WASHINGTON (1/28/14)--There is a new advisory from the Consumer Financial Protection Bureau (CFPB) to help consumers protect themselves in the wake of recent financial data breaches. The advisory also contains information on where to get help if consumers suspect their information has been compromised.
In recent months alone, data breaches have exposed millions of payment card accounts to potential fraud. In addition, millions of consumers' names, phone numbers, emails, and addresses also appear to have been stolen separately from card information.
Payment cards, such as credit, debit and prepaid cards, are among the most commonly used consumer financial products. Over 70% of Americans have at least one credit card, and debit cards are now used for more consumer purchases than credit cards. The use of prepaid cards is continuing to grow.
The CFPB consumer advisory suggests these steps:
If consumers are unsatisfied with how their bank or card provider responds to a report of fraudulent charges, they can submit a complaint to the CFPB. Card providers should investigate charges and respond quickly.
Consumers have a right to see the results of the bank's or card company's investigations.
The CFPB accepts consumer complaints on payment cards and other financial products and services. Consumers can submit a complaint by: