| June 10, 2011

FDIC says lenders must do more to protect consumer card data

The Federal Deposit Insurance Corporation recently said that both lenders that deal with consumers’ credit card debt and federal regulators must do more to protect Americans from having their information exposed in hacking attacks.

The FDIC, which is tasked with regulating all banks in the U.S., says that both the government and financial institutions must adopt tighter security measures to protect consumers from the fallout from hacking attacks that expose personal and account data, according to a report from USA Today. The warning came after hackers gained access to private data for hundreds of thousands of Citi credit card holders.

“The FDIC continually monitors (security) vulnerabilities as they evolve to prevent and deal with these risks and their impact on institutions and their customers,” Bair said, according to the newspaper. “Both banks and regulators must remain vigilant.”

Though the incident was only announced by the lender earlier in the week, some government officials have already criticized its handling of the situation, and want to know how it plans to protect consumer data going forward.

Citi said the exposed data only included consumers’ names, addresses, email addresses and account numbers.

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