Target Shoppers Rather Indifferent to Massive Card Breach
The card breach that hit 40 million Target customers in late 2013 does not appear to have damaged the shopping habits of the store’s consumers. While it did cause many people to take a closer look at their accounts, the fear did not result in the fallout anticipated among Target shoppers.
According to a survey of 800 people by the Star Tribune in Minnesota, only 5% of Target consumers said they would stop shopping at the store altogether because of the breach. Another 11% said they would shop a little less at Target, but 82% said they would continue their normal shopping habits.
This may be linked to the amount of money banks and credit unions have spent trying to make their customers feel safe again. Financial institutions have spent more than $200 million replacing cards and increasing security measures for their customers, according to The Wall Street Journal.
“Credit unions have replaced or will replace 85% of their cards affected by the Target breach at no cost to their members,” said Credit Union National Association Chief Executive Bill Cheney. “The combined $200 million cost borne entirely by banks and credit unions shows the extent to which financial institutions will go to protect their customers and members.”
The Target hack affected millions of shoppers, and the good news is that it has made people more aware to check their accounts. But according to the survey, it has not detracted them from spending money, and it has not caused them to flee from shopping at Target.