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Martin Moylan
St. Paul, Minn.

Report: 15M cards replaced over Target breach

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The nation's biggest banks have replaced 15 million credit and debit cards involved in the massive data theft at Target stores, according to the Consumer Bankers Association, a trade group.

Thieves stole 40 million payment card numbers from Target customers from late November to mid-December.

When banks issue replacements, they spend about $10 on each. The expense includes the cost of the card, stamping, notifying the customer and answering consumer questions, said Tom Crosson, a spokesman for the Consumer Bankers Association.

"That might include extending call center hours [and] reaching out to branches so they have the materials to let customer know what they can do to prevent fraud on their accounts," he said.

Crosson said the association has no estimate about the extent of fraudulent charges made on compromised accounts. He said the banks are largely replacing cards as a precaution.

U.S. Attorney General Eric Holder told a congressional committee today that the Justice Department is committed to tracking down the thieves who hit Target.