For years, banks have issued fraud-prone mag stripe cards, putting information at risk, the letter from the National Retail Federation said.
Credit unions tell trade association breach cost an average of $5.10 per affected card.
Ukrainian national held without bond for allegedly developing Dorbik criminal organization, which sold compromised data and counterfeit cards.
Cloud security pioneer says standard may not be sufficient for future breach schemes.
Online retailers are drawing a $279 loss for every $100 of fraud loss, partially attributed to chargebacks and their associated costs.
Georgia Democrat Hank Johnson said he would support an "oversight investigatory hearing to probe into that matter."
Massive hack could expose business services members at credit unions.
Bipartisan legislation would require entities, including financial institutions, retailers and federal agencies, to investigate breaches and inform consumers.
Read more about fraud and credit unions in this special report.
The $211 million Alabama State Employees Credit Union is the first financial institution to sue Target seeking breach losses.