WILLIAMSBURG, Va. — PSCU Financial Services, the card processing CUSO for more than 500 credit unions that use the First Data Corp. card platform, has set aside a $1 million fund that it will be able to use to bring suits to recover the losses from credit and debit card breaches.
"I don't anticipate using it once a month," Serlo told the attendees at the CUSO's 30th annual meeting, but in cases where there are "egregious actions" by merchants or merchant processing banks, which result in losses, the CUSO will have a tool to use to try to recover what has been lost.
"We will no longer remain on the sidelines and merely watch what is happening," Serlo said. "When I reach back into the tool box when something happens I will have a new tool to use recover some of your money."
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