Target is getting ready to introduce chip, or EMV, versions of its REDcards, the company announced in a blog post on its website.
The retailer has already rolled out chip-enabled card readers in its stores. EMV cards interact rather than simply read information, as is the case with magnetic strip cards. In that way, verification and security is enhanced, Target pointed out, adding that chip cards are resistant to the “cloning” techniques criminals use to steal account information.
Target stated that it had partnered with production vendor Gemalto to replace its credit and debit REDcards by next spring with chip-and-PIN versions. REDcard users will receive new, chip-enabled cards in the coming months, the retailer noted.
Earlier this month, according to published reports, Target reached an agreement with Visa to reimburse holders of that company’s credit cards who were defrauded in the retailer’s 2013 data breach. Target agreed to pay $67 million, according to the reports.