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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.
- February 19, 2014February 18, 2014Washington, D.C. (February 18, 2014) – Financial institutions continue to respond to the massive data breach at Target. According to data collected by the Consumer Bankers Association (CBA) and the Credit Union National Association the costs associated with the Target data breech exceed $200 million. CBA estimates the cost of card replacements for its members to have reached $172 million, up from...