The Home Depot acknowledges payment systems breach

The Home Depot is the latest US retailer to fall victim to a major payment systems hack, which may have exposed its customers' credit card data since April of this year. The security breach is linked to its US and Canadian retail locations, but not its online store or Mexican chain.

The breach is publicly acknowledged by The Home Depot, with the company's CEO apologizing for what is yet another security disaster. "We apologize for the frustration and anxiety this causes our customers, and I want to thank them for their patience and support as we work through this issue", says Frank Blake. "We owe it to our customers to alert them that we now have enough evidence to confirm that a breach has indeed occurred. It's important to emphasize that no customers will be responsible for fraudulent charges to their accounts".

To appease customers who may have been affected by the security breach, The Home Depot is giving those who used a payment card at its retail locations, after April 2014, identity protection services for free. This includes credit monitoring, according to the information provided by the company.

Also, EMV "Chip and PIN" cards, which make use of a small security chip on top of the magnetic strip, will make their way to The Home Depot's US stores by the end of 2014. The latter is a much-awaited move in US, as such setups tremendously increase security. EMV "Chip and PIN" cards have been commonly used throughout Europe for years now.

The Home Depot also adds that it has found no evidence which suggests that the hackers may have also gotten hold of its customers' debit card PIN numbers. The US retailer's investigation on the matter kicked off on September 2, in the morning, "immediately after the company received reports from its banking partners and law enforcement". The US Secret Service, on top of "leading security firms" and baking partners, is said to be involved in the investigation.

The Home Depot's stock has taken a small hit since the US retailer acknowledged the security breach, with its share price dropping slightly, from $91.38 when the market opened yesterday to $90.82 as I write this article.

Image Credit: Creativa / Shutterstock