A top executive of the U.S.-based Target department stores says the company is speeding up new technology to stop credit card fraud.
At a U.S. Senate hearing Tuesday, Target Chief Financial Officer John Mulligan apologized for last year's security breach that allowed hackers to steal credit and debit card information from about 40 million customers.
Mulligan said the stores are rapidly installing technology that can read chips imbedded in cards, making it difficult to steal information.
Such devices are widely used in Europe and Asia, but not in the United States because of the cost.
Most U.S. credit cards use a magnetic strip that makes them more open to fraud.
An executive of the Neiman Marcus chain told the senators that those who stole customer information last year used highly sophisticated technology that was nearly impossible to detect.
Major U.S. retailers along with consumer groups have called on banks and other financial institutions to support the move away from magnetic strips on credit cards in favor of the imbedded chip.
At a U.S. Senate hearing Tuesday, Target Chief Financial Officer John Mulligan apologized for last year's security breach that allowed hackers to steal credit and debit card information from about 40 million customers.
Mulligan said the stores are rapidly installing technology that can read chips imbedded in cards, making it difficult to steal information.
Such devices are widely used in Europe and Asia, but not in the United States because of the cost.
Most U.S. credit cards use a magnetic strip that makes them more open to fraud.
An executive of the Neiman Marcus chain told the senators that those who stole customer information last year used highly sophisticated technology that was nearly impossible to detect.
Major U.S. retailers along with consumer groups have called on banks and other financial institutions to support the move away from magnetic strips on credit cards in favor of the imbedded chip.