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Target security breach cost soaring past $200 million for banks

Target's recent security breach is costing banks and other financial institutions over $200 million so far.

@CharlesJGantt
Published Wed, Feb 19 2014 6:48 PM CST   |   Updated Sat, Aug 8 2020 10:29 AM CDT

The recent security breach at Target stores across the US has certainly hit consumers hard, but the real pain is being felt at the banks and financial institutions who hold the accounts of those consumers. A new report is suggesting that the damage done to Banks is upwards of $200 million and counting with no end in sight.

Target security breach cost soaring past $200 million for banks | TweakTown.com

The security breach saw more than 40 million credit card numbers stolen, and only about half of those cards have been replaced by bankers, leaving the other half still venerable to fraudulent use. This means that that $200 million estimate could grow to more than a half billion dollars before this is all over. In total more than 110 million customers in the US were affected by the breach and saw not only their credit card numbers stolen, but other personal information such as names, mailing addresses, email addresses and more. Target has began offering affected customers a year of free credit monitoring to help ease the pain some.

NEWS SOURCE:techspot.com

A web developer by day, Charles comes to TweakTown after a short break from the Tech Journalism world. Formerly the Editor in Chief at TheBestCaseScenario, he now writes Maker and DIY content. Charles is a self proclaimed Maker of Things and is a major supporter of the Maker movement. In his free time, Charles likes to build just about anything, with past projects ranging from custom PC cooling control systems to 3D printers. Other expensive addictions include Photography, Astronomy and Home Automation.

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