Your weekly update on the regulatory landscape.
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Visa and MasterCard notified card-issuing credit unions and banks last week of a massive data breach involving Global Payments Inc., a third-party payment processor that Visa has already removed from its list of “compliant service providers.”
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A U.S. District Court judge dismissed most complaints brought by a number of financial institutions against Heartland Payment Systems Inc. regarding its January 2009 data breach.
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A plastic card scam appears to be playing out in the Northwest. Hundreds of consumers received recorded messages overnight telling them their debit or credit cards had been compromised and asking them to input personal information.
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Tips to help you keep your members safe from fraud.
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Member credit unions can sign up for fraud alerts, which provide notifications of scams and robberies, including a recent attempt where offenders hid in a dumpster in order to jump branch opening employees.
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The breach exposed the names of customers, account numbers and contact information of around 210,000 individuals.
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Following news of another network breach, more than 100 million user accounts are now thought to have been compromised. Sony is also considering covering the cost of reissuing compromised cards.
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With up to 70 million customers’ data compromised, criminals could use the data—possibly including credit card information—to access email and online bank account.
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Following the breach at the marketing firm, credit unions will need to communicate effectively with members, even if the organization's data was not directly compromised.
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