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Target Corp. said data related to shoppers' personal identification numbers was stolen during the recent breach of its debit and credit card system and that it's "confident" customers' accounts haven't been compromised because the information was encrypted.
December 27 -
As the industry reels from the massive data breach Target announced Thursday, there's debate around the best way for banks to respond.
December 20 -
The Target breach has many in the industry thinking: Has the time come for EMV? Is the magnetic stripe dead? What is the final solution to card fraud, if there is one?
December 23 -
JPMorgan Chase is strictly limiting the debit card use of shoppers who used Chase debit cards at Target during the retailer's recent data breach, which took place November 27 to December 15.
December 22 -
BBVA Compass says 10% of its cardholders were affected by Target's data break-in.
December 27
As the impact of Target's data breach continues to widen, banks that have been slow to reissue cards may be spurred to action.
On Friday,
The news may test the patience of the many banks that have taken a
Forty-two percent of American Banker readers said their institutions had not yet reissued cards to customers affected by the breach, and would issue new cards only if they detect suspicious account activity in a customer's account. Forty-eight percent, meanwhile, said their banks would reissue cards because that's the best way to protect affected accounts from fraud. A small number -- 10% -- said the expense, time and inconvenience of large-scale reissuance made it prohibitive.
Even the largest card issuers have diverged on the
Citigroup (NYSE: C), meanwhile, has been cancelling and reissuing cards for accounts that show signs of fraudulent activity. BBVA Compass, in Birmingham, Ala., said it