Target security breach has cost banks and credit unions more than $200 million thus far

By Shawn Knight
Feb 19, 2014
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  1. Consumers aren't the only ones feeling the effects of the recent Target security breach. According to the Consumer Bankers Association and the Credit Union National Association, banks and credit unions have had to fork out more than $200 million thus...

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  2. The banks and credit unions should sue Target for incompetence.
  3. wastedkill

    wastedkill TS Evangelist Posts: 1,373   +310

    Credit/ Debit card replacements are free...
  4. p51d007

    p51d007 TS Evangelist Posts: 862   +353

    Well, considering the banks, Visa, Mastercard, retailers have been dragging their feet on upgrading security in 40 year old technology (swipe card) to a chip & pin based card, I guess it serves em right.
    Sadly, they will pass this loss onto consumers, along with whatever upgrades to a chip/pin based system will cost.
    wastedkill likes this.
  5. I was unfortunate enough to shop at Target during on Black Friday and I was defrauded. I live in Washington but last week I received notice of transactions through my card worth upwards of $800 in Atlanta (worth noting I've never been to Georgia in my life). Luckily I was able to get them overturned before my bank account was charged and have my card replaced within 24 hours. Kinda feel I deserve it for not having my credit card changed soon as I heard Target was hacked though.
  6. I think the issue has been that even though security is low on credit/debit cards and the associated POS/network systems, the bean counters said it cost too much to increase security. In other words, the bean counters say Security costs > Loss of revenue so no security improvements. Now with the current breaches, Security costs < Loss of revenue so we better do something about this.
  7. tonylukac

    tonylukac TS Evangelist Posts: 1,292   +55

    We used the target redcard during that period because you get 5 percent off. We didn't get hacked. So use the target redcard at target.;

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