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From the March-18, 2009 issue of Credit Union Times Magazine • Subscribe!
More CUs Are Closing And Reissuing Cards
ORLANDO, Fla. -- Credit union card consultants attending at the school observed a greater percentage of credit unions are closing and reissuing credit and debit cards reported compromised in the Heartland Payment Systems breach.
"You almost have to do that-even with it being so expensive and inconvenient to your members-because your potential fraud exposure is just so high," said Karin Brown, vice president of collections for lending solutions for lending solutions incorporated.
In previous breaches credit unions have sometimes chosen not to close and reissue compromised accounts but instead monitored for fraud and close and reissue as needed, but the size of the Heartland breach appears to have spooked CUs more this time.
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