January 29, 2014

Holder: Justice investigating Target breach

U.S. Attorney General Eric Holder on Wednesday confirmed in a Senate Judiciary Committee oversight hearing that the Justice Department is investigating the recent Target Corporation data breach, which will get more attention next week in two NAFCU-sought hearings.

A Senate Banking subcommittee holds a hearing Feb. 3 on data security, and the full Senate Judiciary Committee will hold one Feb. 4 on cybercrime and preventing data breaches. NAFCU will submit statements for both of those hearings.

Yesterday, Holder told lawmakers his department generally doesn't talk about specific cases under investigation. However, he said the department "is investigating the breach involving the U.S. retailer, Target," he was quoted saying in USA Today. "And we are committed to working to find not only the perpetrators of these sorts of data breaches – but also any individuals and groups who exploit that data via credit card fraud."

NAFCU was the first financial trade association to call on Congress for hearings and legislation on national data security standards for retailers in the wake of the Target breach. Working jointly with the Independent Community Bankers of America, NAFCU wrote the House and Senate Tuesday to reiterate the need for Congress to act.

Credit unions will learn about the latest trends in fraud and how to respond to data security threats at NAFCU's Technology and Security Conference next month in Las Vegas.