Target to pay Visa issuers up to $67M over data breach

Target will pay Visa card issuers up to $67 million in a settlement over a massive 2013 data breach, the retailer confirmed Tuesday. The agreement follows the rejection of a proposed $19 million deal with MasterCard, which needed approval from 90 percent of financial institutions representing affected cardholder accounts.The VISA deal does not require approval […]

Target will pay Visa card issuers up to $67 million in a settlement over a massive 2013 data breach, the retailer confirmed Tuesday. The agreement follows the rejection of a proposed $19 million deal with MasterCard, which needed approval from 90 percent of financial institutions representing affected cardholder accounts.The VISA deal does not require approval from card issuers. Visa told CUNA that credit unions would be contacted if they are eligible for reimbursement.

The agreement is meant to cover expenses that financial institutions incurred in the data breach, including the cost of reissuing cards and any fraud that resulted from the incident. Published reports show that the amount being paid by Target includes the maximum amount that is laid out in Visa’s regulations.

The settlement brings another step of closure to one of the largest data breaches in recent years, which exposed about 40 million credit and debit cards. The settlement costs were already reflected in Target’s 2013 and 2014 results. Read more analysis in the Wall Street Journal.

Written by
admin
View all articles

About Us

The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

LSCU Mission Statement

To create an environment that enables credit unions to grow and succeed.

LSCU Vision Statement

To be the trusted advocate and preferred source of information for credit unions.

If you need to reach us, e-mail communications@lscu.coop

Social Channels

Follow us on all major social media platforms.