Target Corp. settled claims over its 2013 holiday season data breach where they agreed to pay Visa issuers up to $67 million and is working with MasterCard on a similar deal, according to the Wall Street Journal.
This agreement with Visa Inc., comes as the card industry and merchants are moving toward more secure cards that are aimed at stopping these types of attacks.
Target’s data breach exposed 40 million credit and debit cards to fraud during the 2013 holiday season. The breach was followed by a string of similar breaches with other retailers including Home Depot Inc., Neiman Marcus Group Ltd. and P.F. Chang’s China Bistro Inc.
[Related: The Home Depot Confirms Data Security Breach]
“This settlement is a step in the right direction, but it still may not make credit unions whole,” said Carrie Hunt, general counsel of the National Association of Federal Credit Unions, a trade group to the Wall Street Journal.
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