Home > 2011 > Identity Theft > FDIC Head Says More Vigilance Needed to Prevent Hacks

FDIC Head Says More Vigilance Needed to Prevent Hacks

Advertiser Disclosure Comments 0 Comments

FDIC Head Says More Vigilance Needed to Prevent HacksSheila Bair, chair of the Federal Deposit Insurance Corporation, recently said that both financial institutions and regulators must do more to protect consumers’ private information, including adopting more stringent security policies, according to a report from USA Today. In particular, Blair said the agency is working on developing “additional guidance to enhance authentication procedures when customers access their accounts online.”

Though the hacking attack on Citi was revealed earlier this week, the company also revealed it first learned of the incident last month, the report said. This has led to some lawmakers criticizing the institution for the way it handled the situation, and demanding to know how it plans to ensure this type of attack doesn’t happen again.

The incident affected about 200,000 of Citi’s 21 million North American credit card customers, exposing their names, addresses, email addresses and account numbers. However, other information, including Social Security numbers, was not accessed by the criminals.

[Featured Product: Research and Compare Secured Credit Card Offers on Credit.com]

Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

Certain credit cards and other financial products mentioned in this and other articles on Credit.com News & Advice may also be offered through Credit.com product pages, and Credit.com will be compensated if our users apply for and ultimately sign up for any of these cards or products. However, this relationship does not result in any preferential editorial treatment.