Victims of the Target breach do not expect to see any of the $10 million settlement, as the consumer will need to demonstrate loss.
Despite the $10 million settlement being announced last week which claimed that individuals could get up to $10,000 in damages, one analyst has said that affected victims could see as little as $50 to $100.
According to news reports, as more than 100 million customers could have been affected by the breach in November and December of 2013, of those who take the time to file a claim, many will likely get only $50 to $100, said Brian Yarbrough, consumer research analyst with Edward Jones.
In order to get compensation, victims must submit claims forms showing they had at least one of the following:
• Unauthorised, unreimbursed charges on credit or debit cards.
• Time addressing unauthorised charges.
• Costs to hire someone to help correct credit reports.
• Higher interest rates on account or higher rates paid.
• Loss of access or restricted access to funds.
• Fees paid on accounts.
• Credit-related costs such as credit monitoring or purchasing credit reports.