MUSKEGON, Mich. — The $58 million Family Financial Credit Union has had to close roughly 1,000 card accounts and reissue cards in reaction to another retailer card security breach. Other financial institutions in the area must do the same.
The CU closed and reissued roughly 675 cards from its MasterCard branded debit card program and the balance from its Visa branded credit card program, according to CEO Tom Curtis. The CU has not yet finalized what the breach has cost.
Curtis said the CU has had a very low incidence of fraud previously and had only been notified about this breach when one of its members noted some odd charges had been made on their account. Curtis said the CU closed accounts and sent out new cards immediately, an effort that called for three, 14-hour days on the part of its staff.
Media reports have set the date of the breach between July 25 and Sept. 7 and have named gas station chain Wesco as the site of the breach. Wesco has only said it is investigating whether a breach occurred. Curtis said that the Secret Service and state police have begun investigations, but that no one has yet told the CU how the breach occurred.