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December 23, 2013

Millions of Target shoppers hit with lower debit card limits

JPMorgan Chase has limited the amount that can be withdrawn to $100 per day and $300 per day of purchases made via cards.

By CBR Staff Writer

About two million shoppers using bank debit cards at Target stores during its recent major security breach have been hit with lower limits, restricting the amount that can be withdrawn from cash machines or spent in stores.

JPMorgan Chase has limited the amount that can be withdrawn to $100 per day and the amount that can be spent on the cards in-store to $300 per day.

Citing Chase spokeswoman, Reuters reported that the new limit will hit approximately 2 million accounts, or 10% of Chase debit cards, which act as a safety measure to avoid cyber criminals from drawing amount from customer accounts.

Target spokeswoman Molly Snyder said: "Banks are putting various precautions in place."

In addition to JPMorgan Chase, several other banks including Bank of America and Citigroup said that their organisations take steps to boost the safety of their customer accounts.

Last month, Kaspersky Lab detected a new malicious programme, the Neverquest Trojan banker, which can attack any bank in any country and targeted online banking users.

The new malware can bypass online banking security systems such as the web injection, remote system access, in addition to social engineering, the security firm added.

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