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Guard against fraud and identity theft
Account fraud is when someone obtains your credit card number or bank account information and makes unauthorized charges or withdrawals. Identity theft is when an imposter uses your personal information to commit fraud or other crimes. Personal identifying information may be compromised from a system or data breach, In recent years, the health care and retail industries — in addition to credit bureau agencies, government entities and educational institutions —have experienced major data breaches. And when that personal information is obtained fraudulently along with credit card information, it can wreak even more havoc on your finances.
Consumers are typically not held responsible for unauthorized transactions on their credit or debit cards if the fraudulent activity is reported in a timely manner. Still, dealing with the fallout can cause a major disruption in your life and be a source of much stress and anxiety, especially if you are working with financial institutions that aren’t prepared.
Summit Credit Union
Fraud that increases in frequency and severity seems to be one of the unintended consequences of our digital age, with no end in sight. Because of the destructive toll that fraud can take on the lives of its victims, institutions like Summit Credit Union are constantly gaining new understanding of the complexities and forms of fraud that could impact Summit Credit Union members.
“When members contact the credit union with concerns about fraud, we work quickly to identify the means by which the fraud is taking place and take the appropriate actions to limit any future fraud or damage. We also help educate members on different alerts that they can set up and maintain to notify them quickly of unusual activity on their accounts and prevent fraud before it happens,” says Brian Kopp, a financial advisor with Summit Financial Advisors.Summit’s Climbr program is offered as part of its online banking service, allowing members to set up large transaction and account-balance alerts. Summit credit and debit cards offer fraud text alerts that notify members when a suspicious transaction shows up on their accounts. If the cardholder identifies the charge as fraud, the card is immediately closed. Summit credit cards also offer transaction alerts to cardholders who want them. “We also do a lot of education to help members understand the importance of keeping their information secure and confidential,” Kopp says. “If members are the victims of identity theft, we work with them to file online identity theft complaints with the Federal Trade Commission.”
Identity-fraud prevention is one aspect of the ongoing financial-literacy education Summit Credit Union and Summit Financial Advisors provide to members. Summit Credit Union also encourages all members to meet with Summit Financial Advisors to review their credit scores. This is a good financial practice under any circumstances, and it is another way to catch discrepancies or inaccurate information that could be evidence of identity theft or other fraud.
Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC , a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CUNA Brokerage Services, Inc. is a registered broker/dealer in all fifty states of the United States of America. FR-2769257.1-1019-1121.
UW Credit Union
People typically have a personal preference of how they use their debit or credit card when making spending decisions. One thing many consumers look out for is security features with the type of cards they use because fraud can happen anywhere and can cause a major disruption in your life.
At UW Credit Union there is an entire team of employees focused solely on helping prevent and mitigate fraud against the credit union and UW Credit Union members.
“We proactively monitor activity including cards, looking for suspicious transactions and identifying patterns of fraud. The quicker we can identify suspicious activity, the less impact it has on our members,” says UW Credit Union loss prevention manager Julie Walser. “UWCU can instantly issue our members cards at any of our branch locations. We also have card security tools that help our members keep themselves protected from fraud such as card activity alerts, card lock/unlock and mobile travel verification.” While scammers are always trying to be one step ahead with the fraud tactics they use, so it’s important to know what to look for to help identify a scam which can help decrease the stress these situations can bring on.
“Consumers need to adopt a ‘healthy level of paranoia’ when answering the phone because you really have no idea who you are talking to,” Walser says. “If anyone asks you for information such as your online banking account information, passwords or other personal identifying information, slow down and think if what they are asking for makes sense. If not, hang up and contact the company directly at a published or known number.”
Walser recommends that the best defense against online card transaction fraud is to monitor your accounts frequently via online banking and enroll in transaction and account alerts. Plus, she says, the financial support team at UW Credit Union is always there to talk through any suspicious activity you encounter or questions you have about your accounts. •
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