100 million customers risk data breach with Capital One Bank

A growing cyber crime

Charlene Crowell Center for Responsible Lending | 8/22/2019, midnight
A second disclosure of a major consumer data breach was announced on..

Similar reactions came from other consumer advocates.

“It’s disappointing but not unexpected that consumers face yet another breach of our sensitive financial information,” said Chi Chi Wu, staff attorney at the National Consumer Law Center (NCLC). “People should take the most effective measure to prevent identity theft involving new credit accounts by freezing their credit reports. It’s free as a result of a new law last year.”

According to NCLC, credit card customers are not liable for any unauthorized use of over $50. By contrast, consumers with bank accounts in most cases are not liable for unauthorized debit card or other electronic transactions so long as the fraudulent transaction are reported within 60 days of receiving their bank statement. Further, lost or stolen debit cards must be reported within two business days of learning of the loss or theft.

For Ed Mierzwinski, U.S. PIRG’s Federal Consumer Program Senior Director, answers to consumer questions were also a key concern.

“How did this happen,”, asked Mierzwinski. “And how is Capital One going to prevent future breaches? We need answers to ensure that increasingly frequent, large breaches such as this, at Equifax and others, don’t become the new norm.”

Neither America, Canada, the United Kingdom, nor any other nation needs or wants yet another financial breach. Only time and additional investigations will reveal just how many more consumers may be affected by these or other delayed announcements.

“The hackers made out with all the data needed to wreak havoc in the lives of 147 million American consumers for the rest of their lives,” concluded Panameño. “They need remedies that are commensurate with that risk.”

Charlene Crowell is the Center for Responsible Lending’s Communications Deputy Director. She can be reached at charlene.crowell@responsiblelending.org.