Finance
Are my savings at risk? 6 US banks issue urgent alerts about their customers' credit cards
Concerns have been raised over potential security breaches that could hit customers across several banks.
Six banks in the United States have recently issued urgent alerts to their customers, warning of potential security breaches involving debit cards, as reported by the Daily HODL.
The affected institutions are Mainstreet Bank, Savers Bank, The Village Bank, Watertown Savings Bank, Webster Five Cents Savings Bank, and Eagle Bank. These banks have reported that a third-party merchant’s payment platform was compromised, potentially exposing customers' debit card information.
What should I do if I am affected?
In response to this breach, several banks are mandating that affected customers replace their debit cards. For instance, Eagle Bank and Savers Bank are automatically issuing new cards to those impacted. Webster Five Cents Savings Bank is also requiring mandatory replacements, while Watertown Savings Bank is offering new cards upon customer request. Mainstreet Bank has identified that the breach occurred between June 28, 2023, and April 26, 2024, and is providing new cards to customers who wish to take extra precautions.
While these alerts pertain specifically to debit cards, it’s natural to wonder about the safety of your savings. Typically, a breach involving debit cards doesn’t directly affect savings accounts, as long as your account numbers and personal identification numbers (PINs) remain secure. However, it’s essential to monitor all your accounts for any unusual activity.
To safeguard your finances, consider setting up account alerts through your bank’s online or mobile banking services. These alerts can notify you of transactions, low balances, or changes to your account information, allowing you to respond promptly to any suspicious activity.
If you receive a fraud alert from your bank, review the transaction in question. If it’s legitimate, confirm it with your bank. If it’s unauthorized, contact your bank immediately to prevent further fraudulent transactions and to initiate any necessary claims.
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