According to The Payper, the Target data breach has so far cost US banks more than 172 million USD in re-issued plastic cards, according to data from the Consumer Bankers’ Association (CBA).
A recent analysis estimated that 4.8 million to 7.2 million of the 40 million cards affected by the breach could experience fraudulent activity, resulting in a $1 billion breach bill from the payments card industry.
Yet, while very public. the Target breach was not nearly the biggest data breach in history. We can expect to see bigger ones in the future, too. Although, as EMV is adopted, POS fraud will sharply decline, fraud shall still grow as it migrates to online channels. Now is the time to find the right secure payment processing software to prevent credit card fraud.