How Banks Must Respond to Card Breaches

By May 1, 2014CCG Insights

The onslaught of data breaches at Target, Neiman Marcus, Michaels and Sears affecting tens of millions of customers has highlighted the need for community banks to have a plan for notifying customers whose debit or credit cards might be compromised, and a process to determine whether to replace those cards.

But how do banks decide where to draw the line? Should they immediately reissue all of their cards, wait to hear back from customers about losses from such breaches, or strike some sort of middle ground?

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