Crafts Store Michaels May Be the Latest Victim of a Data Hack
Join us in a city near you at Entrepreneur’s Accelerate Your Business event series kicking off Feb 23. View cities and dates »
First, it was Target. Then, Neiman Marcus. Now, Michaels Stores, the arts-and-crafts retailer, has said it may be the latest victim in what is rapidly becoming a string of data hacks targeting retail chains.
"We recently learned of possible fraudulent activity on some U.S. payment cards that had been used at Michaels, suggesting we may have experienced a data security attack," Michaels CEO Chuck Rubin wrote in a letter on Saturday.
As of this morning, the magnitude of the breach -- the number of consumers affected, the type of information that was compromised, as well as when the attack occurred -- remains unclear. Rubin urged consumers to remain "vigilant by reviewing your account statements for unauthorized charges. If you believe your payment card may have been affected, you should immediately contact your bank or card issuer."
Michaels' announcement comes directly on the heels of massive security breaches at Target -- where as many as 70 million shoppers' records were hacked -- and Neiman Marcus, where credit and debit card data from upwards of 1.1 million consumers was stolen.
And this may just be beginning. Reuters reported that the U.S. Federal Bureau of Investigation last week warned retailers to expect more attacks and said the agency has reviewed 20 incidents over the past year that were similar to the recent breaches.
If Michaels' customers are indeed affected, the crafts store plans on following Target's and Neiman Marcus's lead by offering shoppers free credit monitoring and identity protection.
News of the hack couldn't have come at a worse time for the company, which filed paperwork for a potential public offering of its common stock last month.