FDIC wants better security at banks after Citigroup breach

After Citigroup revealed that about 200,000 credit card accounts were hacked last month, the Federal Deposit Insurance Corporation (FDIC) is calling for stronger security measures at banks. The security breach comes after recent attacks on other businesses, schools and government agencies.

The hackers gained access to Citigroup customers’ email addresses and account numbers, but were not able to see Social Security numbers, birth dates, credit card security codes and card expiration dates, according to a USA Today article. Citigroup did elaborate too much on the security breach. “For the security of these customers, we are not disclosing further details,” Citigroup spokesman Sean Kevelighan said.

Security at banks and other financial firms has become a source of concern to many consumers. When information is stolen by hackers, consumers are at risk of identity theft, which has emotional and financial costs. Identity thieves can use consumer’s information to wipe out bank accounts, open new credit cards and do other significant financial damage.

Citigroup is contacting customers who might have had data stolen. But if you have one of the bank’s credit cards and are concerned about security, contact the company to get more information about your account and what kind of protection is place in case identity theft occurs.

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