Finextra – 2/7/14: The Target data breach has so far cost US banks over $172 million in re-issued plastic cards, according to figures from the Consumer Bankers’ Association. The cost to replace each card comes to an average of $10.00, with a total of 17.2 million cards substituted so far by CBA members. According to data collected from CBA member banks, the average cost to replace a credit or debit card includes: the card itself, informing consumers of a card reissuement, shipping and activating the card, and often supplemental communication via call centres and the internet.
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