With Chase debit cards compromised, JP Morgan has locked down on the stolen personal data during the Target breach by limiting the usage of Chase debit cards at Target stores.
As previously reported by The Inquisitr, choosing the best credit cards in 2013 is actually fairly tricky, although Chase credit cards like the Freedom are a good choice for cash back rewards.
Recently, Target announced that a breach may have compromised the credit and debit card data of approximately 40 million customers around the country, if not more. Although the company hasn't been too clear about the severity of the Target data breach, experts are already classifying the Target breach as the second largest in United States history. Angry customers have already sued Target for the credit card breach, with one person from California attempting to start a class action lawsuit.
JP Morgan says they're taking the precautionary action of limiting Chase debit cards to cash withdrawals of $100 a day and purchases are limited to $300 per day. They estimate about two million accounts have been effected, which is less than 10 percent of their customers. Security experts are already saying that credit cards are being sold on the black market, which includes the customer names, card numbers, expiration dates and the short security codes known as CVVs. Unfortunately, in recent weeks some customers have already noticed some fraudulent charges against their credit cards.
JP Morgan Chase issued a statement over the Chase debit cards breach:
"We realize this could not have happened at a more inconvenient time with the holiday season upon us. It's unfortunate that criminals are active during a time of giving and generosity."The good news is that only Chase debit cards are affected, not credit cards. The Target breach is also apparently limited to people who shopped at Target during the first three weeks of the holiday season.
The Chase debit cards will be re-issued to effected JP Morgan customers have the next several weeks. Target is also planning on letting its stores stay open later "if needed" in order to help customers who need more cash than $100. It's also possible to go to a local bank branch to get a temporary Chase debit card issued.