So close to Christmas and an incident of nearly 40 million Target shoppers’ credit and debit card details has been stolen. As per Target, the customers who are most likely to be exposed are the ones who shopped from any US stores between the 27th of last month and 15th of this month using their credit or debit cards.
The details that have been stolen by the hacker are customer names, the card numbers as well as the 3 digit security code that is found printed on the back of the cards.
Below are the most common FAQ related to this incident :
1> I think i was shopping at Target during the above stated period, what should i do ?
Keep a track of your bank and credit card statement and if you see any charges that you feel is not done by you, report it to your bank and credit card company. Also report this as a case of identity theft to law enforcement or the Federal Trade Commission.
2> How did this happen ?
There is still no sure answer as to how this happened. Even Target is shut on this but the experts claim that companies like Target invests millions of dollars every year to make sure that that credit card security system is at the best.
As breach of such magnitude where 40 million card details are stolen shows that there is a huge security failure and the banking industry need to look into this very seriously.
3> Who will bear the loss of customers who become the target of fraudulent charges ?
Since the reason behind this is a failure of the Traget security system, so the final compensation for banks will be borne by Target.
4> What is the estimate loss that Target might have to bear ?
Getting an estimate of the loss is too early now. There will be bank charges and some class action lawsuits from consumers. Its just a waiting period to determine the loss.
5> How can one be protected against such liabilities ?
The simple answer to this is using cash and be safe.
6> Prevention of future breaches
Stop using credit cards that can be cloned. Use microchip technology cards, these are the latest and are most secured today.