26 letter to the president from the National Association of Federal Credit Unions, which cited the massive data breach at Home Depot Inc. revealed last. breach at Target Corp. is expected to cost.
The data security breach at Home Depot stores in September cost credit unions nearly $60 million to reissue cards, deal with fraud and cover other costs, according to the results of a new survey.
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Home Depot isn’t alone in blaming the supply chain for their breach. In 2015, Target agreed to pay $10 million in a settlement over a data breach it suffered in 2013 that affected 40 million cards. In that case, the criminals used compromised HVAC vendor credentials.
Peter Strozniak reports: A consolidated class action lawsuit filed in U.S. District Court in Atlanta, Ga. Wednesday listed 37 credit unions, 16 state leagues, CUNA and 11 banks that claimed the 2014 Home Depot data breach caused billions of dollars in fraud losses and more than $150 million in card reissuance costs.
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– The Seven seventeen credit union, based in Warren, suffered fraud losses of $6,000 because of the breach at Home Depot, said Eric Lanham, senior vice president and director of marketing. Seven Seventeen had to reissue 7,500 debit cards and 850 credit cards at a cost of $18,500.
Target breach cost credit unions nearly $30 million. WASHINGTON (10/30/14, UPDATED 11:00 a.m. ET)–The data security breach at Home Depot stores in September cost credit unions nearly $60 million.