A Target free credit report has become available along with a 10% discount for customers who have had their credit and debit card accounts stolen in a recent mass thievery. In an attempt to reassure their customers, the special offer comes at a time when Target’s security breach has left many of retailers’ holdings open on the black market, where millions of cards are being said to be sold illegally. CBS News gives the latest update on this important story this Monday, Dec. 23, 2013.
The Target free credit report might not be enough right away to provide comfort for customers who have had their electronic finances put at risk in the hacking of Target’s user accounts in recent weeks, allowing for a multitude of credit cards to be sold from $20 to over $100 each on underground sales sites. A 10% discount and offer of the credit report may not be much, but it is a step in trying to correct the situation, says one Fox News source.
According to the national security news station:
“[We have spoken with] a fraud analyst at a major bank who said his team was able to buy a portion of the bank’s accounts from an online store advertised in cybercrime forums as a place where thieves can buy stolen cards.
The analyst was not identified publicly, but he also said the purchase was made well before Target admitted this Thursday that data connected to about 40 million credit and debit card accounts was stolen as part of a breach that began in late Nov. and early Dec … Now, hundreds of stores on the Web can sell these thieved debit and credit cards from banks across the globe.”
The 10% relief and Target free credit report were offered from Dec. 21-22 this week, the last shopping weekend before Christmas Day.
“We recognize this issue has been confusing and disruptive during an already busy holiday season,” Target chief executive Gregg Steinhafel said in a statement.
While some saw the offer as generous and a "bonus," others thought it was "cheap" and "not enough to compensate for the loss," according to Twitter posts.
In order to limit wrongful or unauthorized activity on such bank accounts like Chase, the company has since put several restrictions that might have been affected by the security break-in, albeit temporary ones. So far, early reports indicate that Chase has directly contacted over 2 million debit card members who might have been hit by the breach. It accounts for roughly 10% of all Chase customers.
The massive Target data thieving has become known as the second biggest credit card snatch in the history of the United States, leading to the most massive Target free credit report offers ever. Aside from the 10% discount, Target has affirmed its closely examining what happened in the security breach amid public relations troubles at a holiday season where business is usually busiest.