MERRIFIELD, Va. – Navy Federal Credit Union said a recent incident of fraud should be a warning to other credit unions: “Identity fraud happens not just at the individual level,” said Loren Moeller, spokeswoman for the credit union. “It can happen to corporations too.” Police in Montgomery County, Maryland, outside of Washington, D.C., raided a home in which they found a significant card fraud ring in which a couple had allegedly used a “skimming” device to capture credit and debit card numbers and then produce fraudulent cards using those numbers. Navy Federal was one of the institutions whose logo was allegedly co-opted in the scheme, Moeller confirmed. “It’s important to note that none of the card numbers used on the fraudulent cards came from our members or cardholders,” Moeller noted. “We are not planning to reissue any cards or numbers since our members’ security was not compromised in any way.” Moeller also noted that the reproduction of the logo on the fake cards was very poor quality and the cards themselves looked nothing like any of Navy Federal’s more than one million VISA branded cards.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.