TD Banking to Pay US$ 625,000 and Tighten Security Protocol After Data Breach.

Posted by BankInfo on Wed, Dec 10 2014 09:37 am

TD Bank consented to pay US$ 625,000 and also tighten up security practices to resolve a probe into a 2012 data breach that influenced greater than 260,000 customers, & which it was & sluggish to report, Massachusetts Attorney General Martha Coakley said on Monday.

Coakley said TD lost unencrypted computer server back-up tapes having customers’ personal info in March 2012 but waited until October of that year to notify her office & customers, greater than 90,000 of which were in Massachusetts.

Data on the tapes may have included client names, account numbers and Social Safety numbers, Coakley said.

TD began an internal investigation right into the loss after finding out that the tapes, which were to have been moved by a third-party messenger between TD offices, had actually never shown up.

To resolve the probe, TD, a unit of Canada's Toronto-Dominion Bank, will certainly pay US$ 325,000 in civil fines, US$ 225,000 to a state education and learning fund and also US$ 75,000 for prices. It was accepted US$ 200,000 to show security upgrades it has actually already made.

TD coordinated throughout the probe, Coakley said.

A bank spokesperson, Judith Schmidt, confirmed the settlement as well as said TD is unaware of any fraud related to the breach.

Posted in Banking, News

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