The Consumer Financial Protection Bureau (CFPB) four-year deliberation about prepaid came to a screeching halt on October 5, when they finally asserted new prepaid regulations. Not only did the CFPB deliver a wealth of regulatory changes to prepaid industry players,
Fifty-four percent of those 2014 breaches related to identity theft; 17 percent to financial access; and 11 percent to account access. And in that year, 32 data records were lost or stolen every second—averaging out to almost 2.8 million a day. In a world of widespread breaches, card issuers must look at reissuance as an opportunity.