Locally headquartered bank responds to Target breach
Today Target CEO Gregg Steinhafel answered questions about the massive security breach that affected millions of customers between November and December.
"We know that our guests trust in us is shaken but we also know they love our stores, our brand. we're going to learn from this experience, work hard to become a better retailer over time," Steinhafel said.
This has certainly kept local banks and credit card companies busy to keep customers and their accounts safe.
When he first heard about the Target security breach, First PREMIER Bank President Dave Rozenboom was surprised by the magnitude but reminds us it can and will happen.
"Like any other financial institution, we started hearing from customers pretty early in the process with concern over news reports and wondering what impact it had on them," Dave Rozenboom said.
People who work the fraud department monitor this kind of thing day in and day out. When something becomes suspicious, First PREMIER takes its own approach.
"The response wouldn't be to reissue card. In our case, we've only reissued a handful of cards. Most often, [customers] just want to know what they should do, what's an appropriate course of action. We often tell them monitoring their account is the best course of action. No need to reissue," Rozenboom said.
He says a breach of this size doesn't happen often but could start happening more as people switch from cash to cards.
As hackers get smarter over time, we'll see new advancements to keep us safer.
Meanwhile, here's something else to keep in mind.
"Just because the Target breach goes out of the news, it's important to know that over time, we may see further losses related to this. There many be a delayed response to those who have access to the information. Just because it's out of the news, doesn't mean we shouldn't always stay vigilant," Rozenboom said.
Target stores are offering free credit monitoring for a year to its customers, giving them peace of mind.
For more information on this offer, visit the company's webste: www.Target.com