CORVALLIS, Ore. - (01/25/06) -- Several area credit union and bankscancelled debit cards this week after a security alert from Fair,Isaac & Co. indicated the cards may have been compromised. OSUFCU cancelled 1,200 of its members cards and began reissuing themimmediately after the accounts were flagged, according to CarlynRoy, chief operating officer for the $400 million credit union. Thenotice from Fair, Isaac last Friday came a few days after thecredit union detected some transaction activity on its accountsfrom eastern Europe. "We saw some activity coming out of Russia themiddle of last week so we put a block on those cards," Roy told TheCredit Union Journal. She estimated a 'handful' of her creditunion's accounts had been used by unauthorized third-parties. OSUFCU opened a branch last Saturday where it performed instant cardissuance for affected members, she said. By Tuesday about 755 ofthe cards had been replaced. Other institutions affected wereBenton County Schools CU, Central Willamette Community CU andCitizens Bank.
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Lake Shore Bancorp in Western New York has reached a "standstill agreement" with the Stilwell Group, which has promised not to force a merger or sale in the next three years.
March 20 -
Swiss banking giant UBS Group received federal approval from the Office of the Comptroller of the Currency to convert its $1.6 trillion-asset UBS Bank USA from a Utah-chartered industrial bank to a national charter.
March 20 -
Early industry reaction to the Federal Reserve's Basel III proposals points to potential capital relief for banks, though stakeholders say the complexity of the changes makes their overall impact unclear.
March 20 -
Financial institutions that delay or fail to take this leap risk losing customers and revenue, said speakers at the inaugural On-Chain Executive Summit.
March 20 -
CISA and Microsoft urge organizations to secure endpoint management systems as threat actors increasingly seek to disrupt operations with wiper malware.
March 20 -
Piermont Bank hired Dennis Day for a new executive role focused on payments; the American Bankers Association announced the global expansion of its widely used Fraud Contact Directory; MC Bankshares moved one step closer to finalizing its sale to an investor group; and more in this week's banking news roundup.
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