Media highlights credit union, CUNA actions on data breaches
Two credit unions were recently cited in USA Today (Oct. 3) for the way they have been tracking fraudulent charges that are made on their members’ credit and debit cards in the wake of the major Home Depot data security breach.
Rob Miller, chief operations officer for Mission FCU, San Diego, with $2.5 billion in assets, told the national newspaper that, over the last month, the credit union has received more than $100,000 in fraud claims that could be linked to cards compromised during the Home Depot breach.
As credit unions are not-for-profit, Miller said, if Mission is hit with the full $100,000, it could mean $100,000 that the credit union may not be able to give back to members through higher interest rates or lower loan rates ( USA Today ).
Miller also discussed the costs associated with replacing cards that have been compromised.
Since the Home Depot breach was publicized, an incident that has exposed at least 56 million credit and debit cards nationwide, according to the home improvement retail giant, Mission has discovered 28,000 compromised cards that it will replace for its members.continue reading »