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Target Breach: Credit Union Lessons Learned

Credit unions that informed members and replaced cards early are reporting few to no losses.

By Robert McGarvey | Updated on January 10, 2014

The Target credit and debit card data breach keeps getting uglier, with the retailer admitting Friday that 70 million more shoppers had their information compromised. Pilfered data now may include phone numbers, mailing addresses and more in addition to magnetic stripe data.

In most cases it will be the card issuers – that is, credit unions and banks – that will cover losses from the use of the purloined credit card info by crooks, said Nicole Reyes, senior fraud prevention analyst with The Members Group in Des Moines, Iowa.

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