MADISON, Wis. – CUNA Mutual says it is gearing up to go to court on behalf of hundreds of credit unions that say they had damage from a card security breach at a big box retailer. Back in March 2004, B.J.’s Wholesale Club suffered a card security breach that compromised the card security of thousands of customers and left hundreds of credit unions holding the bag and now seems headed to court, according to CUNA Mutual. The credit union insurer says that a survey of its client credit unions has found 300 which suffered losses as a result of the breach and that the total cost to credit unions has topped $5 million, with still more results coming in every day. A key to tracking the damage has been identifying the Visa and MasterCard alert codes (Visa CAMS #026 and MasterCard CAN #MCN22) which are tied to the B.J.’s compromise. This allows credit unions to tie losses they experienced to that specific event, according to Marc Krasnick, senior vice president with insurer. CUNA Mutual has not spoken to B.J.’s about settling the dispute, but Krasnick reported that individual credit unions that have approached the retailer about the damages have been rebuffed. The retailer is already being sued by the $2.1 billion Pennsylvania State Employees Credit Union over losses it incurred in the case.

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?


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

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.