Tulsa Experts Give Advice After MasterCard, Visa Security Breach

Visa and MasterCard have told hundreds of banks and credit unions that their credit cards are at risk following a massive security breach.

The security breach took place from January 21st to February 25th of this year to the network of a U.S. based credit card processor.

Visa and MasterCard haven't said how many credit cards have been compromised, but reports put the number at more than 50,000.

Tulsa Teacher's Credit Union has 90,000 members, and more than half have a debit or credit card. On Monday the credit union was notified by Visa and MasterCard that 190 of those members credit cards may have been compromised.

"So what that means to us is there is a high potential for that risk and so immediately we just shut those down and we issued new cards," said Kristi Brooks of TTCU.

Kristi Brooks says once TTCU gets a notice that such a large amount of its cards are at risk it immediately issues new cards.

She also says that none of those at risk accounts have accessed.

"We actually know that we have no fraud at this point on any of our cards that have been compromised," she said.

"It's going to be a headache, more than anything, for a large number of consumers," said John Hale, Professor of Cyber Security at the University of Tulsa.

Hale says hacks like this happen more often than people think, but banks and credit unions are usually prepared.

"There's no need to panic, but you just want to make sure you are on top of your transactions," he said.

Hale says there are four simple things you can do to protect yourself from credit card fraud. First of all, be vigilant about your account, check and double check every transaction, contact your bank or credit union if you think something has gone wrong, and have a backup plan just in case your card is canceled and you half to use cash or checks for the weekend.

TTCU reminds that credit and debit cards are protected by zero-liability insurance, so even if your account is the victim of fraud you're going to get your money back. 

"We, obviously, know that there's an issue and so immediately we're going to work with you and get that money put back into your account if that's the case," said Kristi Brooks, TTCU.

Published reports say most of the compromised cards were used in New York City at parking garages or taxi cabs.

Again, if you suspect anything unusual with your card contact your bank or credit union immediately.

Oklahoma's Attorney General Scott Pruitt's Office issued the following statement:

The Attorney General's Public Protection Unit issued an alert Friday on a major breach at a U.S.-based credit card processor. VISA and MasterCard are alerting banks across the country that the breach may involve more than 10 million compromised card numbers.

VISA and MasterCard are warning banks about specific cards that may have been compromised during the breach that occurred between Jan. 21 and Feb. 25. So far, most of the compromised cards were used in parking garages in and around the New York City area.

On Wednesday, Public Service Credit Union — a provider of online financial services to credit unions — said it alerted 482 credit unions that appear to have had cards impacted by the breach, and that a total of 56,455 member VISA and MasterCard accounts were compromised. PSCU said fraudulent activity had been detected on a relatively small number of those cards — 876 accounts — and that the activity was geographically dispersed.

The Public Protection Unit said cardholders should pay attention to Visa and MasterCard statements. If they see a problem, they should contact their bank or credit card company immediately, and also contact the three credit bureaus to put a Fraud Alert on accounts.