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Your Money Matters

with
Angela Kennecke

All Your Money Matters   Back to Business

Jan 2, 2014 - 10:10 PM

Local Financial Institutions Respond To Target Data Breach

Angela Kennecke


Local Financial Institutions Respond To Target Data Breach
Click to watch video
SIOUX FALLS, SD -

Thousands of customers in KELOLAND, who shopped at Target during the time period that cards were compromised, are getting new cards from their banks or credit unions. 

Jennifer Holsen is all too familiar with the drill. Just six months ago her credit card number was stolen and she just received a call from her credit union telling her that her new card was part of the Target data breach. 

"And I said, Oh my gosh, not again. I mean it is such a pain," Holsen said.

A pain, because Holsen has to change all of her automatic payments and wait for a new card longer than usual because of the backlog of cards being reissued. 

Luckily I have another credit card, so I switched them to another credit card," Holsen said.

"We are actively re-issuing these cards, one-by-one, day-by-day over the course of the next ten days or so," Alayna Johnson of Sioux Empire Federal Credit Union said.

Sioux Empire Federal Credit Union says about 10-percent of its 10,000 members' cards were compromised in the Target data breach. The credit union decided to reissue all the cards as a precaution. 

"We have had a lot of phone calls; just concerned, 'What should I do? Should I shop at Target? Should I be shutting this card down today?' The route we chose to take was if you feel like you should be concerned, let's go ahead and shut it down and get you a new card," Johnson said.

While banks and credit unions will bear the expense of re-issuing cards, Holsen knows it's ultimately the consumer who pays the price for these all-too-frequent data breaches. 

It's not the banks and the retailers and for Target to come out and say we'll give you 10 percent off your next purchase if you shop here. I'm sorry; I don't think 10 percent is enough for the hassle of what's happened to have my financial information compromised.

While some banks are choosing to re-issue all of cards which may be affected by the Target breach, others are taking a wait-and-see approach. Wells Fargo says it will monitor cardholder accounts for unusual patterns and activity and take action if needed. As a consumer, you should be vigilant about checking your account and sign up for any e-alerts your bank or credit union may offer.

Follow Angela on Facebook.





© 2014 KELOLAND TV. All Rights Reserved.

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