URM Stores card fraud cost tops $687,000 for 11 credit unions
By Tom Sowa, The Spokesman-Review, Spokane, Wash. | |
McClatchy-Tribune Information Services |
The results of the survey:
--The total URM losses of
--A separate survey about the
The association conducted the survey in January while the impact of the
URM Stores is a
During the busy
As reports of card fraud poured in,
Among the stores affected were Yoke's
Heider said it's not clear why 10 area credit unions didn't provide survey answers. "It's possible some of them felt little impact and saw little reason to reply," she said.
While no one has prepared a full financial impact from the URM breach, credit union and bank managers say the number of cardholders affected is in the thousands.
Though the survey found a larger dollar amount statewide for the
"The URM impact was much more concentrated in this area than
Cards compromised in the URM breach were used for purchases across the country as well as in
URM officials have not identified the cause of the breach and said it may have occurred either at the local store level or within the URM data hub.
The URM breach is likely the largest single credit-fraud breach originating in
Heider said the NWCUA conducted the survey before taking delegates to
Under present rules, banks and credit unions end up covering the bulk of the losses from fraudulent card use, despite following more stringent security guidelines than retailers, Heider said.
Keesee, who serves on the credit union association board and went on the trip, said the
Banks and credit unions carry insurance against fraud loss, but the terms and conditions vary. Some institutions, such as
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