Target has added information on their website to specifically address concerns from their customers who may have been affected by the data breach that occurred in their U.S. stores between November 27th and December 15th. This breach may affect debit and credit cards as well as the Target REDcard. Financial Institutions should focus on informing their customers about monitoring accounts for fraudulent activity and how to handle transaction disputes.
Keep in mind, any unauthorized ACH transaction (as an example REDcard transactions clear through the ACH) can be returned within 60 days of settlement date, as permitted by the ACH rules.
In addition to the breach itself, we have learned that phishing e-mails are being sent out that appear to be from Target. These e-mails play on the fears of the public that they may have had their card compromised. As a precaution you should make your cardholders aware of this potential threat and advise them to proceed with caution if they receive an e-mail from Target. They should not open any links that may be included in these e-mails as that could potentially allow additional access to their personal information.
For more information on customer questions and concerns about the data breach, please visit the following Target web page: