A credit union trade group is urging Congress to take proactive steps in establishing national data security standards for retailers.
The National Association of Federal Credit Unions (NAFCU) argues that if action does not take place, Congress is allowing for the personal information of customers to be at risk, which ultimately ends up costing credit unions, according to a report by The Hill.
"Consumers' sensitive personal and financial information, both online and in the stores, is as vulnerable as ever to cyber criminals," said Dan Berger, CEO of the NAFCU. "Consumers and their financial institutions - including not-for-profit, member-owned credit unions - are paying the price."
The request is being made by the NAFCU as the thick of holiday season approaches in November and December, the two months which the National Retail Federation experts to generate $616.9 billion in sales this year.