Banks and credit unions racked up more than $200 million in expenses from the massive Target Corp. data breach in the last quarter of 2013, trade groups for the financial institutions announced Tuesday.
Payment card replacements cost $172 million for banks and $30.6 million for credit unions, according to the Credit Union National Association and Consumer Bankers Association, which has members that include Bank of America Corp., Capital One Financial Corp. and JPMorgan Chase & Co. A majority of the 40 million cardholders Target said the breach affected used cards from the associations’ members.
