Credit Unions Sue Payment Processor Slim CD Over Card Data Loss

First Choice Federal Credit Union and Financial Horizons Credit Union filed a class action lawsuit against Slim CD Inc. alleging that it failed to adequately safeguard payment card data that was accessed and taken by unauthorized parties between Aug. 17, 2023, and June 15, 2024.

The complaint alleges that Slim CD, a payment gateway and processing provider, violated the Federal Trade Commission Act and industry standards including the Payment Card Industry Data Security Standards by failing to implement reasonable data security measures to protect payment card data including cardholder names, credit card numbers, and expiration dates. As a result, the ...