Security experts said it is highly unusual for banks to reduce caps on withdrawals, and the move likely reflects worries that PINs have fallen into criminal hands, even if they are encrypted. A Santander spokeswoman was not available for comment on Tuesday. JPMorgan has said it was able to reduce inconvenience by giving customers new debit cards printed quickly at many of its branches, and by keeping branches open for extended hours. But sorting out account activity after a fraudulent withdrawal could take a lot more time and be worse for customers. The unprecedented move has led to complaints from consumer advocates about the inconvenience it caused from the late November Thanksgiving holiday into the run-up to Christmas. While bank customers are typically not liable for losses because of fraudulent activity on their credit and debit cards, JPMorgan Chase & Co JPM.N and Santander Bank SAN.MC said they have lowered limits on how much cash customers can take out of teller machines and spend at stores. The attack could end up costing hundreds of millions of dollars, but it is unclear so far who will bear the expense. Officials with both agencies have declined comment on the investigations. Secret Service and the Justice Department are investigating. Target has not said how its systems were compromised, though it described the operation as “sophisticated.” The U.S. retailer said last week that hackers stole data from as many as 40 million cards used at Target stores during the first three weeks of the holiday shopping season, making it the second-largest data breach in U.S. “We are very early in an ongoing forensic and criminal investigation.” And we have not been made aware of any such issue in communications with financial institutions to date,” Snyder said by email. “We continue to have no reason to believe that PIN data, whether encrypted or unencrypted, was compromised. Target spokeswoman Molly Snyder said “no unencrypted PIN data was accessed” and there was no evidence that PIN data has been “compromised.” She confirmed that some “encrypted data” was stolen, but declined to say if that included encrypted PINs. ![]() bank fears that the thieves would be able to crack the encryption code and make fraudulent withdrawals from consumer bank accounts, said the executive, who spoke on the condition of anonymity because the data breach is still under investigation. Senator Charles Schumer, is pictured through a Target shopping cart, as he holds a news conference about the massive credit card hack that has affected 40 million Target customers, in the Harlem area of New York December 22, 2013.
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