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Fraud & Cybersecurity
CBA supports strong national data protection and consumer notification standards with effective enforcement provisions that are applicable to any party with access to important consumer financial information. CBA members are already subject to robust data protection and notification standards and these requirements must be recognized. Inconsistent state laws and regulations should be preempted in favor of strong Federal data protection and notification standards. CBA firmly holds that all parties must share in protecting consumers and, as such, the costs of a data breach should ultimately be borne by the entity that incurs the breach. Protecting consumer data is a shared responsibility, and merchants must have the same tough data security standards as financial institutions to thwart hackers as well as the ability to accept chip-based cards.
- August 25, 2021 - 12:00PMPastAugust 16, 2021Dear Chairman Warner and Ranking Member Rubio, In the wake of recent ransomware and other cybersecurity attacks, we appreciate your efforts to improve the resilience of federal agencies and private critical infrastructure, emphasizing the importance of public-private collaboration in this ongoing fight. The financial services sector shares your commitment to cybersecurity and the value in sharing...August 11, 2021 - 2:00PMPastAugust 3, 2021Global payment card fraud losses reached a staggering $32.4 billion in 2020. This figure is expected to increase to $40.6 billion by 2027, growing by 25% in less than a decade . The US holds a disproportionate share of global card fraud due to the US card market scale compared to others. However, this does not fully account for the difference. Other countries have similar or higher credit-card...July 13, 2021 - 2:00PMPastMay 21, 2021Dear Chairman Peters, Ranking Member Portman, Chairman Thompson, Ranking Member Katko, Chairman Warner, Ranking Member Rubio, Chairman Schiff, Ranking Member Nunes, Chairman Brown, Ranking Member Toomey, Chairman Waters and Ranking Member McHenry: As Congress considers ways to address our nation’s cybersecurity challenges, we strongly encourage an open and transparent legislative process that...