News that a hacker disrupted online business for Citigroup customers has created some concerns here in Syracuse where many people do their banking with Citigroup. Citigroup Inc, is a global financial services company, which provides consumers, corporations, governments, and institutions with a wide range of financial products and services, http://yhoo.it/rwW2I.
Randall Smith of the Wall Street Journal has reported for Fox Business “Citigroup Cites $2.7M in Customer Losses From Hack”, http://fxn.ws/lwaVF9. It has been reported to government officials by Citigroup Inc that approximately 3,400 of the customers whose credit-card information was recently hacked have been hit with about $2.7 million in losses. An undisclosed number of Citi accounts here in Syracuse were targeted by this hacking.
This was the first disclosure by Citi acknowledging that a security breach in May resulted in losses. Citigroup has already indicated it would cover any losses. Citigroup has announced customers would not be held liable for unauthorized use of their accounts in connection with this attack. It has been reported that the accounts where losses occurred amounted to less than 1% of the cards which were affected by the security breach and 0.01% of Citigroup’s outstanding credit cards in North America.
Citigroup first announced the data breach on June 9. Than six days later Citi said that “data that is critical to commit fraud was not compromised.” This data which was said not to be compromised included Social Security numbers, birthdates and card expiration dates and security codes. However, the hackers obtained credit card numbers, account names and emails which could have been used with resources which were improperly obtained through other means to cause losses. Citi has since been tightening up its online security as the feds investigate this hacking.
Mandel News Service: http://www.mandelnews.com