Each card issuing credit union can and should handle its reaction to the recent card data security breach at Global Payments Inc. a little differently, according to The Members Group, a payments CUSO associated with the Iowa Credit Union League.
"The best prevention strategies will be different for every issuer," said Karen Postma, senior risk manager for cards at TMG. "[It] will depend greatly on where and how the fraudulent activity occurs."
For some credit unions, a reissue may be the best approach to minimizing losses. For others, Postma said, "tighter rule-setting and diligent monitoring will be sufficient."
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