CUNA Mutual Outlines Steps Credit Unions Should Use in Card Breach
Credit unions which have card accounts which have been identified as potentially compromised and which are due to expire within 180 days should consider moving the expiration date up and reissuing the cards.
That is one of the steps CUNA Mutual is advising credit unions consider as they work to minimize their losses from the most recent card data security breach.
Payments processor Global Systems Inc. has acknowledged hackers breached its systems and reported that about 1.5 million card accounts appear to have had both their Track 1 and Track 2 data compromised.
Other steps that the insurer recommended included making sure the CU is using name matching on Track 1 to catch instances where thieves may have changed names and notifying cardholders that they may want to place an initial fraud alert with the credit bureaus to limit their risk of identity theft.
PSCU also has begun notifying credit unions about possible compromised card accounts.