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Target Breach To Cost Credit Unions An Estimated $25M-$30M

Tuesday, January 21, 2014 - 5:58 PM
From Credit Union National Association
Credit unions have already incurred costs estimated to be in the range of $25 million to $30 million in costs as a result of the Target stores data security breach, a Credit Union National Association survey has shown.
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7
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,077
1. Tuesday, January 21, 2014 - 8:00 PM
"And, because of credit unions' cooperative structure, the costs of such breaches are ultimately borne entirely by credit union members,"

I suppose that means either lower deposit or higher loan rates. Probably a combination of both.
4
ShorebreakShorebreak2,622 posts since
Apr 6, 2010
Rep Points: 14,212
2. Tuesday, January 21, 2014 - 9:53 PM
Would like to know who the other 6 stores are that had the cards compromised at their store. To think that all of the damage was done by a teenager is amazing. 
If the other stores don't fess up how can people know if they should close their cards, or get identity tracking? 
5
Ally6770Ally6770913 posts since
Jan 16, 2010
Rep Points: 2,657
3. Tuesday, January 21, 2014 - 11:59 PM
So this isn't yet actual money theft right? It's the cost of reissuing credit cards?
2
RicochetRicochet133 posts since
Jan 19, 2010
Rep Points: 364
4. Thursday, January 23, 2014 - 10:48 AM
So this isn't yet actual money theft right? It's the cost of reissuing credit cards?

It would be interesting to know how it is calculated. It seems extremely high just for re-issuing.
2
MidAtlanticMidAtlantic24 posts since
Jun 5, 2012
Rep Points: 108
5. Thursday, January 23, 2014 - 4:40 PM
Target data breach costs Nevada credit unions nearly $90,000

"The Target data breach already has cost credit unions in Nevada $89,760 in card reissuance and other expenses, according to figures released Wednesday by the Nevada and California Credit Union Leagues."

Target data breach costs Nevada credit unions nearly $90,000 | Las Vegas Review-Journal
3
ShorebreakShorebreak2,622 posts since
Apr 6, 2010
Rep Points: 14,212
6. Thursday, January 23, 2014 - 9:15 PM
Heard on the radio today that the police arrested 2 people in Texas trying  to get into Mexico. They think that they may have stolen info from the security breach at Target and other stores. They had purchased several thousands of dollars from several stores in the US with stolen info. 
3
Ally6770Ally6770913 posts since
Jan 16, 2010
Rep Points: 2,657
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