An updated CUNA survey shows that dealing with affected cards from the Target data breach has cost Michigan credit unions about $6.38 per card or $1.6 million for the 88 credit unions that responded to the survey. Costs at the credit unions that responded to the survey are estimated at $1.6 million.
Nationally, respondents peg the cost at $5.68 per card and have reported $30.6 million in losses as a result of the retailer data breach.
CUNA said that 99 percent of respondents said they offer debit or credit cards to their members. Ninety-four percent of respondents said that some of their members’ cards were affected.
With 88 credit unions responding to the CUNA survey, Michigan was by far had the the most respondents. Nationally, 1,112 credit unions have responded to the survey representing one-third to 40 percent of the total credit union credit cards and debit cards in the country.
CUNA noted that the survey includes a relatively small amount of fraud. It expects fraud losses could come later and may be substantial.