17 December 2017
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US community banks claim $90 million costs for Home Depot breach

19 December 2014  |  18484 views  |  1 Statue of liberty

US community banks are calling for a crackdown on merchant security protocols after reissuing nearly 7.5 million credit and debit cards at a total cost of more than $90 million as a result of the Home Depot data breach.

ICBA is one of seven banking trade bodies that have been actively lobbying Congressional leaders to pass legislation that will force retailers to tighten up security following a spate of cyber-attacks that has seen hundreds of millions of consumer account compromised over the past year.

The latest figures come from a sample survey of members instigated by the Independent Community Bankers of America (ICBA), which additionally found that four per cent of polled banks reported fraud on accounts that were compromised by the April-September breach.

“Community banks continue to absorb exorbitant costs due to data breaches. This is money — more than $90 million — that could be used for lending in local communities to homeowners, small business owners and budding entrepreneurs to spur local economic growth and stability,” says John Buhrmaster, ICBA chairman and president and CEO of 1st National Bank of Scotia, N.Y. “For this reason, we continue to advocate that the costs associated with data breaches be borne by the party that experiences the breach. Communities and customers should not suffer for the faults of retailers.”
KeywordsEFTPOS

Comments: (1)

A Finextra member
A Finextra member | 19 December, 2014, 12:48

The lack of investment in EMV Chipa and Pin is now resulting in huge losses in treasure and confidence,  Apple Pay is entering the payments space and will be front-ending banks.....   'If Only' the US banking system had smelled the coffee and embraced EMV years ago then many billions of dollars would have been saved and the Fraud industry would not be so well funded today... This is a sad way to end yet another year, though finally things appear to be changing..... coffee anyone?

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