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Belmont Savings Bank Takes Extra Measures to Protect Customers Affected by Target Corp Data Breach

Posted on December 23rd, 2013 at 2:28 PM

BELMONT, December 23, 2013 - Belmont Savings Bank today announced it has implemented a plan to protect customers who could be affected by the Target Corp data breach. Over the weekend, the bank contacted all affected customers explaining plans to reissue cards by January 15.

“While Belmont Savings was not connected with Target’s data theft problem, we want to take every action possible to protect our customers,” said Bob Mahoney, President and CEO of Belmont Savings Bank. “Our fraud detection system provides strong protection in case of unusual activity.  However, the best protection is to issue a new card with new numbers.”

As soon as the breach was revealed, the bank researched and identified customers that used their Belmont Savings Debit Card at Target during November 27 and December 15. These customers were sent emails and letters explaining the process to obtain a new card. Given how dependent customers are on their cards during the holidays, the bank has kept the potentially affected cards open and has monitored them for fraudulent activity. Once the customer contacts the bank a new card will be issued and the old card will be terminated.

The bank’s actions reflect its commitment to swiftly and nimbly react to events and provide customers with superior personal service. Other banks have committed to monitoring accounts but larger banks in particular have been reluctant to issue new cards.

“Only a community bank can deliver this kind of highly personalized service,” said Mahoney. “Large banks simply can't do it. It’s yet another reason to choose a strong community-focused bank like Belmont Savings.”

According to Target, about 40 million credit and debit card accounts may have been affected by a data breach that occurred between Nov. 27 and Dec. 15. The stolen data includes customer names, credit and debit card numbers, card expiration dates and the three-digit security codes located on the backs of cards. The data breach did not affect online purchases.

For more information, please contact Belmont Savings Bank at 617-993-1400 and press option number 3. Or for more information, visit https://www.belmontsavings.com/home/misc/target.

About Belmont Savings Bank

Belmont Savings Bank is a $1 billion, full-service Massachusetts savings bank dedicated to quality, convenience, and personalized service. The Bank builds on a proud history of financial strength and a tradition of active involvement in the community. Belmont Savings Bank provides a full range of banking services for professional commercial real estate investors, developers and managers as well as individuals and local small business owners through full-service branches in Belmont, Cambridge, Newton, Waltham and Watertown.

Find out more information by visiting: https://www.belmontsavings.com or “like” Belmont

Savings on Facebook at http://www.facebook.com/BelmontSavingsBank. Member FDIC. Member DIF.

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