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Greg MacSweeney
Greg MacSweeney
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The Top 9 Most Costly Financial Services Data Breaches

The recent data breach involving MasterCard and VISA card information is only the latest in a string of hacks and thefts that have cost financial institutions multimillions of dollars. Here are the biggest most recent data breaches.
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JP Morgan Chase, Citibank

Type: Identity Theft
Cost: $330,000


In January 2011, JP Morgan Chase and Citibank disclosed that a Staten Island, NY, resident somehow obtained the personal information of JPMorgan Chase Bank and Citibank customers, according to privacyrights.org. The woman then used the information to steal more than $300,000 from Chase and $30,000 from Citibank. The woman visited banks in and around Manhattan between November 26, 2007, and April 29, 2010. She used forged driver's licenses to make fraudulent withdrawals.

Information Source:
Privacyrights.org

 

Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology. View Full Bio

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