Chase‘s CEO, Jamie Dimon, says the company replaced 2 million debit and credit cards as a result of security breaches at major retailers during the holidays and that “this story is not over, unfortunately.”
During an investor call on Tuesday, Dimon says he hopes that the latest breaches will bring retailers and banks together to increase cybersecurity, rather than suing each other over fraud losses.
“Look, unfortunately, the cybersecurity, as we’ve now pointed out for a year, is a big deal. It’s not going to go away,” Dimon says. “And all of us have a common interest in being protected.”
His comments come a month after Target disclosed that 40 million credit and debit card accounts had been compromised in a data breach that lasted from Nov. 27 through Dec. 15. Hackers got ahold of consumer names, card account numbers, card expiration dates, card security codes and personal identification numbers, or PINs, of debit cards.
The nation’s second-largest discount retailer added last week that personal information of up to 70 million customers had been exposed during the breach, as well. The information included customer names, addresses, emails and phone numbers that Target had on file and could belong to those customers who shopped at the retailer before the breach occurred.
On Friday, Neiman Marcus said that it, too, had been targeted by a cyber-hack and that an unknown amount of card information had been compromised.
Both retailers are working with federal law enforcement to investigate the extent of the data breaches. They also are working to notify customers where possible if they have been affected by the breach. Target is offering free credit monitoring services for a year to all its customers.
Consumers who shopped with both retailers at any time should monitor their card activity and immediately report any unauthorized transactions to their bank and the credit reporting bureaus. Banks most likely will reissue a new card and account number.
Consumers should also pull their credit reports at AnnualCreditReport.com to make sure no unauthorized accounts have been opened in their name. Americans are entitled to a free report every 12 months from each of the major credit bureaus — Experian, Equifax and TransUnion.
Have you been a victim of the 2013 holiday breach? Tell me your story.
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