In January US retailer TJ Maxx revealed that more than 45 million credit cards were stolen from company servers, with data theft going as far back as 2003. Bankinfosecurity.com’s latest podcast offers information on this event.
Princeton, NJ (BankInfoSecurity.com) May 11, 2007 -- The TJ Maxx data breach of millions of credit cards is just the latest in what seems to be the beginning of an epidemic of credit and debit card/identity theft breaches. Financial institutions face loss of reputation and customer confidence when data breaches occur, even if it is outside of their control. When it happens, the ensuing work and cost entailed to reissuing credit and debit cards, assure customers, and protect the institution against compliance and legal risks can be overwhelming.
In April, the Massacusetts Banking Association (MBA), Connecticut Bankers Association (CBA), and the Maine Association of Community Banks (MACB) retaliated with a class-action lawsuit seeking to recover damages for card reissuance and reputation costs associated with the massive data breach. In the latest podcast from Bankinfosecurity.com, you'll hear Joe Christensen, Vice President of Security and Compliance at PayByTouch Payment Solutions, reveal an insider's look at:
- The payment card relationship between banks, merchants and credit associations.
- What every bank should do in the event of a TJX-type breach.
- The future outlook for merchants in light of TJX.
To listen to the podcast, click to: A Look Into Payment Card Data Breaches.