The Truth About the Target Breach: Consumers Aren't Liable
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The big security news of the day is that U.S. retail giant Target had a massive in-store data breach that compromised the information of 40 million credit and debit card customers.
It's a bad situation and one that triggers a lot of fear, uncertainty and doubt (FUD). Target customers are obviously concerned that they could lose money, but the simple reality of this situation is this: The credit card system is set up to deal with fraud.
Credit card giant Visa contacted me earlier today to emphasize that fact. "All major card brands (including Visa) offer their cardholders zero liability," a Visa spokesperson told me.