Target made headlines this week when it was revealed that more than 40 million credit and debit card numbers might have been stolen from the retailer’s credit card-swiping machines across the United States. The breach of security occurred during the peak holiday-shopping season, lasting from Black Friday through mid-December. Shoppers take for granted the security of using plastic to make purchase in store, and they have become more dependent on using credit and debit cards. A recent report from Visa found that 40% of Americans carry an average amount of $20 or less in their wallet.
However, will the news of large-scale identify theft make shoppers rethink what payment form they reach for at the checkout? Target is already racing to help shoppers by posting a guide to dealing with identify theft, but the news might still hurt the Target image during this all-important holiday-shopping season.
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