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Friday, December 20, 2013

Target Fallout Continues After Security Breach

Target Corp. said information from some 40 million Target shoppers' credit and debit cards was stolen in the three weeks after Thanksgiving. (Jay Reed/Flickr)

Target Corp. said information from some 40 million Target shoppers’ credit and debit cards was stolen in the three weeks after Thanksgiving. (Jay Reed/Flickr)

The fallout continues for Target Corporation, whose 1,797 stores have suffered one of the largest-ever credit card breaches in the U.S.

A class-action lawsuit was filed last night by a California shopper — the first of what lawyers expect to be a torrent of similar suits.

In addition, Target is likely to be subject to fines by card issuers for non-compliance with payment card security standards. And then, there are the fraudulent charges to consumers, which banks may also try to recoup from the Minneapolis-based company.

Target shares closed down 2.2 percent last night on the New York Stock Exchange.

Retail consultant Howard Davidowitz joins Here & Now’s Jeremy Hobson to discuss what the future holds for Target.

Guest


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  • marlow

    The problem with Target is that on the Target credit card bill they do not itemize purchases. So it is extremely difficult to see if additional or fraudulent charges have been made. Everything is listed as “Central Checkout”. If you have multiple purchases every month, you have to go through all receipts with your online statement and/or paper bill and hope it matches up. In my experience, there is not another store credit card or credit card that does not itemize. Ridiculous.

  • Jack

    Shop at Target often. Cancelled my debit card the moment I heard the news, using with cash henceforth. Incidentally, at the Target I shop in Texas, when you buy alcohol they request to swipe your drivers license. I have always declined which requires a managers override. Wonder if any of the data from these also compromised.

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