WESTBROOK, Maine (9/29/14)--Media outlets in Maine have been on the hunt for an expert who can give feedback and advice about the recent string of major data breaches. It appears they've found one in the Maine Credit Union League.
Maine League President/CEO John Murphy has been interviewed a number of times by the Portland Press Herald and the Maine Sunday Telegram to offer his perspective on how data security breaches, such as the one to strike Home Depot, can affect credit unions and their members.
Murphy has explained to the publications that financial institutions, not the merchants responsible, will pay the biggest price as a result of the Home Depot breach, "as is often the case in most breaches that occur."
"Maine credit unions and other financial institutions are expecting to pay millions of dollars as a result of reimbursing members (and customers) for credit card losses and issuing new cards," Murphy said. "Unfortunately, those extra costs will, ultimately, result in higher fees or interest rates for consumers."
Murphy also said it's important the public understands that credit unions and other financial institutions are the ones on the hook for breaches, not the merchants who actually are responsible for them.
The Credit Union National Association continues to urge state and federal lawmakers to pass legislation that would require merchants to meet the same high data security standards that financial institutions must follow.
Murphy's comments on the subject ran in every Maine daily newspaper, and the stories were covered by a number of radio stations in their newscasts.
In addition to Murphy's presence in the media, Rebekah Higgins, league assistant vice president of card services, recently was interviewed by several TV stations in Maine, including WSCH-TV 6, WLBZ-TV 2 and WMTW-TV 8.
The league also connected ABC 7 News with Steve Clark, president/CEO of Bangor (Maine) FCU, with $127 million in assets, to offer a first-hand account of the impact of the breaches on his credit union and its members.