Target, Neiman Marcus Execs. Testify About Security Breach

By: CBS
By: CBS

Target and Neiman Marcus executives are testifying in Washington Tuesday about recent cyber attacks against their stores.

Hackers stole credit and debit card information from about 40 million Target customers. Neiman Marcus was also hacked.

Congress is working on new laws to help protect credit cared information and standardize the way consumers are notified it their information is stolen.

There's also a call for the banking industry to modernize cards with computer chips. Current cards use magnetic strips.

"Chip and pin is the next technology in America, but banks have not even proposed that we go to the chip and pin, which has been in use in Europe for years," said Ed Mierzwinski with U.S. Public Interest Research Groups.

Bankers say the microchip technology would not have prevented the breach at Target. It would also cost billions to implement.


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