Target Investing $100 Million to Upgrade Security Technology - ABC 8NEWS - WRIC | Richmond, Virginia News & Weather

Target Investing $100 Million to Upgrade Security Technology

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WASHINGTON, DC (WRIC) - Target Chief Financial Officer John Mulligan had some explaining to do in front of Congress Tuesday. He apologized to everyone affected.

"We know this breach has shaken their confidence in Target, and we are determined to work very hard to earn it back," he says.

But there was another big announcement on Capitol Hill. Target will invest $100 million to update things like card readers and chip technology.

Retailers abroad are already using that system to combat fraud and it seems to be working better than what the US has.

"Half the fraud occurs in the US but only a quarter of the credit card use," says Sen. Richard Blumenthal. "Something is wrong with this picture."

Target says those changes will come in 2015, but in the meantime, you need to watch your bank account.

Get a new card if you just don't feel like your old one is secure. You can also sign-up for alerts, so if someone uses your card for an out of the ordinary amount, your bank will shut it down.

Most banks will refund all your money if you're a victim of fraud.

 

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