March 11, 2006
Citibank Loses our Data AGAIN
Another day, another major security breach. When will these big companies learn that losing our data is not an option and when will the government clamp down on these guys other than a mere slap on the wrist?
Citibank, the consumer and corporate banking arm of Citigroup Inc., confirmed Wednesday that the bank and its customers were the victims of a third-party company information breach that has forced the bank to block PIN-based transactions for customers in Canada, Russia, and the U.K.
The bank did not disclose when the breach occurred. Once alerted to the breach, the company "began enhanced monitoring of the affected accounts for fraud" and in mid-February detected several hundred fraudulent cash withdrawals in the three countries, the company said in a statement. Citibank proceeded to block all transactions in those countries that rely on PIN authentication.
