Michaels Stores Wrestling With Unusual Fraud Event
Credit unions in 20 states will want to pay particular attention to their fraud alerts and protections after the Michaels retail chain announced they had experienced an ongoing card data breach.
The states where the breach occurred included Colorado, Delaware, Georgia, Iowa, Illinois, Massachusetts, Maryland, North Carolina, New Hampshire, New Jersey, New Mexico, Nevada, New York, Ohio, Oregon, Pennsylvania, Rhode Island, Utah, Virginia and Washington.
The company has not yet said if it was compliant with the industry's PCI data security standards at the time of the breach. According to card executives, no retailer has been breached while being compliant with the standards.
A spokesman for PSCU Financial Services said the processing CUSO had seen fraud cases linked to the breach but that, so far, the fraud they had seen had been restricted to five or six CUs in the Chicago area.