Target has agreed to pay out $19 million to cover costs incurred by MasterCard issuers following the retailer’s 2013 data breach.
The pay-outs will cover the costs incurred by MasterCard issuers that had to reissue credit cards to replace the 40 million compromised in the Target breach. The attack also might have resulted in the theft of personal information, such as email addresses and telephone numbers, from as many as 110 million people.
The settlement does not include financial institutions that issue Visa-branded cards, since Target is negotiating separately with Visa.
The agreement between Target and MasterCard will see the credit card company recommend that its customers accept the deal, which revolves around 90 per cent of eligible account holders accept the offer by May 20th.
Issuers that do not accept the offer will have their claims assessed by MasterCard, but Target has committed to “defend itself vigorously” from claims made outside the settlement deal.
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With less than two weeks to go until the US liability shift hits its first anniversary, MasterCard published new data evidencing the positive impact the technology is having on issuing banks, merchants and consumers, as well as saying adoption continues to grow.
Three years since the public consultation, and a year since the £20 was revealed to be the next note to have a makeover, 13th September marks the day that the new £5 polymer bank note enters into circulation.