Target hack strips banks and credit unions of $200M

Not only were as many as 110 million Target customers affected by the massive hack on the retailer in December, but banks have also had to deal with the security breach.

The hack is said to have cost banks and credit unions more than $200 million, according to data gathered by the Consumer Bankers Association and the Credit Union National Association. Originally, the two associations estimated that losses tallied around $178 million but now say those costs are rising.

In all, 40 million credit and debit cards were compromised in the breach. So far, banks and credit unions have replaced 54.5 percent, or 21.8 million cards. The cost to banks could increase if additional fraudulent activity occurs with the compromised cards. (Read More)

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