Target Data Breach Survey of Illinois Banks. Executive Summary

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1 Target Data Breach Survey of Illinois Banks Executive Summary February 2014

2 Target Data Breach Survey of Illinois Banks Executive Summary In December of 2013, just days before the holidays, retail giant Target announced that their payments system had been breached. The ensuing chaos affected nearly 110 million consumers and thousands of banks, once again raising the issue of a retailer s responsibility in securing sensitive information for card transactions at their stores. Background The banking industry dedicates hundreds of millions of dollars annually to data security and adheres to strict regulatory and network requirements, and, unlike retailers, banks also are subject to enormous oversight and examination at both the state and federal levels. The banking industry s first priority is to protect consumers from fraud caused by a data breach. While compromised consumers bear the burden of dealing with a data breach and the risk of stolen identifies, they have zero liability from fraudulent transactions. This is because banks bear virtually all of the costs associated with a data breach, even if the losses were incurred through no fault of the bank. Banks and other financial institutions devote significant employee and technological resources toward monitoring customer accounts for potentially fraudulent transactions, and when a security breach occurs, they work extensively with their customers canceling and reissuing cards, freezing payments and closing accounts, monitoring card usage, handling customer inquiries and reimbursing customers. All of these security measurers come at a significant cost. What Should Be Done for Improved Data Breach Prevention and Protection of Consumers Financial Information It is time that Congress acts to improve the safety and security of consumer card transactions by holding retailers accountable just like financial institutions are for merchant data breaches that occur on the retail side of a transaction. Congress should enact these simple legislative solutions, which would vastly improve our nation s electronic payment security:

3 Require merchants to disclose in a timely manner any security breach to their customers and the public. In the case of Target and Schnucks, both waited weeks before they disclosed the threats to their data systems. Financial institutions are required to meet rigid privacy and security standards for safeguarding personal financial information. Merchants should be held to these same high standards. Merchants should be held accountable to customers and to card issuers for the costs and losses they incur from the merchant s own negligence. This would motivate merchants to be more vigilant in protecting customer information. A uniform, national standard governing how merchants respond and handle data breaches should be enacted. While many states, like Illinois, have enacted laws to address the rising incidents of merchant data breaches, they only offer varying degrees of protection and do not consistently apply to national retailers. Target Data Breach Survey Results The Illinois Bankers Association (IBA) recently surveyed all Illinois banks to gather information to quantify the effect of the Target data breach and help provide the IBA the necessary information we need to persuade Congress to take action to make retailers accountable for protecting consumer data and improve our nation's electronic payment security. What follows is an Executive Summary of the results of that survey that was completed by 143 Illinois banks. Of the 143 banks that responded to our survey, only one said that their debit/credit cards had not been compromised due to the Target data breach. Roughly one-third of the respondents (32.2%) said that their customers had experienced fraudulent account activity due to the Target data breach. Eighty-seven percent of responding banks said their bank had spent up to $2,500 on replacing their customers fraudulent charges. Nearly 2% said they had spent more than $20,000. More than 35% of responding banks said they would be taking additional precautionary measures because of the latest breach, and the majority of those said they would be spending up to $5,000 on those precautionary measures.

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6 Sample of some of the many written responses from the survey: Target should be held responsible for these charges. Visa should be held responsible for these charges as well. Additional procedures need to be in place to reduce overall fraud activity in our payments system. At the end of the day, banks cannot be left holding the bag regarding the fraud that occurs at the hands of merchants who have not provided for the proper protections. Unfortunately, that is where we are today, though, with banks holding the bag and paying the bill. Something has to change. The playing field needs to be leveled and merchants need to be held to the same customer privacy standards as banks. When they don't, there needs to be an appropriate level of accountability. There were no unauthorized transactions reported by our affected customers, and all of the affected cards were restricted/closed within a few hours of being notified of the breach by our card fraud detection service limiting any future loss. We are very concerned about the additional customer information that was compromised and how it might affect our card holders and customers that have Target Red debit and credit cards. We are a small community bank and are not close in location to a Target store, which did limit our number of cards affected by the breach, but it was still a burden to allocate our limited number of staff to contact customers, handle customer calls regarding the breach, restrict and reissue cards, provide ongoing customer education regarding the breach and ongoing customer account monitoring. We have concerns that the Target Red Cards were also compromised and what is Target doing about shutting down and replacing, concerns that the customers perceive this as the bank s issue when it is really the merchant compromised, concerns that Target has been very vocal in saying customers will not take a loss but what they are not saying is the banks will be. Customers may think Target is being the good guy, but what they don't know is the banks are obligated to make the customer whole. This latest breach did not have as big as an effect on our institution as one that we experienced in June did. We were fortunate with this large breach that we had a small amount of cards affected and no fraud hit. In June, we had cards affected on a much larger scale and had $15,000 - $20,000 in fraud losses. At that time, we decided to take additional precautionary measures. Since retailers want to act as banks, we would like to see them held to the same standards and regulations as banks. Not only those involved in the breach, but those companies that profit from the laundering of money through their companies by allowing the use of fraudulent cards. Specifically, the purchasing of store gift cards with counterfeit cards created from the stolen information. Under the definition of the Bank Secrecy Act, that is money laundering. Instead of

7 making the banks carry the full liability for fraudulent activity and monitoring, retailers should also bear financial risk for their improper actions. Adversely affected customers whose cards had to have limits lowered until we could communicate with them. Inconvenienced many customers. We had to take staff off of other important projects to address this critical need. When our financial institution was hit hard by the TJ Max breach, we took precautions by adding two layers of security to our debit cards. By doing this the cost is around $35,000 a year for this security & a full time position at the bank. For situations like this, the bank ends up with the fraud loss as well as the cost to reissue cards and manage the process. The retailer whose database was compromised has minimal exposure but this needs to be changed so that they have a stake in the loss. Having the retailer held to the same standards as the banks should reduce the number of these issues and make the card payments system stronger. I applaud the IBA for researching this issue and working on behalf of its member banks to find a better approach and process. If the merchants were doing their part and checking the CVC & CVV security codes, a good share of fraud could be prevented. Or if the merchants assumed the losses instead of the banks, they would be more careful. The merchants aren't out anything so no reason to be concerned about verifying validity of the card. Card based regulations (Reg E) handcuff banks and place the lion's share of the financial burden on our shoulders for the losses and the costs associated with dealing with the breaches. There needs to be more onus on the vendors (Target) to be responsible for the financial losses that the financial institutions are currently experiencing. The hit to Target's reputation is one thing but the actual dollar losses and costs are burdensome to financial institutions. Any data breach with merchants puts the major liability of loss and fraudulent activity back at the banking industry level - when the banking industry has lost revenue due to all of the regulatory changes involving card usage. The severity and magnitude of some of these breaches has proven to be very costly to the banking industry. Target, along with many other retailers who have experienced data breaches, spent a lot of time reminding their customers affected that the fraudulent charges are covered. They never mention that banks take the loss. The retailers should be held accountable for their negligence and should act much faster in disclosing the breach than they typically do. We already have several security measures in place, however this still doesn't stop some fraudulent activity from posting to customers accounts, and whenever

8 counterfeit cards are the source we have to "eat" the loss. Some of this should definitely fall back on the merchant. For us this was the 3rd major card compromise in The previous one was for a local merchant that required 2,400 cards to be reissued. The fraud on the Target breach was minimal. I agree that merchants need to be held more accountable for fraud. All they do is complain about the interchange fees and then we take the losses for the compromises they cause. The Durbin law needs to be totally re-written. I'd like to thank the IBA for the proactive response on their part and feel it is completely appropriate to expect better controls from the retailers. We'd like to see chip and pin adopted earlier than Oct Tips for Consumers Consumers should always take precautions to protect their credit and debit cards, account information and PINs. Be sure to check your accounts regularly either through online, phone or ATM statements for any suspicious activity and if you have reason to suspect fraud, contact your local banker immediately. Consider enrolling in a mobile fraud alerting program that your financial institution may offer to warn of suspicious activity on your accounts. Be suspicious of correspondence claiming to be from your bank or a retailer you recently have shopped, and double check the URL of the financial institution or retailer to make sure you are being directed to a legitimate site. Change your passwords -- consider using a password generator -- and keep your passwords and PINs secure.

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