TJX will be paying as much as 40.9 million in a settlement with Visa and the bank that processes their credit card payments , says the Associated Press.
The funds will be used to help U.S. credit card issuers such as banks recover costs related to the breach, which may have exposed more than 100 million cards to potential fraud, TJX said.
The breach is believed to be the largest ever, based on the number of customer records involved.
Issuers of at least 80% of eligible cards must accept the offer by Dec. 19 for the settlement to take effect, said Framingham, Mass.-based TJX, owner of about 2,500 stores including T.J. Maxx and Marshalls.
Perhaps TJX will set an example of how important (to the bottom line) protecting your customer’s information really is.
Cross your fingers.
TJX will pay up to $40.9M for data breach [USAToday]