Yahoo: Target’s chief financial officer and executive vice president John Mulligan authored an opinion piece in The Hill on Monday, in which he revealed the company is accelerating its $100 million smart card program following the massive hack it suffered in late 2013.
According to Mulligan, the first REDcards smart cards will be deployed in early 2015, more than six years earlier than initially expected, and the technology will also be implemented in the retailers store.
The smart cards, which are widely used in other countries but not the U.S., will include a microprocessor chip that “encrypts the personal data shared with the sales terminals used by merchants,” Mulligan wrote. “Even if a thief manages to steal a smart card number, it’s useless without the chip,” he added. Furthermore, the smart cards will require a four-digit personal identification number (PIN) for “greater safety.”