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Philadelphia Federal Credit Union customers fall victim to fraudulent transactions

Philadelphia Federal Credit Union customers fall victim to fraudulent transactions
  • The incident is estimated to have impacted nearly 400 customers.
  • Some accounts were accessed more than once over the weekend, with the stolen amount ranging from $200 to $500.

The customers of Philadelphia Federal Credit Union have fallen victim to fraudulent transactions over the weekend. The incident is estimated to have impacted nearly 400 customers.

What happened?

Over the weekend, many PFCU customers witnessed some unauthorized withdrawals and transactions in their credit union accounts. These fraudulent transactions have affected customers whose accounts were opened by PFCU located at Standwood Street and Roosevelt Boulevard.

The incident came to light after many customers realized something was wrong in their accounts on May 8, 2019, after PFCU made the announcement. PFCU had admitted that account information belonging to customers had been compromised.

The initial investigation by the internal team showed that the fraudulent transactions involved a small percentage of customers’ debit cards.

What was the impact?

It is estimated that up to 400 PFCU customers may have been affected in the incident. Some accounts were accessed more than once over the weekend, with the stolen amount ranging from $200 to $500, ZDNet reported.

Worth noting

The money was withdrawn from ATMs, which indicates that the fraudsters may have stolen the victims’ card details and cloned onto new cards.

The bottom line

PFCU has asserted that it will work to reimburse stolen funds. It is also working with its security and loss prevention specialist to determine the extent and cause of the incident.

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