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IU Credit Union Issues 4,000 New Debit Cards Due To Fraud

About 4,000 debit cards are being replaced by the IU Credit union after they were said to be at risk of fraud.

Indiana University Credit Union

Photo: Ben Skirvin

The Indiana University Credit Union is sending out the new cards this week.

About 4,000 members of the IU Credit Union in Monroe County are being reissued new debit cards.

MasterCard provided the IU Credit Union with a list of cards that were at risk for fraud.

In response, the credit union is only allowing its members to use their cards for purchases using a pin number.

IU Credit Union President Bryan Price says these kinds of cases happen on an on-going basis at financial institutions.

“We have majority of the debit cards in this market, so when there is an issue like this, it will affect a number of our card holders and it’s typically done at one time,” he says. “When there is a compromise or a breach like this with a common point of purchase, it is incumbent upon us to reissue the cards as quickly as possible in order to avoid having additional fraud on those cards.”

Price says it’s hard for law enforcement to determine why a particular merchant would have an inordinate amount of fraud.

“Typically, the authorities are notified, but as you can imagine, the FBI and local police have a number of projects and it is very difficult to necessarily get to the bottom of the issue,” he says.

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