Credit unions’ urgent warning to members of potential data breach

One of Ireland’s largest credit unions has sent a security alert to its members – with the possibility that others may soon follow as it emerges they use a commonly employed third-party service.

Ballincollig Credit Union fired off an email to its customers about a potential security breach linked to Cabot Financial Ireland Limited, which handles credit control services on their behalf With Cabot servicing around 80 other credit unions throughout Ireland, more members in other locations could be receiving similar warnings.

Currently dealing with an alleged cyber security incident, Cabot Financial is looking into the matter, although it remains to be seen if any personal details from BCU clients or others have been affected—thus far, there’s no evidence to suggest any data compromise. Nevertheless, BCU isn’t taking the situation lightly and has already reported the issue to the necessary Irish state authorities, including An Garda Síochána, while an extensive investigation is in motion.

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Eolan De Burca, CEO of Ballincollig CU, said: “There is no indication that there has been any breach of personal or account information belonging to our members, but to be on the safe side we are asking people to follow our advice, and be cautious over the coming days,” indicating a proactive approach in handling the episode, reports Cork Beo.

The credit union reassured its members, stating: “But we do not want to unduly worry people, we have a duty of care to keep them informed and ask them to take care, especially with any unusual requests for information on their accounts. No further action is required by our members, except to remain vigilant to any suspicious communications.”

Members were advised that their PIN numbers, used for the online Member Log In system, were not stored on Cabot’s systems and therefore unaffected. However, the credit union urged members to exercise caution and not share their PIN numbers with anyone, as they would never request a full PIN number for login purposes or in any communication.

As a precautionary measure, members were warned to be vigilant against phishing attempts, where scammers may pose as trusted sources, such as financial institutions, to trick individuals into revealing sensitive information. Members were advised to be wary of unsolicited communications, especially those requesting banking details, PIN numbers, or passwords.

Anyone with concerns or who may have been targeted by phishing attempts was encouraged to contact Ballincollig Credit Union directly on 021-4872305.