Banks Scorch Target for Giant Data Breach

Two credit unions and a bank have joined the long list of plaintiffs suing Target for its massive data breach.
     Employees Credit Union, of Dallas; KC Police Credit Union, of Kansas City, Mo.; and American Bank of Commerce, of Wolfforth, Texas, filed a proposed class action against the Minneapolis-based retailer Thursday in Federal Court.
     Target announced in December that data for as many as 40 million credit and debit cards used from November 27 to December 15 in its stores were stolen. It later increased the number of possible data breaches to 70 million or more.
     Stolen information included names, credit card numbers, expiration dates and the three-digit security codes on the back of the cards.
     At least 53 lawsuits have been filed against Target since the breach, according to the Courthouse News database.
     In the most recent case, the financial institutions claim as many as 70 million identities were stolen.
     The credit unions and bank claims they will have to pay to cancel and reissue compromised cards, absorb fraudulent charges made on the cards, and lose anticipated profits from the most lucrative retail month of the year, between Thanksgiving and Christmas.
     The credit unions claim Target knew its point-of-sale system was vulnerable to attack as far back as 2007.

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