May 2, 2018
Have you been notified of a “compromised card” recently?
There have been many news stories about the potential for identity theft with a recent report released by FICO that announced a 10 percent increase in the number of compromised debit cards at U.S. ATMs and merchants in 2017 compared to the previous year. If that sounds like a lot, that’s because it is, although it’s less extreme than the 70 percent increase FICO noted in 2016. The takeaway? Compromised cards are on the rise, which means it’s more important now than ever to safeguard your card and personal information.
What is a compromised card?
If you’ve received a notification from us that your card has been compromised, it means that information (your card number, name, expiration date, etc.) may have been obtained by an unauthorized source and is at risk of being used fraudulently. Cards are compromised when someone attempts to use your card number without your authorization or if a merchant with whom you’ve used your card has experienced a data breach.
How does LUSO react to compromise card notifications?
When we receive a possible card compromise notification we will reach out to affected members to let them know that the card will be blocked. If your contact information (including primary phone number or address) has changed, please let us know so we can update our records. If you receive a Compromised Card notification from us, we encourage you to review your account to make sure no unauthorized purchases have gone through. You can easily review your daily transactions using our Online Banking or Mobile App.
What should I do if I discover fraud on my account?
If your card has not been blocked already, call the Credit Union at (413) 589-9966.
Will I receive a new debit card?
If you’ve received a compromised card notification from us, your existing will be blocked and you will receive a new card.
How do I obtain a replacement card?
You can stop in at any LUSO branch during business hours and we will print out a new card for you. If you request to have your card mailed to you, you should receive it within seven to 10 business days.
LUSO Federal Credit Union has systems in place to alert us to possible compromised cards. We use round-the-clock Fraud Detection monitoring, which means trained analysts are always watching for suspicious activity on your cards. When a transaction is not consistent with your usual card activity, you will get a call from “Fraud Detection” to verify the authenticity of the transaction. “Fraud Detection Services will never ask for your full card number, expiration date, PIN number, CVC code, or social security number. If you ever receive a call from “Fraud Detection,” know they are doing their job to prevent potential fraudulent use of your debit card.
For more information about compromised cards, contact LUSO Federal Credit Union at (413) 589-9966.