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