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.
Connie Trudgeon, vice president of operations at CO-OP Financial Services in Rancho Cucamonga, Calif., said that many credit unions felt angry, frustrated and powerless as they anticipated losses mounting. She added that the Target breach was responsible for 27% of all the fraud CO-OP was currently seeing in its system, and that immensity underlined the dark mood in many credit unions.
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