Breach Round Up

Target Breach Cost To Credit Unions: $30 Million

The retail data breach at Target cost U.S. credit unions an estimated $30 million.

The National Association of Federal Credit Unions released the estimate this week, Finextra reported on Feb. 11.

“Credit unions are being hit by a double whammy in terms of numbers of possible data breaches and costs while they continue to pick up the tab for retailers who are not subject to the same high level of data security standards,” association director of research and chief economist David Carrier told Finextra in an interview.

The $30 million figure equates to roughly $45,000 per member credit union.

A recent study by the federal credit union organization also found that some merchants have experienced financial and reputational damage because of the breach.

Market Platform Dynamics CEO Karen Webster suggested that the business community would continue reeling from the breaches long after the actual attacks had ceased. See what she has to say on the topic by clicking here.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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