Technology

Crafts Store Michaels May Be the Latest Victim of a Data Hack

Guest Writer
2 min read
Opinions expressed by Entrepreneur contributors are their own.

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."

Related: Target, Neiman Marcus Credit Card Hacks Could Be More Widespread, Experts Say

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.

Related: Target Chief Apologizes as 'Holiday Hack' Claims Yet Another Victim

 

More from Entrepreneur

Kathleen, Founder and CEO of Grayce & Co, a media and marketing consultancy, can help you develop a brand strategy, build marketing campaigns and learn how to balance work and life.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Starting, buying, or growing your small business shouldn’t be hard. Guidant Financial works to make financing easy for current and aspiring small business owners by providing custom funding solutions, financing education, and more.

Latest on Entrepreneur