US retail giant Target has reportedly announced that it is fast-tracking a programme that would update its retail store with new technology designed to curb credit card frauds.
Target chief financial officer John Mulligan said that the company is moving up its goal to utilize chip-enabled smart cards, and now plans to have them in stores by early 2015, six-months than originally planned.
According to The Verge, the retail giant was recently hit by a mega data breach that compromised details of nearly 110 million customers due to bugged point-of-sales (PoS) system and the latest technology intends to bring in the cards that encrypt PoS data, making the credit card number less useful if stolen.
Mulligan said that the smart cards have not taken off in the US, but have resulted in lower card number theft in other countries like Canada and the United Kingdom.
He further noted that the company piloted an earlier, more expensive version of the technology a decade ago, but came out with 'mixed results'.
The report said that the newer version of the technology involves a 100 million dollar investment that would require an update to Target's card readers, as well as its REDcard credit and debit cards.
