Thursday, June 23, 2011

Ohio CUs Hit by Debit Card Fraud Contain Losses on Own

Ohio Credit Union League spokesman Patrick Harris said the Northeast Ohio credit unions reportedly hit by a debit card fraud have managed to contain their fraud losses on their own.

According to police reports from the North Olmsted Police Department, criminals made fraudulent purchases from six accounts at the Cleveland-based, $311 million, Century Federal Credit Union, two accounts at the Cleveland-based, $180 million Firefighters Community Credit Union, two accounts at the Parma, Ohio-based $100 million PSE Credit Union, one account at the Cleveland-based, $36 million Steel Valley Federal Credit Union and one account at the Akron, Ohio-based, $180 million GenFed Credit Union.

Century’s president/CEO, Tony Coniglio, told Credit Union Times that approximately 200 accounts were hit at his 26,000-member credit union.

Cleveland’s The Plain Dealer newspaper listed two other credit unions that were hit by the breach: The $34 million First Class Credit Union Employees of Cleveland and the $98 million Best Reward Credit Union of suburban Walton Hills.

Best Reward President/CEO John Shirilla told Credit Union Times that there was no breach at his credit union.

Fraudsters reportedly made purchases using counterfeit debit cards containing stolen account information. Thieves are said to have stolen as much as $4,000 from a single account and the spending sprees reportedly took place at retailers across the U.S. and in several other countries

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