The Target data breach already has cost credit unions in Nevada $89,760 in card reissuance and other expenses, according to figures released Wednesday by the Nevada and California Credit Union Leagues.
The Target stores security breach occurred between late November and mid-December. In Nevada, 16,000 debit cards and 1,600 credit cards were affected. The average cost per card is $5.10, the Ontario, Calif.-based trade association said.
Those figures jump to 460,000 debit cards and 75,000 credit cards impact in California, with a cost of $2.72 million. The breach resulted in the theft of 40 million debit and credit cards across the nation.
Nationwide, credit unions have so far incurred a nearly $30 million hit, a number expected to rise in the coming weeks as more credit unions report their costs and resulting fraud losses, according to the Credit Union National Association.
“Contrary to what some may thing, these expenses will not be reimbursed to credit unions and their members by Target and other retailers,” said Bill Cheney, CUNA president and CEO. “Rather, credit unions must solely cover these costs of card program administration, including in these circumstances of reacting to a merchant data breach.”
Contact reporter Chris Sieroty at email@example.com or 702-477-3893. Follow @sierotyfeatures on Twitter.