TJX - the sorry saga continues

Judging from news reports over the past few days, it seems that the full story over the TJX card database hacking fiasco that was reported at the start of the year still has some way to go.

Court filings against the TJX Group - owners of the TJ Maxx group of stores and several other chains - allege that at least 94 million credit and debit card accounts were affected by the database hacks.

That's around twice what was previously admitted.

According to the Associated Press, the court filings against TJX indicate that fraud-related losses involving Visa cards alone range from $68 million to $83 million, spread across 13 countries.

"These are going to be sold off for a period of time in the future, so it's going to continue for some time out there," Joseph Majka, Visa USA's vice-president of investigations and fraud management, said in his company's court documents.

Other reports, meanwhile, say that Visa and MasterCard have concluded that the breach is now far larger than TJX has indicated.

I suspect that TJX will end up paying a very large wodge of compo to many companies over its security systems failure. The legal cases, meanwhile, could drag on for years...