Update: Target Gives Discount To Customers Following Security Beach, JPMorgan Cuts Spending Limits

December 23, 2013  |  

Update by Ann Brown

Following the major security breach of customer accounts, Target CEO Gregg Steinhafel issued an apology on the company’s website and the store offered customers 10 percent off on this weekend, the same discount Target workers get, reports the Huffington Post.

“The message I would like to leave with guests is that we value their business, and we appreciate the trust they place in us as a company and as a friend and a community partner,” Steinhafel said in a video posted to YouTube. “So at Target we get a 10 percent discount if you’re a team member, and we want to extend that team member discount to all of the guests that come and shop with us this weekend as a small way to just say thank you for being a great guest at Target.”

If you want to know if your information has been compromised, call 866-852-8680.  In his apology Steinhafel also said:

“We want our guests to understand that just because they shopped at Target during the impacted time frame, it doesn’t mean they are victims of fraud. In fact, in other similar situations, there are typically low levels of actual fraud. Most importantly, we want to reassure guests that they will not be held financially responsible for any credit and debit card fraud. And to provide guests with extra assurance, we will be offering free credit monitoring services. We will be in touch with those impacted by this issue soon on how and where to access the service.”

Meanwhile, JPMorgan Chase is taking its own set of precautions. Anyone who used their debit cards during the time of the attack are now being restricted to $100 per day withdrawals and $300 per day spending limits. The move will impact about two million card holders, or 10 percent of the bank’s total card customer base. The bank said they know the move comes at an “inconvenient time” (it being holiday shopping season and all), but about one-third of its branches nationwide will be prioritizing customers who would like to get a new debit card.

And that’s not the only bank taking measures. According to CNBC, Citibank is also placing unspecified limits on its debit cards if they detect fraudulent activity. So if you’re a Citi customer, you might want to contact the bank before making any big purchases in the near future.

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December 19, 2013

Target has discovered a security breach that compromised 40 million credit and debit cards, the information stolen between November 27 (the day before Thanksgiving) and December 15. The CEO of the retailer, Greg Steinhafel, says it worked with the authorities after finding the breach and fixed problem. The Secret Service confirmed that it is investigating the issue.

Customer names, card numbers, expiration dates, and security codes — information gleaned from the magnetic strips of payment cards — were taken. And just about all of the 1.797 Target stores across the country were impacted. The information appears to have been lifted at the cash register, meaning those who shop online were not affected. The company is still not clear about how the breach happened, and has hired a forensic investigation firm to find out. Mastercard and the other card issuers have been alerted as well.

An expert who spoke with USA Today says that, on the bright side, the company acted quickly in the face of the stolen info. (The same expert said breaches happen at companies of all sizes, but we only hear about the really large ones like this. The New York Times says cybercriminals are more frequently targeting retailer registers because of the additional data they collect when they’re ringing up your purchase in order to track customers. That data “can be sold, in bulk, on the black market and used to create counterfeit cards.”

Be sure to monitor your credit and debit card statements to be sure you’re not being charged for a hacker’s purchases. We heard this morning that one of our colleagues could be a victim and discovered a $200 purchase out of state.

Stock shares of the company were down 1.7 percent this morning.

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