Target data breach worse than reported

Friday, Jan. 10, 2014 10:21 AM
Last updated 7:13 PM
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 NEW YORK — Target said today that personal information — including phone numbers and email and mailing addresses — was stolen from as many as 70 million customers in its pre-Christmas data breach. That was substantially more customers than Target had previously said were affected.

  ASSOCIATED PRESS
ASSOCIATED PRESS

The chain also indicated its sales have been hurt by the breach, cutting its forecast for fourth-quarter earnings and a key sales barometer.

Its stock slipped in premarket trading.

Target Corp. announced in December that about 40 million credit and debit cards may have been affected by a data breach that happened between Nov. 27 and Dec. 15 — just as the holiday shopping season was getting into gear. But the net has now been cast wider, with more shoppers potentially impacted.

The company told customers Friday that its investigation of the breach has shown that personal information had also been stolen and more customers were affected.

“I know that it is frustrating for our guests to learn that this information was taken and we are truly sorry they are having to endure this,” Chairman, President and CEO Gregg Steinhafel said in a statement.

The company said customers won’t be liable for the cost of any fraudulent charges that stemmed from the breach.

It’s also offering a year of free credit monitoring and identity theft protection to customers that shopped at its stores. Individuals will have three months to enroll in the program, which Target said it will provide more details next week.

Target lowered its fourth-quarter adjusted earnings guidance to a range of $1.20 to $1.30 per share, down from $1.50 to $1.60 per share.

Analysts surveyed by FactSet expect earnings of $1.24 per share.

The Minneapolis company also said that it now foresees fourth-quarter sales at stores open at least a year will be down about 2.5 percent. It previously predicted those sales would be about flat.

Target cautioned that its fourth-quarter financials may include charges related to the data breach. The chain said the costs tied to the breach may have a material adverse effect on its quarterly results as well as future periods.

Shares of Target declined 84 cents to $62.50 before the market open.

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nocnoc
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nocnoc 01/10/14 - 01:03 pm
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Fed up with constant Security Breeches and coverups

Keep in mind TARGET is now reporting 30 million on top of the 40 million that they waited until AFTER the Big shopping weeks were over (+/- 26 days) to warn it customers. So now 49 days later, another 30 million customers are finally being warned.

Many of you might remember my warning that the TARGET
breech was deeper and larger than being reported. An the card and database Encryption was easily deciphered in under the time it took TARGET to report it to its shoppers.

This is one of those times when The FED and a GOOD Greedy Lawyer could do some real good.

Because better US Data Security Reg's are needed.
These stores and the Bank Card industry need to have a Class Action Lawsuit brought against them for the Millions, if not Billions, that it costs the card holders when they screw up due to proven negligence.

Seriously, it is time the Industry move to a Better Countersign Verification process. The current 1 in 10,000 PINS security, is really closer to 50 commonly used PINS. So it is clear there is a need for a technology advancement also. If a computer can encrypt it, logically a computer can circumvented it.

On A Personal Note:
We practice strong data privacy in our family, shedding doc's, receipts, using AKA only Email accounts, ZERO FACEBOOK, MY SPACE or Tweeter accounts. But that still leaves dozens of data sources for ID Compromise out there like doctors,lawyers, stores, food places, Automatic payment/Monthly Billing, Local and state Government record's and more.

Since last March of 2012 my wife & I have had:

3 New Debt Cards & PIN Numbers issued. (Big Box)

1 Credit Card (Big Box)

1 ID thief account (Stone Mountain AT&T sold $2,438 worth of new phones to a black couple using info collected from a now defunk Doctor's records.)

1 Check cloning scam (they intercepted our sons Birthday card and check, then ordered new checks using the check info and passed the info to a group in Henderson NC. In Walmart in Henderson NC. my wife is a 60 year old black man.) (US MAIL)

We even have purchased Life Lock (not all its cracked up to be)

Paid over $500+ in fixing credit reports and Freezing them.

3 police reports (Atlanta, NC, RCSO)

Spent over 1+ week of our lives straightening out these messes.

All because of Big Box Stores, and Other source failures.

Any one can see something needs to be done.

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