The Target Corporation, the American retailing company chain, said that about 40 million credit and debit card accounts have been affected by a data breach that occurred between November 27 and December 15, The Associated Press reported.
"The stolen data includes customer names include[d] customer names, credit and debit card numbers, card expiration dates and the three-digit security codes located on the backs of cards. The data breach did not affect online purchases," The AP also reported.
Target Corp. advised customers to check their statements. "Those who suspect there has been unauthorized activity on their cards should report it to their credit card companies and call Target at 866-852-8680. Cases of identity theft can also be reported to law enforcement or the Federal Trade Commission," The AP also reported.
"Target's first priority is preserving the trust of our guests and we have moved swiftly to address this issue, so guests can shop with confidence. We regret any inconvenience this may cause," Chairman, President and CEO Gregg Steinhafel said in a statement Thursday. The chain has 1797 stores in the U.S. and 124 in Canada, The AP also reported.
Target said that the problem has been rectified so credit card holders can continue shopping at its store. Nonetheless, the corporation did not say how the data breach occurred.
"The security breach is a particular black eye because it has used its red credit and debit cards as a powerful marketing tool to lure shoppers at a time when the discounter has had an uneven sale performance since the recession. Since 2010, Target has offered shoppers who use its cards 5 percent off on purchases and has rolled out other incentives like free shipping for online customers," according to the AP.
"This is how Target is getting more customers in the stores, It's telling people to use the card. It's been a big win. If they lose that trust, that person goes to Wal-Mart," said Brian Sozzi, CEO and Chief Equities Strategist.
