A recent survey from the Michigan Credit Union League showed that 94 percent of members at the state’s credit unions were affected by the recent Target data breach.
The survey, which drew responses from 84 out of 293 credit unions in Michigan, found that 92 percent of the state’s credit unions indicated that they have taken additional steps to communicate with members about the breach and how they might be affected.
Seventy-five percent of credit unions said they automatically replaced cards that may have been affected by the breach, though at some smaller credit unions, as few as 10 cards had to be replaced. Larger credit unions reported that over 8,000 cards had been affected.
A majority of the credit unions polled in the survey said they did not charge members for replacement cards, with some saying doing so would be like punishment for members for something that was not their fault.
“We feel we are protecting both member and CU from fraud losses,” one respondent in the survey said.
Just over half of respondents said members had not yet experienced fraud losses, while two-thirds reported costs related to the breach, including increased call volume and staffing costs, which ranged from $100 to $200,000. Many respondents said they did not know how much the breach had cost their institution, while others indicated that they may never know the cost.
Target announced in December that millions of customers who shopped during the Thanksgiving holiday season may have had their card information compromised as a result of a data breach. Other retailers, including Neiman Marcus and Michaels, have since reported data breaches.