Credit Unions Help Northwest Consumers Weather Home Depot Breach

FOR IMMEDIATE RELEASE:

October 30, 2014

CONTACT:
Lynn Heider
503.350.2225
503.358.0773 (Mobile)

Credit Unions Help Northwest Consumers Weather Home Depot Breach
Estimated 409,000 Credit, Debit Cards Impacted

SEATAC, Washington — Northwest credit unions moved swiftly to replace an estimated 409,000 credit and debit cards impacted by the recent Home Depot breach, protecting their members against fraud and identity theft risks.

An impact survey by the Credit Union National Association (CUNA) estimates the Home Depot breach cost Washington and Oregon’s credit unions nearly $3.3 million. Those costs include card replacement, fraud impact and personnel time. These costs are borne by the cooperative credit unions. Nationally, CUNA estimates, the Home Depot breach cost credit unions nearly $60 million.

Expenses include the costs of replacing debit and credit cards, fraud and other credit union operational costs.

“Northwest credit unions moved quickly to protect their 4.5 million members,” said Lynn Heider, Northwest Credit Union Association (NWCUA) vice president of public relations & communications. “The members are the first priority.”

The NWCUA urged consumers to take advantage of their credit unions’ security benefits, including services offering email and text alerts detailing debit and credit card transactions.

“Monitor your alerts daily,” Heider said. “Report any transactions you did not make to your card issuer, and change your passwords and codes periodically. If you are doing this you could limit your fraud risk.”

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The Northwest Credit Union Association is the not-for-profit trade association representing over 160 of Oregon and Washington’s credit unions and their 4.5 million members. The NWCUA is the voice of the Northwest credit union movement, providing legislative, regulatory and public advocacy in addition to education, compliance, networking support and business solutions to its members. For information on how to join a credit union, please visit http://www.asmarterchoice.org.

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