Bank of America Responds to Breach

Bank of America blames a suspected breach of credit card data on an unidentified third party. The incident illustrates the risks institutions increasingly face when they rely heavily on partners and suppliers.

BofA has sent letters to select customers, notifying them of a possible compromise that likely exposed details about their credit card accounts. Though the bank's spokesperson would not reveal how many of accountholders were affected, she did say the institution is taking necessary steps to address known security gaps.

"As part of our routine fraud monitoring, if we believe a customer's card may have been compromised at a third-party location, we will notify the customer and block and reissue the card, which is what happened in this case," says BofA spokeswoman Betty Riess. "Security for our customers is a top priority, and we take proactive steps like this to protect our customers from fraud."

The bank issued customers new cards along with letters informing them of the suspected compromise.  

Posted in: Account Takeover Identity Theft