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Breached Retailers Testify
By Tracie Potts
If your credit card number, address, email or phone number were stolen from Target over the holidays, or if you worried that you were hit - you may get some answers from Washington today.
Target's CFO and others are testifying about the data breaches.
Ahead of today's testimony before the Senate Judiciary Hearing, Target's Chief Financial Officer says the company will early up its deadline to put smart chips in Target Credit Cards.
Target now plans to get it done about a year from now -- six months earlier than planned, and months before Visa and Mastercard. "They're going to be very expensive. It's going to be five hundred dollars per checkout counter all across America. Billions of dollars it's going to cost to upgrade these systems," said NBC News Technology Expert Bob Sullivan.
The chips make it impossible for hackers to use stolen credit card numbers in stores but don't prevent fraud online.
Today's hearing is the second of three on Capitol Hill investigating the holiday data breaches.
At a Senate Banking Hearing Monday, lawmakers pushed for companies to notify customers faster when their information's been stolen. "There are state laws that require breach notification that may apply to retailers but there is no federal breach notification law," said Jessica Rich, Director, Bureau of Consumer Protection.
And they're pushing for tougher penalties. "Albert Gonzalez was convicted in 2010 of stealing 40 million credit card records. He made so much money off of this he even bought his own Italian island off it," said Senator Mark Kirk, (R) Illinois.
Target says 40 million credit card numbers were stolen from his customers -- plus personal information from as many as 70 million more.
more than one million Neiman Marcus customers also got hit. Neimans' chief information officer is also set to testify today.