CANTON, N.C.–Some credit unions are reporting a rash of unauthorized transactions on members’ accounts, with at least one CU theorizing it’s due to crooks racing to act before EMV cards are fully in place with members.
South Carolina FCU has seen its members dealing with unauthorized transactions on accounts. A spokesperson for SCFCU told Live5News.com that “dozens of accounts” have been affected, with the news outlet reporting that “lines formed at branches across the state.” It quoted several members as saying “a significant amount of money is missing,” including one member who said $1,800 had been removed from her account by someone in France, while another said her “entire account was wiped out.”
The credit union told Live5News.com the rash of fraud is taking place due to the adoption of EMV cards as crooks race to beat distribution of the more secure cards. The CU said that many of the incidents are being linked to previously announced breaches at Target, Home Depot, and other merchants.
In Canton, N.C., Champion Credit Union has confirmed that nine members have had money removed from their accounts as the result of unauthorized charges. The credit union told ABC 13 that it is believed the breach occurred at a merchant that is common to all of the victims. A member was quoted by ABC 13 as saying she had seen charges from Homestead and Miami, Fla., on her account. A third charge, all at Walmart locations, didn’t clear due to insufficient funds.
Champion Credit Union said all members are being fully reimbursed upon completion of a report with police.