American Express Credit Cards Exposed in Third Party Beach: What You Need To Know
Posted on March 6, 2024 by
Will Hayes-Newington
American Express has warned customers that credit card details have been exposed in a third-party breach following a hack on a one of their payment processors. The breach occurred through a provider handling their travel division, not American Express’s own systems. Affected data includes card account numbers, names, and expiration dates.
It’s important to note that American Express has controlled the breach source, they are taking proactive measures to contain the fallout and ensure that affected consumers are secured. Here is a summary of what we know so far.
American Express Assurances
Despite the worrying news, American Express has assured that customers won’t be held responsible for any fraudulent charges due to the breach.
Regulatory Reporting
They quickly informed the appropriate regulatory bodies about the breach, showing its dedication to transparency and safeguarding users.
Unknown Affected Customer Count
The precise number of customers affected by this significant breach is unclear, which could cause concern among clients unsure about the safety of their data.
Steps that customers should take
American Express has clearly instructed affected customers on steps to address concerns and protect sensitive financial information. Here’s a breakdown of their recommendations.
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Review Account Activity
It’s important for American Express cardholders to carefully review their account statements, checking each transaction from the last few months.
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Instant Notifications
Increase your alertness by activating instant transaction notifications on the American Express mobile app. This way, any unauthorised activity on your account gets promptly flagged, enabling you to react quickly.
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Update Contact Details
It is important that American Express are able to contact you if they suspect that there is any issue with your account. Make sure that your mobile number and email address linked to your account are correct and up to date.
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Be Careful With Emails
If your receive an email that is relating to American Express that you believe to be fraudulent then it is better to be safe then sorry. Forward the email immediately to ukemailfraud@americanexpress.com
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Card Replacement Consideration
If you suspect your account details have been compromised, American Express recommends considering a card replacement to invalidate the exposed information effectively.
Learning from Data Breaches
The recent issue at American Express isn’t a one-off event. It underlines the urgent requirement for businesses to strengthen their defences against vulnerabilities. The breach also emphasises the need for strong access controls and audit strategies for third-party providers.
Accountability
Companies can’t dodge blame when third-party errors put customer data at risk. Both watchful monitoring and responsibility fall on everyone’s shoulders.
Long-term Monitoring
The aftermath of a data breach can be prolonged, with the risk of fraud persisting for years. It’s crucial for both organisations and affected individuals to engage in continuous monitoring.
Regulatory Implications
The breach aligns with Massachusetts’ Breach Report tracker, indicating a likely legal and regulatory reaction. This highlights the importance of complying with data protection requirements.
The Bigger Picture
American Express has faced breach reports before, highlighting the importance of systemic changes. Cyber security should be integrated into every business transaction and digital interaction, not kept in isolation.
For American Express, the focus is on boosting both their internal defences and the thoroughness of vetting third-party partners. By taking a dedicated, comprehensive approach to cybersecurity, the financial institution can ensure clients a secure and smooth experience.
The American Express data breach highlights the need for businesses to revamp their security strategies, especially regarding third-parties. Arx helps companies manage their third-party risk efficiently by offering a user-friendly platform that automates risk identification across a supply chain.
