Mega-retailer Michaels investigate possible credit card data breach

Arts and crafts retailer Michaels has reportedly announced that it is helping the federal law enforcement agencies and independent security analysts to investigate a possible data breach.

According to reports, four financial institutions recorded hundreds of fraudulent purchases carried out via credit cards used at Michaels', hinting at a possible data theft.

While the company did not confirm a compromise to its system, Michaels CEO Chuck Rubin said that the company believed that it was in the best interest of its customers to alert them to this potential issue so they can take steps to protect themselves, the Verge reported.

Michaels had faced a similar situation in 2011 when the company reported a theft of 94,000 debit and credit card account numbers in 84 of its stores, across 20 different states.