Bank of America’s Procedure for Compromised Payment Cards
Post date: Aug 8, 2018 3:53:51 PM
Dear All,
We wish to inform you of Bank of America’s procedure for handling compromised cards. Payment cards impacted by stolen card data due to successful hacking of a merchant are considered compromised. Not all compromised cards generate fraudulent transactions.
A large number of payment cards were compromised at merchants in the past few weeks. This is an issue for selected vendors, not specifically an NYU issue. The bank is being proactive in replacing cards before any fraud occurs. As soon as Bank of America identifies cards to be part of a Data Compromise at a particular merchant, the bank re-issues these payment cards. Please be advised, New York University is not made aware of the payment cards impacted by the compromise and/or the merchants involved.
If a payment card is compromised, a replacement card is mailed to the Global Payment Card team at 105 East 17th Street, New York, NY 10003, without advance notification. The team will reach out to the cardholder via email when the replacement card is available for pick up. The cardholder’s current payment card will remain open for another 30 days. Bank of America includes a note within the card envelope disclosing the date of cancellation of the existing card.
The replacement payment card must be activated by the cardholder calling 1-844-861-4373. You will need your verification number which is your ‘N’ employee number (the letter ‘N’ is replaced by the number ‘6’) and also written on your envelope. Re-registration (different than activation) of the card is not necessary. The PIN has to be set up for the replacement card at activation. The compromised cards must be discarded as soon as the replacement cards are activated.
As soon as the cardholder or card approver log in to the GRAM system, both the new and old payment cards will be displayed in a drop down menu on the Home Page. The cardholder should monitor both cards for another 30 days to ensure that no fraudulent transactions are posted on the old or new card.
If you have any questions or concerns, please do not hesitate to contact us.
Sincerely,
The Global Payment Card Team
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Veronica Hajdu-Neville
Global Card Program Manager
New York University
Work: 1-212-998-2848