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More Target-size security breaches will happen if banks and retail stores don’t start working together to further protect customers’ data, JPMorgan Chase’s chief executive, Jamie Dimon, said Tuesday.
JPMorgan has replaced 2 million credit and debit cards as a result of the breach, Dimon said in his first public comments about the event. The bank has replaced nearly all the affected cards.
JPMorgan is the world’s largest issuer of credit cards.
Dimon expects that cybercrimes such as the Target breach will become more common if retailers and banks do not work on security.
In December, Target said 40 million credit and debit card accounts — including customers’ card numbers, expiration dates, debit-card PINs, and the embedded code on the magnetic strip on the back of cards— were stolen.