PRELIMINARY COST TALLIED FOR CA, NV
updated 01/22/14 01:28 PM
Target Breach Impact on CUs
More than 552,000 debit and credit card accounts at California and Nevada credit unions were affected by the Target stores security breach between late November and mid-December, representing $2.8 million in card reissuance and other costs so far, according to preliminary results released today by the Credit Union National Association (CUNA).
Those costs most likely don’t include potential fraud losses, which could be substantial, CUNA’s survey-result analysis states.
In California, 460,000 debit cards and 75,000 credit cards were impacted. In Nevada, 16,000 debit cards and 1,600 credit cards were affected. The average cost per card is $5.10.
Nationwide, credit unions have so far incurred a nearly $30 million hit—a number expected to rise in the coming weeks as more credit unions report their costs and resulting fraud losses.
The CUNA survey asked credit unions impacted by the Target data breach to outline the costs and burdens they have seen as a result. The breach resulted in the theft of 40 million debit and credit cards across the nation, and encrypted PIN data, as well as the names, mail and email addresses, and phone numbers of up to 70 million individuals.
The survey data will help inform credit union leaders’ conversations with lawmakers, regulators, the media, and others. There is no deadline for credit unions to respond to the survey, and credit unions that have not yet responded are encouraged to do so.
Credit unions that have responded can also update their totals if new costs are incurred.
GAIN EXPERIENCE ON LEAGUE COMMITTEE updated
09/15/14 01:21 PM
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LEAGUE ADVOCACY BLOG GAINS TRACTION updated
09/12/14 04:13 PM
Sign Up for Alerts
The new Advocacy Blog launched by the California and Nevada Credit Union Leagues in August is gaining steam as more credit union advocacy professionals and others in the industry continue signing up to receive e-mail alerts on important state and federal updates.
FOCUSED ON 'ONE TO ONE' RELATIONSHIP updated
09/12/14 02:01 PM
Printing Industries CU
Susan Conjurski’s biggest hurdle is making sure her credit union keeps a competitive edge with larger financial institutions—a task that’s “quite a challenge,” she says.
PENALTY POLICY: SMALL VS LARGE CUs updated
09/11/14 06:50 AM
Federal Reserve’s Impact
The Federal Reserve’s ultra-low interest rate policy created the desired impact when it was instituted in 2008. Short-term funding costs plunged for financial institutions, allowing them to cheaply fund higher-yielding assets and restore capital.