Consumer Payment Card News

Citi Hacked

Over the weekend, Citi released figures on the number of accounts impacted and moneys lost to hackers’ breach in the spring. Some 360,000 credit card numbers were exposed in the attack, of which about 3,400 accounts were actually accessed and $2.7 million was stolen. Customers affected by the attack and have fraudulent charges will not have to pay a cent, but Citibank will pay an estimated $77 million to investigate charges, renew credit card numbers, and notify customers affected by the hack.

In a letter to their customers and shareholders in the middle of the month, Citi disclosed details on its recent credit card division security breach. In it, the Bank disclosed it took immediate action to rectify the situation and protect any customers potentially at risk as soon as it was discovered, none of those impacted are liable for any fraud on the account, and every decision made throughout this process was in the best interest of its customers. While Citi Cardsâ Account Online system was compromised, the main cards processing system was not. Other Citi consumer banking online systems were not accessed or compromised. Data that is critical to commit fraud was not compromised: the customersâ social security number, date of birth, card expiration date and card security code (CVV).

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