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Visa and Target say breach hasn't led to a large amount of fraud

Even though there were a lot of potential victims from the Target breach, not too much has translated to fraud, according to Target and Visa.

Published Fri, Mar 28 2014 1:43 PM CDT   |   Updated Sat, Aug 8 2020 10:29 AM CDT

Despite more than 40 million credit and debit card accounts stolen by cybercriminals inside of Target's network, the amount of real-world fraud has been minimal, Target and Visa recently stated. Specifically for Visa accounts, there has been $2 million in fraud, according to Target officials, as the company promised to undergo internal reform.

Visa and Target say breach hasn't led to a large amount of fraud | TweakTown.com

Target continues to suffer backlash following the breach, especially after reports that the company ignored warnings from its internal IT team.

"As long as we continue to have a guest lens and use that data for the value of our guest, we're in a good place," said John Mulligan, Target Chief Financial Officer, in an interview. "We need to continue to invest and make it better. That's the challenge for us."

Despite Visa and Target reporting a low number of actual fraud cases, the retailer has been hit with class-action lawsuits from customers and banks.

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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