The $679 million, Merritt Island, Fla.-based Launch Federal Credit Union is restricting PIN-less transactions totaling less than $50 following the discovery of fraud involving some of the credit union's debit cards, according to an alert on Launch FCU's website.
"It is suspected that the compromise was at a local merchant that we are currently trying to identify," the credit union, which runs a dozen branches, said in the alert. "In particular, our members in the Titusville and Merritt Island areas are being affected."
The notification revealed the stolen debit card numbers were primarily used to make purchases at Walmart stores and totaled $50 or less.
"Since most merchants do not require a signature for purchases of $50 or less, the individuals perpetrating the fraud are not required to sign for these purchases, nor are they required to enter a PIN (Personal Identification Number)," the alert read.
The credit union, which used to be named Kennedy Space Center Federal Credit Union, also assured members that the incidents are being rigorously investigated by its fraud team.
The credit union also asked members to monitor their accounts on a regular basis for unauthorized debit card charges. "If fraud is confirmed, your debit card will be immediately canceled, and a new one will be ordered," Launch FCU said.
According to a report in Florida Today, cardholders in the Titusville and Merritt Island areas first noticed the unauthorized purchases, which took place in cities as far away as Houston.
"We don't know for sure how many have been affected," Kelly Hawkins, a spokeswoman for Launch FCU, told Florida Today.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
