market downtrend may impact adoption timelines, but are the IT dudes at TJMAXX putting off investment in computer security? TJMAXX spent millions as a consequence of failing to maintain account info. And I bet some heads rolled. The more stories of companies and government agencies losing sensitive data the better.
Last night I did take the time to re-read the CC transcipt and smiled at the conversation regarding new customer inquiries. Delighted to hear of high uptake rates. Yes, it will take more time, but this subject is not going away and certainly has priority even within shrinking IT dollars.
Ciao!
While I don't understand the dribble volume today it didn't affect the SP terribly. I also saw a glimpse of light in the last PR regarding possible revs, i.e. a paragraph titled "Pricing & Availabiltiy." I don't recall that before. I agree, as others have commented, in about 10 months we'll have reported revs showing BE, whatever that may mean.
I find myself checking SP daily now as news will likely becoming soon.
Ciao!
Chance, thank you for your time to put together the CC transcript. Truly an invaluable service.
Delighted to hear of wave's progress with customers. While I have unfailingly overestimated wave's quarterly revs I continue to be very optimistic about the next two quarters' results. Actually, I am very excited.
And as we approach the holiday season I would like to wish the best to all.
Ciao!
Kevy, CCO shouldn't cost wave anything....until CCO sells something on wave's behalf. Much less risk than hiring your own sales force and creating overhead.
Ciao!
micro - good Saturday afternoon. I have seen the lacking revs before, going back to '99 and understand the need to see. However, I am convinced we are on a trajectory, witness the last couple quarters rev reports, that is growing nicely just on bundling deals. Even without upgrades, which is what we all want, wave will do a nice little business. That said, I believe we will see an easy double, but may be wrong, from previous quarter, primarily based on bundled deals. It has been some time since Dell and Gtway signed wave. More models without TPMs have completed their natural life cycle and more models with TPMs / wave have come to market as of late. I may be a quarter early but think we will see continued ramp up of revs at this week's CC. Either way, I feel it is quite certain that wave will be well beyond BE at next CC.
Ciao!
WD - be prepared to be shocked. It's way easy for me to see an easy double over last Q. The first number of PC models with TPMs going into the market was a couple of quarters ago. While I may be early for the next CC reported revs, it is BE by Q4 - done deal.
Ciao!
Ispro, nice summary of the solid position wave is in. These are guaranteed revs which will grow quite nicely (TPM bundles and such). Very confident we will see Q2 revs in the $3 - 4 million range based on bundles. And now that FDE HDD with wave's stuff is for sale on Dell's website, it is a cinch for BE Q407, if not earlier.
Ciao!
great article and reports such as this with victims suing for identity theft should only hasten corporations move to trusted computing.
Ciao!
OT - haven't seen this posted
http://www.marketwirecanada.com/2.0/release.do?id=750167
SECUDE, Seagate, and GammaTech Team Up to Deliver Ground-Breaking Encrypting Laptop PCs
Highlighted Links
LUCERNE, SWITZERLAND--(Marketwire - July 11, 2007) - SECUDE, Seagate & GammaTech (formerly Twinhead) are teaming to deliver best-in-class security solutions designed to prevent unauthorized access to data on lost or stolen notebook PCs. SECUDE's FinallySecure™ authentication technology, combined with Seagate's DriveTrust™ security featuring hardware-based Full Disk Encryption, is now available on DURABOOK notebooks by GammaTech.
"SECUDE's FinallySecure™ provides total Data-at-Rest security with Seagate's Momentus® 5400 FDE.2 hard drive. The 2.5-inch notebook drive is the industry's first system to feature hardware-based full disk encryption, access control, and password management -- all without compromising performance," said Dr. Heiner Kromer, CEO of SECUDE International AG.
The combined solution is the first link in the authentication chain, providing an Adaptive Technology with Risk Management and Productivity gains for end to end security. The SECUDE and Seagate security umbrella protects against loss of data, fines from non-compliance, and destruction of brand value. In addition, end user transparency results in an ROI from productivity gains and also allows for migration from single user to enterprise and software to hardware, all with central management. The solution allows GammaTech customers to survive, adapt, and grow in a heterogeneous IT eco-system.
"Seagate is pleased to see our current customer base leverage this technology to add security value to their current systems," said Tom Major, Vice President of Personal Compute Business, Seagate. "The market is hungry for this type of protection, and together we offer a robust best-in-class solution with little integration impact."
Seagate DriveTrust Technology is a next-generation security platform built into the hard drive that is considerably stronger than typical BIOS, OS, or ATA based hard-drive security solutions. DriveTrust combines strong, fully automated hardware-based security with a programming foundation that makes it easy to add security-based software applications for organization-wide encryption key management, multi-factor user authentication and other capabilities that help lock down digital information at rest. SECUDE has been an established leader in key & access management, authentication, and encryption technology for over a decade with a suite of products creating an end to end security platform including Single Sign-On, Key & Token Management, and encryption technologies. SECUDE has been a strong IT security partner of SAP for 10 years and is a leading provider of key and access management technologies for Seagate encrypted disk drives.
DURABOOK laptop computers from GammaTech, the newly named U.S. sales and marketing arm of Twinhead Corporation, feature spill-resistant keyboards, patented optical disk tray locks, anti-shock LCD screens and protected hard drives, all capable of meeting U.S. military MIL 810F standards for ruggedization. All DURABOOK laptops are protected by a magnesium alloy case 20 times stronger than ordinary ABS plastic notebook housings. The highly engineered laptops fill the fast-growing demand among professionals, students, and other active, mobile individuals for ultra-durable notebooks that can withstand the knocks, shocks, drops and spills of real life.
"With the ever increasing concern for security and data protection, the need for advanced access control and data security in laptops is obvious," said Steven Gau, president of GammaTech Computer Corporation. "This combined laptop security solution will be of immense value for a wide range of applications and for government and corporate users worldwide."
About SECUDE
SECUDE International AG, the End-to-End IT Security Products & Solutions Company, is a market leader in the areas of key & access management, authentication & authorization, encryption, data integrity and the management of digital identities, delivering a higher level of IT Security to organizations around the world. We offer solutions in single sign-on and the security of documents, applications and transactions.
SECUDE is a member of IT SEC SWISS AG and was founded in 1996 out of a partnership between SAP AG and the Fraunhofer Institute in Darmstadt, Germany. This partnership resulted in the Secure Network Communication (SNC) module for SAP AG. Headquartered in Lucerne, Switzerland, we have a world-wide customer base and offices in the USA, Germany, Netherlands, Spain, United Arab Emirates, Vietnam & China.
For further information, please consult www.secude.com
About Seagate
Seagate is the worldwide leader in the design, manufacture and marketing of hard disc drives, providing products for a wide-range of applications, including Enterprise, Desktop, Mobile Computing, Consumer Electronics and Branded Solutions. Seagate's business model leverages technology leadership and world-class manufacturing to deliver industry-leading innovation and quality to its global customers, and to be the low cost producer in all markets in which it participates. The company is committed to providing award-winning products, customer support and reliability to meet the world's growing demand for information storage. Seagate can be found around the globe and at www.seagate.com.
Seagate, Seagate Technology, Momentus and DriveTrust are trademarks or registered trademarks of Seagate Technology LLC or one of its affiliated companies. All other trademarks or registered trademarks are the property of their respective owners.
About GammaTech Computer Corporation
GammaTech Computer Corporation is a global leader specializing in design, manufacturing and sales of award-winning, build-to-order, portable notebook computers. GammaTech is the American sales and marketing arm of Twinhead Corporation, well known in the industry as a top tier ODM manufactuer and maker of digital media entertainment products. Headquartered in Fremont, CA, GammaTech Computer Corporation was established in 1987. Visit www.gammatechusa.com.
OT - may have been posted, easy to understand article on the value of FDE and the costs of a security breach. Especially like the comment that corporations spent on average $5M for a data breach, and that 20% of customers TERMINATE their relationship with a merchant who loses their personal info. Here's to the market pulling this technology as wave helps to push...Ciao!
http://news.com.com/Locking+down+laptops+before+its+too+late/2010-1029_3-6192001.html
Perspective: Locking down laptops before it's too late
Seagate CEO Bill Watkins says the flaw with current legislation is that it does not specify how to encrypt data.
By Bill Watkins
Published: June 20, 2007, 4:00 AM PDT
See all Perspectives
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perspective Confidential, invaluable business and personal data are at risk when laptop computers are misplaced or stolen. Companies large and small, public and private, are all at risk.
Within the past year, the Veterans Administration lost a laptop holding information on 26.5 million individuals, the Internal Revenue Service lost or misplaced 500 laptops, and Boeing reported the theft of a laptop with files that contained Social Security numbers for more than 300,000 of its past and present employees.
Unfortunately these incidents are far from unusual.
During 2005, 20 percent of all banks, 18 percent of credit card companies, 13 percent of government organizations and 9 percent of health care companies reported data breaches--and that number is growing.
Clearly, something must be done before one of these breaches bankrupts a company or threatens national security. The real and associated costs of data breaches are staggering: In 2006, corporations that experienced a data breach spent an average of $5 million trying to recover data. Customer relationships suffer, too; among consumers that discovered their data had been lost, 20 percent terminated their relationships with the company, another 40 percent considered terminating their relationships, and 5 percent considered legal action.
Clearly, something must be done before one of these breaches bankrupts a company or threatens national security.
The government has begun to address the issue with recently enacted legislation. Federal laws such as the Gramm-Leach-Bliley Act and the Health Insurance Portability and Accountability Act (HIPAA) make the security of critical digital content--including the secure disposal of electronic files to end the data lifecycle--a fundamental requirement. On a state by state basis, 29 states thus far have enacted data protection legislation and 28 of these laws have provisions calling for the encryption of digital content.
The flaw with current legislation is that it does not specify how to encrypt data--and that's critical. If agencies and companies encrypt their data using software, it's like locking individual car engine components–-time-consuming, expensive and fraught with failure points. By contrast, hard drive full disc encryption is similar to a car key: it protects everything from the engine to the dashboard with a single mechanism and point of entry.
Extra: Weaving the (semantic) Web Hard drive full disc encryption is straightforward; it automatically protects every bit of computer data without any human intervention. It makes any data stored on a stolen or lost notebook unreadable and unusable forever. It can also automatically "repurpose" existing laptops or deny access to data when computers reach the end of their useful life. No need to smash a drive with a hammer or use special software to wipe it clean. By simply changing the encryption key on the disc, all stored data is instantaneously rendered unreadable and unusable forever--saving both time and money.
The advantages of hard drive full disc encryption are clear; the dangers of stolen and misplaced laptops are overwhelming. To thoroughly protect sensitive information, government and business organizations must mandate hard drive full disc encryption--especially for mobile workers--to help keep data from falling into the wrong hands. The time to lock laptops down is now.
Biography
Bill Watkins is chief executive of Seagate.
I don't believe it is accurate to say it was a misleading forward statement, regarding the timing a STX PR. It will happen when it happens, and the timing is out of wave's hands. Of course the sooner the better, and when it does occur and product is available for shipment, there will be a tremendous uptick in revs. That said, my original point is that I expect a nice jump in revs based on existing deals, easily to the $3-4M range.
Ciao!
It is about six weeks to the next CC and counting. While I would love to hear of a STX PR or new PCOEM deal I am still of the opinion we will see much goodness in the form of reported revs. Thanks to all for their DD and especially to unclever for the transcripts that I recently reviewed, again. A bit road weary from this week, a great weekend to all.
Ciao!
OT - Saturday afternoon rambling.....should we hear of an announcement regarding STX shipping next week then we will certainly see BE Q3. I don't know when we'll hear of such an announcement but it will mean major revs as those who select to buy FDE HDD will be looking for the total upgrade deliverable. IMHO, it will mean a couple to several dollars on the SP. And, of course, it's a given wave will make BE Q4 on the base bundling deals alone.
A great weekend to all.
Ciao!
OT - TJX data theft fallout...especially like the part where TJX is being sued by everyone and his brother.
http://www.networkworld.com/community/?q=node/16134
TJX data theft spawns million-dollar crime spree
Submitted by Paul McNamara on Tue, 06/12/2007 - 10:03am.
The enormity of the damage caused by that infamous data breach at TJX continues to come into focus through company disclosures and stories such as this one in USA Today that traces credit card numbers swiped from TJX to a million-dollar crime spree in Florida.
The crooks used their fraudulent credit cards to buy hundreds of $400 gift cards at Wal-Mart stores and then used those cards to purchase goods. The details are staggering and, worse yet, experts contend they are an indication that the scheme may have been or could be easily targeted at other retailers.
From the USA Today story:
But this was no ordinary scam. It was part of a sophisticated operation that started with the theft of credit card data on 45.7 million customers of TJX - parent company (TJX) of retailers T.J. Maxx and Marshalls. Investigators believe it is the boldest tangible evidence of criminals cashing in on hacked data from TJX - the nation's largest reported computer data breach, which TJX disclosed in January.
TJX has already acknowledged that Wal-Mart may not be the only chain seeing this type of scam.
"We believe many retail establishments could have been similarly victimized," TJX Vice Chairman Donald Campbell said in a May 4 letter to The Wall Street Journal.
This story isn't going away any time soon. In addition to the type of public-relations hit that no company wants to face, TJX is being sued by everyone and his brother.
And, of course, what happened to TJX - what TJX allowed to happen - is a nightmare scenario for any network security executive.
Goepling, good find, good read, almost an infomercial. And thanks to all for their reflections from the ASM. Especially like the Seagate FDE comments.
I'm going on record if we hear of a STX 'shipping' PR within two weeks that says we ship before end of June we'll see BE in Q3. Or in other words, wave is BE the quarter after STX begins to ship.
A farmer once told me it always rains when you need it the most.
Ciao!
Trader J - IMHO wave will show an easy double over last quarter's revs, landing somewhere in the $3 - $4M range, all based on existing bundling deals. I am eager for the Q2 CC, just two short months away. Now, IF I am right, that would tell me we are having good penetration of new PC models into the market, since wave collects only a dime or so on each bundle. While we may not make BE by Q3 I feel it is a certainty that we will BE Q4, again based on bundling alone.
Painfully slow, yes, but it is the market which drives all this, not wave. I am not aware of any $$ wave has lost to a competitor. Would love to hear of serious upgrades being closed by either wave's sales staff or VARs, but patient till year's end for any news there.
Ciao!
I'm not worried about the price today when I understand that in less than 2 months we'll have a CC for the current quarter that reports multi-million revs. We are at that point now that so many have waited so long to happen.
Ciao!
What a fantastic example of why an enterprise should go TC!
Ciao!
Pickle - another OEM would be just what we need, though it would probably take at least 6 months for any revs to show from such a deal. I just caught the CC and I am delighted to hear that management thinks we are clearly the market leader, though competition is coming, in all our areas of focus. And especially glad to hear we have won the majority of revs in the TC space though the market is tardy. It's taking a bit more time than I had wished, but the expansion of the Winbond contract mentioned this morning is yet another case in point how we lead the TC space.
I would like to amend my Q2 revs projection to more than a double over yesterday's $1.3M announcement.
Ciao!
Q2 revs will go beyond $2M
Ciao!
Ispro - best post in sometime! Automatic money
Ciao!
go-kite, I like your rev numbers. I think a we'll easily see a 30% gain vs Q4 based solely on TPM penetration into the existing, predominantly Dell but hopeful for Gateway results, product lines. Since it is Kentucky Derby weekend....I would say the over / under is $1.5M. Ample reasons for upside surprise but I am going to wait for the CC and especially the SHM to form an opinion on the state of the union. I do think the revs will be increasing nicely from this point forward with the "automatic money" as the market bundles more TPMs and now FDE HDDs.
Here's to a noticeable amount of upgrades and the 10-1 Scat Daddy.
Ciao!
dig space, I'll hazard a guess and it's only a guess. I don't think it is a stretch to see a 30% increase from Q4 based on further TPM deployment, which would land us around $1.2M. Nor do I find it difficult to think we could stretch nicely beyond that figure. Though I'm not looking for breakout revs on this CC, I am looking forward to possible guidance regarding Seagate at the SHM.
Ciao!
Did I read this correctly? Today there were less than 40k shares traded? Seems awfully anemic. I hope to see good news next week.
Ciao!
Weby - as you said the market will decide, and those decision makers, CEOs & CIOs, will base their decision on the value proposition of one solution versus another. That's why I've been pondering the costs, hard and soft dollar, of a data breach. It seems to me the incremental cost of FDE drives with management software is cheap insurance.
Ciao!
cosign - I too am waiting on the SP to move and if a lawsuit helps move companies in the direction of TC then that is a good thing. Corporations and government entities have so many technology solutions for all their needs it can be difficult to chart a path. Security is now mainstream in the media, constant news articles on breaches, lost data, etc. I was glad to see the recent post regarding the cost per lost record. While it is hard to quantify the total costs we can begin to quantify hard dollar costs to a company that has lost data. It's difficult to sell the intangible costs, reputation, future loss of sales, etc. As one manager once asked me, "where is the account with his avoided lost dollars?"
But all CIOs need to know there is a safe and simple vaccine for this disease that affects DAR, networks access. And this disease can cause other ills such as lawsuits, loss of customers, loss of reputation, etc that ends up on the AP wire. All good things, IMHO.
Ciao!
scorpio - firing a few folks for mishandling sensitive data is a great start. Maybe it just hasn't come full circle but I await the news reports where an executive at say a large household name insurance company testifies before Congress why they didn'take proper precautions to prevent DAR theft. For example, hurricane season approaches and when Ivan hit the panhandle a couple years ago there were adjusters crawling all over the place working claims. And their laptops include everything a crook would need to steal someone's lunch.
I'm looking for an event that costs a company real money. IMHO the more examples we find where companies are fined or sued over stolen data the more quickly we'll upgrade.
Ciao!
ps, wavxmaster, P.C. is out of my normal travel, but how I like the sugar-like sand
ID theft seems to be everywhere in the news. I just saw a 10 second blurb on the local Pensacola news of an area hospital that had data stolen. When local news in small towns are picking up the story and its impact I would say it is getting frothy.
What I haven't seen, not saying it hasn't been reported, are the costs associated with losing sensitive data, i.e. hospital records, payroll info, credit card info, etc. I sometimes think the upgrade movement is slow because there hasn't been a huge settlement against a corporation for damages.
Ciao!
micro, I am delighted to see judgements against a company which loses sensitive personal data. I can only hope the preponderence of such judgements will finally ring the bell.
Throw in how easy it is to understand the benefits of full disk encryption and wave should see some orders soon.
Ciao!
Rachelelise, I agree. I'm just trying to put together the value proposition why a company would go TC, or why they would be foolish not to. The first, hard dollar costs would include investigation & notification of affected parties. Other costs I can fathom would include actions to innoculate any liability. For example I've seen news reports where affected customers had one year credit monitoring. How would you like to write the check for credit monitoring for the 293,000 customers you impacted. I bet that wasn't in the budget.
What if a group recieved class action status to go after a firm that had "lost" its sensitive customers' data?
What about the intangibles? How does one quantify damage to a company's brand & reputation?
I can imagine the mess with regard to an internal hack / leak...how would a CEO like to have his company's payroll stolen and propagated through the organization. Now everyone knows everyone else's salary. That would make for good conversation. Could you imagine? This TC stuff is cheap insurance!
Ciao!
VH - thanks for the link. Incredible! The range of companies and institutions that have had data stolen is incredible. Certainly we come up with a figure for a company's cost to notify someone that their personal data has been stolen. And what about liability in the case someone's info is used to their detriment? A trusted network would seem to be cheap insurance.
Ciao!
VH - you wrote "TJ MAXX has already spent over $5 million on this mess, 1/2 a penney per share." Has anyone been keeping a log of these type of incidents, where the cost is quantified? What a great slide for SKS to have, Company A spent $$$ fixing this preventable problem, Company B spent $$$ fixing....
Ciao!
go-kite, similar thing happened to me while making a reservation to a hotel. I end up having a clerk at some call center ask for my CC info. At least the guys at TJ Maxx worked to hack personal info.
Merchants need to understand that I will take my business where I feel secure...
Ciao!