Target has been infiltrated and the megachain stores payment systems may have been hacked. The damage could be 40 million credit and debit card accounts. The leak leaves shoppers vulnerable to potential fraud.

Target president and CEO Gregg Steinhafel said: "Target’s first priority is preserving the trust of our guests [customers] and we have moved swiftly to address this issue, so guests can shop with confidence. We regret any inconvenience this may cause. We take this matter very seriously and are working with law enforcement to bring those responsible to justice."

Customers will need to keep a close eye on their bank and credit card statements for signs of fraud while the company will be busy with investigations, audits and reconciliations in the coming months.