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Damaged New York CUs Urged to Come Forward

LATHAM, N.Y. - Did your credit union in New York lose money on a recent fraud case? If so, the New York Credit Union League wants to talk to you. In March 2004, BJ's, a big box retailer, announced that a security breach had compromised thousands of credit card accounts...

By Staff Writer | Updated on September 14, 2004

LATHAM, N.Y. – Did your credit union in New York lose money on a recent fraud case? If so, the New York Credit Union League wants to talk to you. In March 2004, BJ’s, a big box retailer, announced that a security breach had compromised thousands of credit card accounts held by its customers. Banks and credit unions across the country had to cancel accounts and re-issue cards, and now the League has asked for credit unions in New York which suffered losses from this event to step forward. The $2.2 billion Pennsylvania State Employees Credit Union has sued BJ’s and its acquiring bank, Fifth Third, over the breach, seeking to recover the costs of closing the accounts and re-issuing plastics, and the League is exploring whether it can take similar action on the part of credit unions in New York. Kimberly McCumber, vice president of card services said in League Lines, the League’s newsletter, that the League is “taking a look at what type of action can be taken against BJ’s and wants to hear from all credit unions in New York State to learn what fraudulent activity took place or what internal expenses they incurred.”

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