http://www.dailygazette.com/news/2008/aug/29/0829_trustosuit/ By James Schlett Gazette Reporter August 29, 2008 GLENVILLE - TrustCo Bank Corp is resorting to litigation to recoup costs it incurred after reissuing thousands of credit cards to customers affected by the security breach at the parent company of the T.J. Maxx and Marshalls chains. The Glenville bank holding company last month filed a lawsuit in Schenectady County Supreme Court against TJX Companies, shedding light on the financial burdens hackers are indirectly imposing on local banks and credit unions. The TrustCo Bank parent is suing the Framingham, Mass.-based TJX to recover the costs stemming from the cancellation and reissuance of MasterCard debit cards to affected customers. The breach, which TJX discovered in mid-December 2006, ended up costing the bank up to $20 per affected account. The suit highlights the challenges financial institutions face as they try to cope with increasingly daring hackers who steal customer information from retailers. After the Scarborough, Maine-based Hannaford Bros Co. supermarket chain became a victim of hackers, TrustCo in March reissued 13,000 cards. "TrustCo will continue to suffer monetary harm for the costs and expenses ... as additional fraud alerts and fraud charges are occurring and are discovered," the bank's suit states. [...] __________________________________________________ Register now for HITBSecConf2008 - Malaysia! With a new triple-track conference featuring 4 keynote speakers and over 35 international experts, this is the largest network security event in Asia and the Middle East! http://conference.hackinthebox.org/hitbsecconf2008kl/Received on Fri Aug 29 2008 - 03:09:14 PDT
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