It seems like every few days we hear about a new data breech where debit or credit card information is jeopardized. Compromises are very common around the holiday season but they can occur at any time of the year. So is it time to ditch the plastic and go back to the days of checks and cash? Not quite. Having your information compromised can be scary, but the most important thing to remember is to stay calm and actively take steps to safeguard your money.
What Exactly is a Card Compromise?
In the case of most compromises, it means that a group of cyber criminals either hacked into or placed a skimmer device on a merchant’s card processing system. The criminals collect card numbers, expiration dates and the three digit security codes on the back of customer’s cards. Once the hackers have the card information, they use it to make purchases. They will continue shopping until the card is shut off or declined for lack of funds.
If your information is compromised, you’ll need a new card. But what else should you do if you are the victim of a compromise?
Shut Off Your Card
If we detect fraud on your account, you’ll probably get a call from our fraud alert system asking you to verify the suspected transactions.
In addition, if you check your account in Online Banking and something doesn’t look right, give us a call at 888.267.7200. We'll shut off your card for security purposes and begin the dispute process, if necessary.
Monitor Your Account
Use Online and Mobile Banking to check your account balances and your recent transactions. Also, it's a good idea to look over your monthly statement. Sometimes criminals charge a small amount on your card to make sure it’s active before they start racking up large purchases. This is also a common tactic to see if you notice the unauthorized transaction.
If the transaction goes through, a criminal might wait a few weeks before they start making larger purchases.
Fill Out a Dispute Form
In order to recover your funds, give us a call to file a dispute. Call our main number at 888.267.7200 and follow the phone prompts to file a dispute. We'll walk you through the process and we'll verify each fraud transaction and the date that the transaction occurred. We may also ask you for your current phone number in case we have any follow-up questions.
Remember that your debit cards are covered under MasterCard®’s $0 liability policy*, meaning you’re not responsible for any unauthorized transactions.
Replace Card and Change Pin
Call us at 888.267.7200 to order a new card and PIN. You can also stop in to any Lake Trust branch to have a new card made for you. Or customize your new card with Quikcard*, an online tool that allows you to have your favorite picture printed on your new card.
Update Card Information
If you have automatic payments set up with your debit card, you’ll need to notify the collecting company that your card number changed. If your card information is saved in any online accounts, like PayPal, make sure to update that as well. Remember to shred your old card after you get a new card.
Continue to Monitor
Check your accounts a few times a week and verify your purchases. This step only takes a few minutes but it can save you from countless headaches and will help you catch fraud fast.
Remember that we always have your best interests in mind. We want to keep you safe and help ease the stress that comes along with a compromise.
*Third party website. Lake Trust Credit Union is not responsible for the content, availability, security or compliance of any linked third party websites. In addition, the site's privacy policies may differ from those of Lake Trust.