(Long Island, NY) Customers at retail store Target recently discovered that they are potentially a target of criminal thieves who sought shopper credit card data effectively stolen from retail stores during the period of Nov. 27 to Dec. 15.
The issue has been so serious and widespread, that Chase Bank, the largest bank in the United States, has limited cash withdrawals and purchases if a customer was found to have used their Chase debit card at Target during the security breach period. The limit applies to about 2 million customer accounts, according to a Chase spokesperson.
On December 19th, 2013 Target confirmed the breach through an official press release posted to its website where the retailer detailed that as many as 40 million customers were compromised over the three week period of holiday shopping.
On December 19th, 2013 Target confirmed the breach through an official press release posted to its website where the retailer detailed that as many as 40 million customers were compromised over the three week period of holiday shopping. “Target today confirmed it is aware of unauthorized access to payment card data that may have impacted certain guests making credit and debit card purchases in its U.S. stores. Target is working closely with law enforcement and financial institutions, and has identified and resolved the issue. Approximately 40 million credit and debit card accounts may have been impacted between Nov. 27 and Dec. 15, 2013.”
Target CEO Gregg Steinhafel also made an official statement reminding customers that this is a crime against target and its customer and that Target is working swiftly to remedy the situation and is offering credit monitoring services to those effected.
“As you have likely heard by now, Target experienced unauthorized access to payment card data from U.S. Target stores. We take this crime seriously. It was a crime against Target, our team members and most importantly you – our valued guest.”
Through initial investigations and information released by Target, it has been determined that the information involved in this incident includes the a) customer name, b) credit or debit card number, c) card’s expiration date and d) the CVV code. CVV codes are encoded on the magnetic strip (They are not CVV2, the three- and four-digit numbers imprinted on the reverse of cards to help card-not-present merchants verify that the customer has a legitimate card in hand at the time of the order.)
There are no indications at this time that the breach affected customers who shopped at Target’s online stores or physical stores in Canada. This breach specifically targeted customer magnetic stripes of cards swiped at cash registers in United States locations. It’s not the first time a theft of this magnitude or sophistication has taken place. In 2007, hackers stole data from at least 45.7 million credit and debit cards of shoppers at retailers T.J. Maxx and Marshalls in a case believed to be the largest such breach of consumer information.
Although experts say no security system is fail-safe, there are several measures credit card companies can take to protect customers against these sorts of attacks. In fact, most countries outside the U.S., don’t even use magnetic strips; people carry cards with digital chips to hold account information. According to USA Today, Credit card companies in the U.S. have a plan to replace magnetic strips with digital chips by the fall of 2015, but will it go far enough? Analysts are still not sure and suggest further precautions and more throughout security on the end of the processes by the merchant whom is said to be most vulnerable to fraud than the credit card companies themselves.
Disclaimer: News articles on this site may contain opinions of the author, and if opinion, may not necessarily reflect the views of the site itself or the views of the owners of NewsLI.com, Long Island Media Inc., or Long Island Exchange®. For more information on our editorial policies please view our terms of service.