The Target credit card data breach has cost credit unions in Minnesota nearly $750,000, says the Minnesota Credit Union Network.
The group says that its 134 member credit unions are covering the cost of reissuing cards, monitoring for fraud and other administrative functions.
This works out to about $5.15 per card for the credit unions, with about 27,000 credit cards and 117,000 debit cards affected by the breach.
The breach amounts don’t include the costs of any actual fraud.
While the credit unions are eating those administrative costs of the breach, they say the cfinancial impact ultimately will affect consumers because the credit unions are member-owned.
Mark D. Cummins, Minnesota Credit Union Network president & CEO, said:
“We urge Congress to consider legislation that holds all participants in the payments system to comparable security standards, allows for informing consumers about where their data was compromised, and requires merchants to reimburse credit unions for the costs of reissuing cards.”