At Texas Trust Credit Union we believe protecting the privacy and security of our members’ accounts is our most important responsibility.
When we discover a data breach at retailers like Target, Home Depot, Best Buy, Sears we take action immediately issue new credit and debit cards for members who were affected. And, in many cases, we can’t even tell you which merchant caused the breach even though we are working to protect your account from the fraud.
The possibility of having your personal financial data stolen is enough of a burden. You shouldn’t have to worry about who is going to clean up the mess and pay the bills for the fraud. Unfortunately, data breaches have continuously been an issue over the past few years. The number of compromised records jumped 389% in 2017, to a total of nearly 180 million records.
In 2017, 1,579 data breaches occurred in the U.S., a 44% increase from 2016. More breaches occurred in 2017 by the business community than breaches in the healthcare industry and government combined. (Read more about the problem here).
lf you’re like most people, you probably assume that merchants are responsible since their security failures caused the theft of your data. Unfortunately, that’s not how it works.
Credit unions like Texas Trust bear the brunt of these costs after a merchant data breach, even though we (and members like you) had nothing to do with it.
Please view this short video that explains the issue in one minute:
To give you one example, after the Target breach, credit unions were left on the hook for $30.6 million and credit unions reissued 4.6 million credit and debit cards.
Because we are not-for-profit cooperatives owned by our members, you ultimately foot the bill. After you’ve been victimized by having your financial data stolen, you shouldn’t have to pick up the tab to clean up the mess.
Right now, merchants can shift most of the costs of their data breaches to others. So, there is no incentive for them to spend the time and money to increase their data security. That’s wrong for consumers and it’s bad for our economy.
That’s why Texas Trust and other credit unions across the country are working together to improve protections for consumers who are victims of merchant data breaches.
We’re calling on Congress to step up and protect credit union members.
I hope you’ll consider lending your voice to this important effort. Please click on this link to learn more about the problem and send an e-mail to your U.S. Representative and U.S. Senators. Tell them you want them to take action to protect consumers like you.
Thank you for your time.
President & CEO
P.S. lf you’d like to learn more about what you can do, please take a few moments to visit StoptheDataBreaches.com.