Seeking Alpha

Target, Visa suffer limited fraud from data breach

  • Target (TGT) has experienced little fraud on its payment cards following the massive holiday season data breach, with $2M on Visa cards and none on the retailer's store-issued cards.
  • Target's disclosure came amid criticism from legislators during a Senate panel hearing.
  • Meanwhile, Trustmark National Bank and Green Bank have sued Target and security firm Trustwave for over $5M for damages that the banks say they suffered because of the cyber-attack.
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Comments (2)
  • AdamDivy
    , contributor
    Comments (416) | Send Message
     
    That sounds much better than people made it out to be.

     

    How can those 2 banks sue for $5M when Visa themselves only had $2M worth of fraud?
    27 Mar 2014, 09:56 AM Reply Like
  • davekv1
    , contributor
    Comments (5) | Send Message
     
    I have not read the banks' complaint but I suspect their losses were not fraud related. Most likely expenses of issuing new cards, handling customer calls and outbound communications are expenses related to breach.
    27 Mar 2014, 09:57 PM Reply Like
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