Did you know that merchants aren't subject to the same federal data protection standards as financial institutions like HVFCU? Since they're not accountable, some merchants may fail to invest sufficiently in data security measures resulting in vulnerability to hackers who can gain access to credit card numbers, debit card PINs, or other sensitive data. Help us advocate for more common sense data protection laws.
- In 2014 alone, over 500 data breaches occurred putting over 75 million data records at risk.
- In 2016, HVFCU had to replace over 57,800 debit and credit cards for members caught in data breaches.
- When a breach occurs, not only is HVFCU prohibited from telling members where the breach occurred, but we are also liable for the fraud associated with the lost data and replacing those debit and credit cards.
- Last year, the cost to replace those cards coupled with losses from fraud cases associated with breaches cost our financial cooperative more than $500,000.
- Merchants need to be held accountable to the same strict data protection standards that we are as a financial institution.
- Learn more and contact your legislators by visiting stopthedatabreaches.com