You may be wondering: How were you affected by the Home Depot data breaches? If you use the self-checkout cash register at Home Depot, your account may have been compromised. If so, you should cancel your card and have a new one issued. Check your credit report and bank statements. Home Depot has promised free credit monitoring and identity protection services to customers affected by the data breach. In the past, Home Depot has promised to implement PIN-enabled cards by the end of the year. Home Depot’s internal IT team has worked with Fishnet Security and banking partners to patch the breach.
A multi-state investigation was launched in 2014 when Home Depot admitted to a breach that compromised payment card information for up to 40 million customers. As a result of the breach, the company agreed to pay $17.5 million to victims and pledge to enhance its information security program within 180 days. The company is also required to hire a chief information security officer and improve its training and procedures. The company recorded $198 million in pretax expenses for the breach and resolved litigation with card issuers and customers.
The Home Depot data breach affected consumers in the United States and Canada. In addition to paying out $134.5 million in damages to affected customers, the company agreed to pay over $135 million to credit card companies and banks. The settlement allowed banks to submit claims for up to $2 per compromised credit card. The bank will get 60 percent of the total. Those who were affected by the Home Depot data breach should take steps to protect their identities.