Executive Summary 17 June 2008

By Christian Mullins

Executive Summary:

In South Bend, Indiana, over 100 members from two credit unions have reported fraudulent PIN-based transactions on their accounts over the weekend. Teachers Credit Union confirmed 97 members had been affected, while Notre Dame Federal Credit Union had at least 10 affected members. The withdrawals ranged in size, from $100 to $1,300, and were concentrated at ATMs in Russia, Ukraine, and Nigeria. Police are investigating the source of the data breach.

Kaiperm Federal Credit Union, based in Oakland, California, is the third Bay Area credit union to seek a merger due to losses from real estate loans. They are currently in negotiations with Alliant Credit Union, a $5.33 billion asset financial institution based in Chicago (Chicago?), Illinois. Kaiperm, with $96 million in assets, has lost $6 million since the start of 2007. The merger is expected to be completed by September.

International Summary:

• Nothing to report today.

Robbed:

• Greater Cincinnati Credit Union, Cincinnati, Ohio, Monday. Two men, one armed with a handgun, wearing polo shirts entered the credit union just before 4:00 pm Monday and demanded money. A GPS device was planted inside the bag, but it was discovered and discarded. No one was injured.
• Universal One Credit Union, Springfield, Ohio, Monday. A man dressed in black and wearing purple gloves robbed the credit union at gunpoint around 1:00 pm. While escaping with an undisclosed amount of cash, police say the dye pack given with the money did explode. No one was injured.

Arrested, Arraigned, Charged, or Sentenced:

• Richard Thomas Wright, 44, allegedly robbed First Choice Community Credit Union outside Knoxville, Tennessee Monday, only to run out of gas during his getaway. A Sheriffs Deputy pulled alongside the car about 10 minutes after the robbery took place, and found the stolen cash inside. Wright never displayed a gun, and no one was injured during the robbery.