Pub. 3 2013-2014 Issue 5
8 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S FEATURE ARTICLE “Unfortunately, this isn’t the first time banks have had to take steps to protect their customers from a mer - chant’s data breach. These cases are costly not only financially, but also expensive in time and trust,” said Don Childears, presi- dent and CEO of the Colorado Bankers As- sociation.“ Banks are True Shield for Customers When Fraud Happens I n the wake of recent debit and credit card in- formation breaches at Target, Neiman Marcus and Michaels stores nationwide, banks have already incurred more than $170 million in costs to re-issue 17 million cards and replace sto- len money in customers’ accounts, as well as in- creased staff time and many other related costs. AMANDA AVERCH DIRECTOR OF COMMUNICATIONS COLORADO BANKERS ASSOCIATION “Unfortunately, this isn’t the first time banks have had to take steps to protect their customers from a merchant’s data breach. These cases are costly not only financially, but also expensive in time and trust,” said Don Childears, president and CEO of the Colorado Bankers Association. Whether banks have the ability to get reim - bursed for those costs is uncertain as network settlements have been minor in some cases and litigation in the past has producedmixed results. “Our first priority is to protect our custom- ers and to make them whole,” Childears said. “When a retailer speaks of its customers having ‘zero liability’ from fraudulent transactions, it’s because our nation’s banks have them covered, not the retailer involved in the breach,” he added.
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