JPMorgan Imposes Spending Caps On 10% Of Its Debit Cards Due To Target Security Breach
by Tyler Durden
That yet another major retailer was hacked, as happened last week when Target announced that as many as 40 million credit and debit cards used from November 27 until December 15 at its stores (one wonders why it took the retailer three weeks to realize/announce what was happening) had been “compromised”, is no surprise. What was a big surprise is the action one major financial company took in response to the mega hack. The company in question was JPMorgan, and what it did was to tell customers whose debit cards had been used at Target stores during the period in question, that it was limiting use of their cards to cash withdrawals of $100 and purchases to $300 per day. However, what is perhaps most surprising is the sheer number of cards with spending caps: The new limit effects roughly 2 million accounts, or roughly 10% of Chase debit card accounts, according to a bank spokeswoman.