Money Matters

The Column - January 21, 2021

ANNUAL MEETING 2021

The pandemic has had a significant impact on many events over the past nine months and unfortunately the Credit Union Annual Meeting will be altered as well. For the first time in recent memory, we will not be providing a catered meal at the Annual Meeting and, based on expected restrictions in gathering size, gifts and prizes will not be a part of our event.

We will be planning a business meeting only on Wednesday, March 17th, at the Boulder Creek Pavilion, and the number of attendees will be determined in early March based on State restrictions in effect at that time.

Please accept our apologies for this disruption to our favorite annual event, but we promise to be back bigger and better than ever in 2022!

CARDHOLDER FRAUD EDUCATION

Fraudsters have become increasingly adept at getting cardholders to share the information they need to commit fraud by posing as financial institution call center agents, or by sending text messages that look like they are coming from your institution, warning of suspicious transaction activities. They are also known to call in to call centers posing as cardholders requesting changes to card information and parameters.

Fraudsters use information stolen through data breaches and malware programs installed on personal computers and other sources. Stolen personally identifiable information (PII) is combined with stolen card information, resulting in sufficient information to create profiles that fraudsters can use to position themselves as an actual cardholder.

Follow these tips to avoid compromising your personal information:

• A text alert from the Credit Union or our processors to our cardholders warning of suspicious activity on their card will NEVER include a link to be clicked. Cardholders should never click on a link in a text message that is supposedly from the Credit Union. A valid notification from the Credit Union will provide information about the suspect transaction and ask the cardholder to reply to the text message with answers such as ‘yes’, ‘no’, ‘help’, or ‘stop,’ and will never include a link.
• A text alert from the Credit Union will always be from a 5-digit number and NOT a 10-digit number resembling a phone number.
• A phone call from the Credit Union’s automated dialer will only include a request for a cardholder’s zip code, and no other personal information, unless they confirm that a transaction is fraudulent. Only then will they be transferred to an agent who will ask questions to confirm their identity before going through their transactions.

If at any point you, the cardholder, are uncertain about questions being asked or the call itself, hang up and call the Credit Union directly. If you receive a call claiming to be the Credit Union call center and asking to verify transactions, no information should be provided other than your zip code and a ‘yes’ or ‘no’ to the transaction provided. Additional facts:

• The Credit Union will NEVER ask for the PIN or the 3-digit security code on the back of a card.
• Posing as call center agents, fraudsters will often ask cardholders to verify fake transactions. When the cardholder says no, they did not perform those transactions, the fraudster then says that their card will be blocked, a new card will be issued, and that they need the card’s PIN to put on the new card. Many people believe this and provide their PIN.
• Regularly check your account(s) online for suspicious transactions, but especially if you are unsure about a call or text message you’ve received. If anything looks amiss, call the Credit Union directly for assistance.
• If you receive a voice or a text message from the Credit Union’s fraud call center and are unsure about responding to it, call the Credit Union directly for assistance.

And one of the best ways to take control of your card activity….

CardValet®

CardValet® is the mobile app that lets you control your BDCU Visa® Debit or Visa® Credit Card from your mobile device. Monitor your transactions, block types of transactions or turn your card on or off. CardValet® puts the power in your hands.

To access CardValet® view the Access Solutions tab on our website.

WORDS OF WISDOM

“Learn from yesterday, live for today, hope for tomorrow.” - Albert Einstein