Key Points on Retail Compromises
Despite efforts to protect customers’ information, breaches can occur at the point-of-sale.
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Unfortunately, this is not the first time banks of all sizes have had to take steps to
protect customers as a result of a merchant's data breach.
Everyone has a responsibility to protect the integrity of the payments system and not
allow events like this to occur. Banks do so, and retailers must as well.
Banks will continue to work with the card networks, law enforcement, and industry
associations to better understand the impact of the breach and determine the best
strategies to protect their customers.
Customers are protected by their banks when these retail point-of-sale breaches happen.
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Regardless of where the breach actually occurred, banks are the stewards of the
customer financial relationship and take a variety of steps to protect the integrity of
their customers' accounts, including:
o Monitoring accounts for indications of suspicious activity.
o Blocking and reissuing cards for affected accountholders.
Banks reimburse customers for confirmed fraudulent transactions.
There are ways customers can assist to improve their security.
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Check your account often for suspicious activity – either through the Internet, phone or
ATM statements.
Enroll in mobile fraud alerting programs that your bank may offer to warn of suspicious
activity on your accounts.
If you have a reason to suspect fraud, contact your financial institution right away by
phone, your online banking site, or at the branch.
Other general safety recommendations provided by the American Bankers
Association include:
o Be wary of your surroundings and of other people who may be near you at the
ATM or retail point-of-sale.
o Use your body or hand to “shield” the ATM or point-of-sale keyboard as you
enter your PIN. Be wary of those trying to help you, especially when an ATM
"eats" your card. They may be trying to steal your card number and PIN.
o Always take your receipts or transaction records with you and check them
against your statements. Report unauthorized transactions immediately.
o Do not give your personal or financial information to anyone who calls you
over the phone or through text and email. Thieves often pose as bank
representatives to steal this information; however, banks already have this
information and will not request it from you.
o Keep a record of card numbers, expiration dates and 1-800 numbers for banks
so you can contact the issuing bank easily in cases of theft. Do not leave your
bank statements, checkbooks, or credit/debit cards lying around the house or
on your desk at work. No one should have access to this information but you.
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Contact the Federal Trade Commission at www.consumer.gov/idtheft, or call
the FTC, at 1-877-438-4338, or write to Federal Trade Commission,
Consumer Response Center, 600 Pennsylvania Avenue NW, Washington,
D.C., 20580.
Periodically obtain credit reports from each nationwide credit reporting agency.
If any information on the credit report appears fraudulent, request that the
credit reporting agency delete that information from the credit report file. Under
federal law, consumers are entitled to one free copy of their credit report every
12 months from each of the three nationwide credit reporting agencies. Obtain
a free copy by going to www.AnnualCreditReport.com or by calling 1-877-3228228.