Stop the Data Breaches. You Can Help. - NavyArmy Community Credit Union in Corpus Christi and the Rio Grande Valley, Texas
June 16, 2015
A data breach is when sensitive, protected or confidential data has potentially been viewed, stolen or used by an individual unauthorized to do so.
Data Security Breaches On the Rise
Although you have probably only heard about a few breaches, over 500 data security breaches have occurred in 2014 exposing over 75 million data records1.
Mounting Costs to Credit Unions
The Target breach cost credit unions $30.6 million2 and the Home Depot breach may be even larger than Target. Fortunately, you are protected from fraudulent charges on your cards because the cost is picked up by NavyArmy. Additionally, we cover the cost to reissue new cards and block transactions. While we do get reimbursed for some of the costs associated with the data breaches, it’s only a portion of the total cost.
Why is this Happening?
Merchants are not held to the same federal data protection standards as credit unions. This means that some merchants fail to invest sufficiently in data security measures. As a result, it can be easier for hackers to gain access to a person’s credit card number, debit pin number, or other sensitive data through a merchant. Hackers then sell this information or use it themselves to fraudulently buy things with the stolen data.
Here’s How You Can Help
Let Congress know that it’s time to hold merchants accountable for data breaches and require them to reimburse credit unions for the costs we incur from merchant breaches.
Learn more at StoptheDataBreaches.com. Contacting your Member of Congress by visiting StoptheDataBreaches.com and click on the Take Action link. You’ll be prompted to register in Credit Union National Association’s (CUNA) website when you go there. Once in the Take Action area, send the form letter already prepared by CUNA. It’s a quick and simple process.
2 Source: Credit Union National Association (CUNA)