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Small Businesses More Vulnerable After Target Breach

Massive hack could expose business services members at credit unions.

By Michelle A. Samaad | Updated on January 17, 2014
Within the midst of the more than 70 million consumers that were impacted by the massive hacking of credit and debit card account numbers and theft of personal data through retailer Target Corp. were small businesses – that likely have much more to lose.

While hard figures are not readily available on the number of actual companies that were affected by the breach, according to Chargebacks911, a Tampa Bay, Fla.-based dispute mitigation company online retailers are drawing a $279 loss for every $100 of fraud loss, partially attributed to chargebacks and their associated costs.

“This series of breaches will likely hit businesses harder than consumers, especially when it comes to debit card fraud,” said Jani Gode, vice president and division manager of the risk management and payments group at SightSpan Inc., a Mooresville, N.C.-based global management consulting group and financial crimes solution provider.

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