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The $750 million Team One Credit Union in Saginaw, Mich., said criminals exploited numerous member accounts on Saturday by reproducing fraudulent debit cards to gain access to member funds.
"We took immediate action to shut down this illicit activity, including closing all Team One owned ATM/ITMs and contacting local and state police agencies to share important information regarding this incident," Team One President/CEO Derrick Barber said in a prepared statement. "By working with our partners, we were able to take steps to combat additional fraud and believe we have little future exposure tied to this event. Rest assured, our members will be reimbursed for any funds wrongfully taken from their accounts."
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Barber did not say how many members' accounts were accessed or how much money was stolen. He did not respond to CU Times' phone and email requests for comment.
"Our incredible staff have been working throughout the weekend to respond to member inquiries, help shut down and reissue debit cards, and reimburse funds for members impacted by this criminal activity," Barber said. "We apologize that we were not able to answer all incoming calls as this incident unfolded; however, our team is actively responding to all members who left messages via voicemail, email or social media."
The majority of member posts left on Team One's Facebook page over the weekend praised the credit union for its quick response to the incident.
"Thank you so much for keeping communication open, and taking care of this situation so quickly,' wrote one member. "Every staff member I talked to was professional and understanding. Well done, Team One!!!"
Another member wrote: "Your staff was very kind and efficient when helping me on Saturday night. Explained to me exactly what happened and we got a call today that our money was back into our accounts. Great job everyone and thank you for your dedication to your customers."
While a few members were not happy about the situation, Team One reached out to assist them.
"We are committed to providing you with a secure and trusted banking experience, and we apologize for any inconvenience to our valued members," Barber said. "While no institution can eliminate the possibility of fraudulent activity, we commit to our members that we will learn from incidents like this and take all necessary steps to protect your hard-earned money."
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
