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Data Breach Coverage

The Data Breach Coverage Plan protects each merchant account for up to $100,000 in the event of a suspected or actual data breach. In 2017, the world saw more data breaches than any year prior. In December 2017, the Identity Theft Resource Center (ITRC) reported that there were 1,293 total data breaches, compromising more than 174 million records. That is 45% more breaches than in 2016. This disturbing trend is only expected to continue for 2018. Our program covers audit and card replacement costs as well as state, federal and card brand fines.

The fines, assessments, and audit expenses businesses are obligated to pay if a breach of credit card data is only suspected could cost you thousands—even tens of thousands—of dollars. The Data Breach Coverage is designed to protect you from that risk. The program is not only comprehensive, but also inexpensive.

Our program provides aggregate coverage up to $100,000 for the following:

  • The mandatory forensic audit required by the Payment Card Industry Data Security Standard (PCI DSS) when a data breach is suspected – this audit confirms whether an actual breach has occurred and pinpoints where systems are most vulnerable
  • Costs to replace your customers compromised credit cards
  • Assessments and fines levied by card sponsors for data breaches
  • Data breaches caused by employee dishonesty and/or the physical theft of data, as well as computer hacking
  • Fraudulent charges stemming from the compromised card numbers

Insurance products providing similar coverage can cost upwards of $100/month!

Take a look at some of these examples – Each of these companies would have been covered under our Data Breach Protection Plan for Merchants.

  • An employee at a Dentist’s office took home dozens of files containing Personally Identifiable Information (PII), including credit cards, driver’s license, and protected medical records. Insurance coverage would have been in excess of $1200/year to cover all fines incurred by the incident.
  • A waitress in a Memphis restaurant used a magnetic card reader to swipe credit card information from some 150 customers of her employer’s restaurant.
  • A computer server stocked with credit card information was stolen during a burglary at a HoneyBaked Ham store.
  • Card-skimming devices were used at Sam’s Club gas stations to steal credit card information from 600 customers.
  • A hacker broke into the TJ Maxx computer system and stole 45.7 million customer records, including credit card numbers, drivers’ licenses, names, and addresses.

Simple, 3-Step Claim Process:

  1. Complete an online claim form by following the easy-to-use link on the merchant portal
  2. Upload or fax the appropriate notice that stipulates there has been a suspected or actual breach at your location
  3. All documents needed to support claims may be printed from the portal

 

Click Here to print your Breach Coverage Statement of Benefits

Electronic Payments: Merchant Services, Inc. is a registered ISO of Wells Fargo Bank, N.A., Walnut Creek, CA.