Thieves hacked into the credit and debit card information for nearly forty million Target customers who used their cards at the retailer between November 27^th and December 15^th. Target has also stated that an additional 70 million names, phone numbers, e-mails, and addresses had been stolen.

Time magazine reported that the malware had been designed by a seventeen year old in Russia, however, it is not believed that he was involved in the actual security breach.

The information for all of the cards was posted on underground markets, allowing thieves to counterfeit cards. All Target shoppers were notified of what had happened and told to keep surveillance over their credit card statements. Due to the media coverage the majority of people affected were warned.

Federal law limits the amount of fraudulent charges that a customer is held accountable to pay to $50 and most insurance brings that down to zero. Although still protected, with a debit card a customer can be held responsible for up to $250 and the amount they are reimbursed can depend on how quickly it is reported.

These credit card breaches are happening more frequently and nothing is changing to prevent it. In the last decade the total loss due to credit card fraud has reached $11.3 billion worldwide. Although Americans may not realize it, there is a fraud breach at one major U.S. retailer nearly each month.

The U.S. is behind other countries in terms of credit card security. In Europe the magnetic strips on credit cards have been replaced with digital chips that prevent thieves from counterfeiting cards with stolen data. The industry has put a self-imposed deadline to update security to credit and debit cards by 2015.

Purdue University professor Marcus Rogers is warning people that they must be vigilant in checking their bank statements not only for the next few days, but months, and even years.

“They figure out the prime time they are going to get caught is usually within the first few days of this being made public. People are watching their accounts. Credit card companies are putting flags on it. But six months down the road people are less vigilant. People think if I don’t see a large hit on my card it’s okay. What you have to look for is the very odd, small [purchases]” Rogers said.

It is recommended that card owners take advantage of the text alert feature many companies offer. Each time a purchase is made they will send a text. If there is no response it will assume the transaction is fine, however, customers will be able to cancel transactions by replying if they choose.

The best advice that has been given to those who had their card information stolen is to cancel their card and request that a new one be sent. For those who had personal information compromised, they are warned to watch out for any signs that their identity is being stolen.