Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Indiana FIs investigating overseas withdrawals
SOUTH BEND, Ind. (6/18/08)--South Bend, Ind., credit unions were among area financial institutions whose accountholders were targeted by fraudulent overseas withdrawals on debit cards. Cards for about 150 members of Teachers CU, a $1.856 billion asset credit union, were among those compromised, according to Paul Marsh, senior vice president of sales and marketing. Some members experienced funds withdrawn from their accounts, The average amount withdrawn was less than $200, he told News Now. The withdrawal transactions were all based on personal identification numbers made on debit cards at ATMs in Russia, the Ukraine and Nigeria. The transactions were over 10 days. "It was a very localized attack against a number of financial institutions, both credit unions and banks," Marsh said. "There was no breach of our information or our systems," he said. The credit union found out about the fraud Monday morning and immediately took proactive measures. "We called each member and proactively reviewed all the logging activities for the accounts," Marsh said. The credit union shut down the compromised accounts and reopened new ones. "We're meeting with the individuals to go over their circumstances. We're providing member services, refunding fees and crediting the unauthorized charges on a case by case basis," Marsh said. "We also are making recommendations about what they should do and what they'll need to keep their finances safe and secure." One woman told police that $106 had been withdrawn from an account and a man reported that $1,300 has been withdrawn from his account, according to Associated Press via South Bend Tribune (June 16). Both transactions took place in Novosivirsk, Russia, the paper said. At least one other credit union in South Bend reported that 10 of its members were affected by the scam.
Other Resources

RSS





print
News Now LiveWire
Registration now open for @CUNA @WOCCU summer conference in Denver July 12-15 http://t.co/opq1jypsXL #ACUC #CUinDenver2015
2 hours ago
Emergency loans post- #Blizzard2015 offered by @ScientFCU in Conn. http://t.co/U9tIBzPOZV
3 hours ago
Did you get your spot in the @CUCB #CherryBlossom 10 Mile Run? Check lottery results here http://t.co/6rxT0osyWJ @CU4Kids @CMNHospitals
3 hours ago
@FamilyFirstFCU has implemented a grant program through the FHLB of NY to help first-time home buyers.
3 hours ago
#BREAKING: @federalreserve offers few new hints on rate-hike timing in policy statement http://t.co/lgZ6zZ1Vrr
4 hours ago