A settlement has been reached in regards to a data breach at TD Bank, N.A. from 2012, Maine Attorney General Janet T. Mills announced on Thursday.
Maine was part of an investigation that took a year and a half following the loss of unencrypted data in Massachusetts that held bank customers' personal information. The lost data contained personal information for 260,000 TD Bank customers nationwide. Approximately 34,000 customers were affected in Maine.
“This agreement will help prevent future breaches are prevented," Mills said. "Consumers have a right to know that their private financial information will be protected by the businesses that hold it. This agreement requires TD Bank to reform the policies and procedures that allowed this breach to happen."
The agreement states that TD Bank will notify bank customers in a timely manner of any future security breaches. The bank will also do audits twice yearly to ensure security measures are actively in place. The bank has also agreed to encrypt all information prior to transport in the future.
Connecticut, Florida, Maryland, New Jersey, New York, North Carolina, Pennsylvania and Vermont were all involved in the settlement. Maine will receive $130,015 from the settlement to promote consumer protection efforts.