Many Missouri banks recently experienced fraudulent electronic withdraws from consumer accounts due to a retailer’s data breach of cardholder account information. By law, the banks were required to reimburse their customers for these fraud losses. This situation would have been worse if the data breach had been linked to the bank itself or the bank’s service provider, causing many banks to realize why a data breach response program is now mandated by the regulators. This session will explain who the law holds liable for data security breaches and internal fraud losses, what your bank can do to better protect itself from potential liability and the appropriate steps of an effective response program.
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