Newspaper article Sarasota Herald Tribune

Banks Spend $150 Million Reacting to Retail ID Thefts

Newspaper article Sarasota Herald Tribune

Banks Spend $150 Million Reacting to Retail ID Thefts

Article excerpt

BANKS HAVE SPENT MORE THAN $150 million to protect customers who were ensnared in the Target data breach, and now they want the giant retailer to pay up.

The Consumer Bankers Association said its member banks have replaced 15.3 million debit and credit cards that may have been compromised when hackers penetrated Target's cybersecurity.

Since not all banks are members of the CBA, the numbers are likely higher.

The personal information of up to 110 million Americans -- nearly one of every three people in the country -- was compromised in the Target breach. It affected holders of not just Target credit cards but those who paid with their own debit or credit cards at Target stores from Nov. 27 to Dec. 15.

Banks say they reacted by reissuing cards, increasing transaction monitoring, adding more fraud rules on accounts and extending call center operations to handle the surge in customer inquiries.

"CBA member banks take data protection very seriously and have acted swiftly in this matter," said Richard Hunt, president and CEO of the association.

"Now is the time for Target to step up to the plate and pay the cost where they bear the responsibility."

Target has not yet responded to the CBA's request.

Meanwhile, American shoppers say they are very concerned about the safety of their personal information following the Target breach.

Yet, in a striking contradiction, many aren't doing anything to keep their data more secure, according to a new Associated Press-- GfK Poll.

Nearly half of Americans say they are extremely concerned about their personal data when shopping in stores since the breach, the survey found. Sixty-one percent say they have deep worries when spending online, while 62 percent are very concerned when they pay via mobile phones, AP noted.

But just 37 percent have used cash for purchases rather than pay with plastic in response to the data thefts, while only 41 percent have checked their credit reports. And even fewer have changed their online passwords at retailers' websites, requested new credit or debit card numbers from their bank, or signed up for a credit monitoring service.

Florida's largest banks, such as No. …

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