At Meredith Village Savings Bank, protecting the privacy and security of you and your accounts is a top priority. Thus, when we learn that a merchant has put your debit card at risk, we immediately evaluate the threat and take appropriate preventative measures to stop fraudsters from accessing your account(s). Click here to learn more about our current card protection methods and usage restrictions.
There are thousands of data breaches reported each year, many of which result from inadequate information security measures at merchants in industries that are not held to the same data security standards as financial institutions. Not only are card data breaches an inconvenience to consumers, but they are also incredibly costly for the financial institutions that are responsible for reimbursing customers for fraudulent transactions and reissuing cards. According to the American Bankers Association, in the Target card data breach alone, 6.8 million credit and debit cards were reissued out of concern for fraud, costing financial institutions over $60 million dollars – resources that could have been reinvested in the community and in better technology, products and services for customers.
We’re joining our fellow financial institutions working together to improve protection for consumers who are victims of merchant data breaches and to encourage stronger data security at merchants.
Please take a minute to view this short video explaining the problem:
We are calling on congress to step up and protect consumers and financial institutions by supporting Data Security Act of 2015 (H.R. 2205). This important legislation would apply to all industries that handle sensitive information and would provide meaningful and consistent protection for consumers nationwide.
We encourage you to voice your support for these measures by emailing your US Representative or Senator urging them to protect consumers like you from future data breaches.
Visit the links below for more information about this problem and what you can do:
• Stop the Data Breaches Website
• American Bankers Association Data Breach Infographic
• Data Security Advocacy Resources from the Independent Community Bankers Association