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Credit and Debit Card Data Breaches

Having your financial information stolen or exposed can be a serious matter. If this has happened to you, you must act immediately. While contacting your card provider should be your first move, you should consider how this happened and who is to blame. You may be entitled to substantial compensation due to a credit card data breach in many situations.

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Credit and Debit Card Data Breaches

This article will assist you if your credit card information has been compromised. Because card companies use a lot of personal information to manage your account, they must generally follow the regulations of the UK General Data Protection Regulation (UK GDPR) and the Data Protection Act 2018. (DPA).

Any personal data used by organisations must be protected to the greatest extent possible. This information includes your name, address, phone number, credit card number, and banking information. The non-departmental public body that reports to the UK Government is the Information Commissioner’s Office (ICO). They were established to police individuals’ data protection rights, sometimes data subjects. In this post, we’ll look at when you might be able to get reimbursed for a credit card data breach.

Credit providers must use a large amount of personal information about a data subject. As a result, they are a data controller. They may gather and use personal information, account management, or debt collection throughout the application process. The UK GDPR will apply to most of the information they will hold on you.

Credit card firms have quite sophisticated security systems in place. These are intended to prevent unauthorised access to consumer records and the theft of money. However, many data breaches are not the result of hackers or cybercriminals, as you might expect. Instead, many are the result of human error. We’ll go over this further later.

When data breaches occur that affect a data subject’s rights, the ICO may undertake an investigation. This will be utilised to determine the breach’s source and any systematic flaws. It may result in a significant fine or enforcement action being launched against the responsible company. However, even if the breach has caused you harm, the ICO cannot compensate you. Therefore, we have developed this advice to file a credit card data breach claim independently.

Financial data breach statistics

If a data subject’s rights have been violated, data processors and controllers must notify the breach of the ICO within 72 hours.

When a data security incident is reported to the ICO, it compiles statistics by sector and publishes quarterly reports.

There have been many security occurrences in the financial, insurance, and credit sectors, and we have gleaned information from reports for the second quarter of the fiscal year 2021/22.

The most serious event was when data was transmitted to the incorrect recipient. This happened 33 times over this period.

Frequently Asked Questions

So, before we examine how credit card data breaches can happen, let’s look at what they are. A personal data breach is defined in the UK GDPR as a security incident that results in:

Accidental or unauthorised disclosure, access, loss, alteration, or destruction of personal data.

However, though a breach may have occurred, this does not always entitle you to compensation. When claiming data breach compensation, you must provide proof of:

  • Your information has been compromised due to a data breach affecting your credit card company.
  • The incident occurred due to the company’s actions or failure to act.
  • You have suffered financial or psychological harm as a result of the incident.

While some data breach lawsuits have a 6-year time restriction, others have a year to begin. If you want to know how much time you have left to start your claim, please utilise live chat or phone us.

Let us now consider how a data controller can be implicated in a data breach. Of course, we can’t mention every possible circumstance, but here are a few:

  • If your credit card statements are delivered to the incorrect postal address.
  • When personal information about you is sent to the incorrect email address.
  • If an unauthorised party obtains personal information about you.
  • When your personal information is used without a legal basis.
  • When a credit card company’s IT systems are hacked, and personal data is taken due to inadequate security procedures.

 

Again, none of these instances alone entitles you to compensation. So contact us today to get your case reviewed for free. If our experts believe you have a strong case for claiming data breach compensation, they might refer you to a No Win, No Fee data breach lawyer.

When breaches that affect your rights are discovered, your credit card provider is required to notify you. Therefore, we recommend that you preserve a copy of any letter or email in a secure location. You could use this documentation when requesting compensation to prove that the incident occurred.

Compensation claims for data breaches are based on one or both of the following:

  • Financial losses This portion of the claim, known as material damages, could be used to recover any expenditures due to the violation.
  • Psychological injury. Non-material damages can be utilised to seek compensation for various psychological injuries. Anxiety, shame, anguish, depression, and Post-Traumatic Stress Disorder are all possibilities.

Previously, compensation payments for any psychological trauma caused by a data breach would only be paid out if you had lost money. However, in Vidal-Hall and Others v Google Inc [2015], the Court of Appeal overturned that rule.

Remember that each claim is unique. As a result, if your claim is granted, your solicitor will explain how much you will claim for after thoroughly examining your case.

Many claimants are concerned about losing money on solicitor’s fees if they opt to hire a lawyer to assist them with their case. On that basis, you should probably consider hiring a “no win, no fee” legal team and understanding that you won’t have to pay lawyers’ fees if your unsuccessful claim makes everything much less stressful.

You will receive a Conditional Fee Agreement (CFA) to sign if your case is accepted. This contract states that your solicitor will work without being paid in advance. However, if your lawsuit is successful, you must pay the ‘success fee’ specified in the CFA. This is a percentage of any monetary compensation.

Success costs are legally capped at 25% when hiring a CFA, so you are not overcharged. Discover if you can use a CFA to pay for a solicitor’s services.

Summary

Credit and debit card data breaches are hardly new. Hackers and identity thieves have been stealing our personal and financial data for many years, and you never used to know anything about it until you scrutinised your debit card or credit card bill.

Many data breaches have migrated to online purchases, so you would be best advised to ensure that the website you are using is secure when you make any purchases; you could even use a VPN (Virtual Private Network) for added security and peace of mind.

Thankfully, banks, credit card companies and debit card suppliers are more on the ball than ever regarding fraud checks and checking for irresponsible or inconsistent spending on our accounts. Something that we should all be truly grateful for in this digital age. 

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Peter is a solicitor who has worked as a professional litigator for 3 years. More recently Peter has specialised in data breach compensation claims and over the last 2.5 years has gained a wealth of knowledge in this sector. Peter now works with us to share his knowledge and inform the general public.

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