The Chicago Tribune newspaper reported that JPMorgan Chase bank has placed limits on debit card purchases for its customers that have been affected by the Target data breach. The new, lower limits are $100 per day for cash withdrawals and $300 per day for purchases.
Reportedly, the limits affect about 2 million debit card customers, about 10 percent of Chase's total debit card customers. The limits come at a bad time: holiday shopping before the Christmas holiday.
Also, Chase bank announced several changes due to the Target breach. The changes affect customers with either Chase debit cards and Chase Liquid Cards. Chase credit card customers are not affected. The bank said that it will contact directly debit card customers that have been affected by the breach. the bank also said:
"Customers whose Chase debit cards or Chase Liquid Cards are at risk by the Target breach will experience some temporary limits on cash and purchases until we can replace their cards. If you need cash beyond these limits please visit a branch. With proper identification, you can access your available funds."
Shoppers at Target stores in the USA were affected by the data breach. The company said that shoppers at stores in Canada were not affected. DNB, Norway's largest bank, confirmed that at least 2,000 shoppers visiting from Europe were also affected.
I fully expect more banks to announce similar precautions. The threat is real and ongoing, since the payment information about debit cards stolen during the Target breach is already being resold online.