Visa and Target have reached a $67 million settlement of claims by Visa and its card issuers related to losses from Target’s 2013 data breach, news outlets reported yesterday. The funds will settle claims from banks for operational costs — including costs from reissuing cards — and fraud-related losses on Visa-branded cards affected by the breach.
A $19 million MasterCard settlement was rejected in May. News outlets also reported that Target is closing in on a new settlement with MasterCard.
ABA advocacy with Visa and MasterCard has won higher levels of reimbursements from the networks for operating costs related to data breaches, such as reissuing cards in the wake of a large breach. ABA continues to advocate for improvements to ensure that breached entities bear the responsibility for costs following a breach.
