As the impact of Target's data breach continues to widen, credit unions have been more responsive than banks when it comes to issuing new cards, according to two recent online surveys.
Earlier this month, Target acknowledged that its shoppers' encrypted personal identification numbers may have been stolen during its recent data breach, which affected about 40 million of the retailers' customers.
In an online poll conducted last week, nearly 70% of Credit Union Journal readers said their institutions were reissuing new cards because that's the best way to protect affected accounts from fraud. In a similar online poll, about half (48%) of American Banker readers said the same. Credit Union Journal and American Banker are sister publications of PaymentsSource.
Some 28% said their credit unions had not yet reissued cards to members affected by the breach, and would issue new cards only if they detect suspicious account activity in the account compared with 42% of American Banker respondents.
Only 5% of credit unions (and 10% of banks) said the expense, time and inconvenience of large-scale reissuance made it prohibitive.