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The personal data of about 15,000 members of a credit union has been stolen in a “cyber-attack”. Sheffield Credit Union (SCU) said information including names, addresses, national insurance numbers and bank details had been accessed.

The attack happened in February 2018 but only came to light recently after hackers threatened to publish the data unless a ransom was paid.

South Yorkshire Police said it was working with SCU and Action Fraud.

The credit union said the breach may leave members open to attempts to defraud them.

In a letter to its members, SCU said: "We are writing to all of our members to inform them that Sheffield Credit Union was the victim of a 'cyber-crime' incident, which is believed to have taken place on 14th February 2018 but only recently came to light.

"This incident may expose you to text messaging, cold calling and attempts to defraud." It said that since the theft it had "reviewed and increased" its security and details of the attack had been passed to the relevant authorities, including police and Information Commissioners Office (ICO).

Fiona Greaves, chairwoman of SCU, said it was believed hackers accessed the data using a so-called "brute-force" attack, where they bombard computer systems with different password combinations in the hope of effectively guessing the correct one through trial and error. She said: "We are taking it extremely seriously.

"Members do not need to worry that the loss of the data is going to mean wholesale fraud, we are warning people that it has happened and that they need to be aware that potentially someone could have got hold of their information."

SCU has advised its members to monitor their bank and credit report for any unusual activity.

An ICO spokesperson said: "We are aware of an incident in relation to Sheffield Credit Union and we are making enquiries."


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JOB VACANCY - Business Development Manager

ACE is currently looking to employ a Business Development Manager to help attract new members and promote ACE Credit Union Services across the Credit Union sector in Great Britain. Applications with a CV should be sent to bill.hudson@acecus.org The closing date for applications is 13/10/2023 with interviews being held in Manchester on the 23/10/2023

Job_Decription_Business_Dev_manager.pdf

ACE Newsletter July 2023

Our latest newsletter is available to view here

Following the trade bodies meeting with the PRA and FCA you can read about what you will need to do to take advantage of the new products and services being offered to credit unions through the Financial Servicesand Markets Act 2023. The FCA also lays out its expectations for credit unions as Consumer Duty becomes a reality on the 31st July 2023.

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Our latest newsletter is available to view here

Bilingual, free and impartial money guidance 

The Money & Pension Advice team have produced bilingual, free and impartial money guidance for your customers, clients or staff. More information is available here

Coronavirus COVID 19

You may have already started to write your own Contingency Plans for the impact of COVID 19. With thanks to all UK Credit Union Trade Associations the factsheet here is not meant to replace or change anything that you have already implemented but it might help those of you who have not yet planned how to respond to the impact of Covid-19 as yet. 

 

2020 Budget proposes changes to Credit Union legislation 

The Chancellor announced at Budget yesterday that the Government will bring forward legislation to allow credit unions to offer a wider range of products and services to their members, supporting their vital role in financial inclusion. The Budget document is available here, and the specific announcement is on p100.

As the Government conducted a wide-ranging consultation on the future of the credit union sector in 2014, they believe it would be unnecessary to repeat the process at this point. However, HM Treasury is keen to engage with the sector on the specifics of the changes.

 

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