Page 3 - WVFCU: Community Connection - Spring, 2020

How Does Debit Card Fraud Happen?
If you’ve ever been the victim of debit card fraud or identity theft, you know how scary,
violating and frustrating that can be. How did they get your information? In today’s
fast-paced digital world, there are more and more ways that someone could steal your
account information and rip you off:
-Card Skimers
-Intercepting Mail
-Online Purchases
-Restaurants & Stores
-Data Breach
WVFCU’s Debit Card Fraud Department will contact you if they suspect fraud. When
they call, they will say “This is the fraud detections center calling to verify recent activity on your WVFCU debit card ending in <last 4 digits of the card>. If this is <Card-
holder’s Name> press 1. If not, press 2. Para Espanol, oprima nueve. Please make your selection now.
You should never have to provide any personal information or your card number. If you miss the call and prefer to call us, just dial 304-744-MYCU (6928) to inquire about
fraudulent activity.
We now offer notification by text or email if you prefer. Call us at 304-744-MYCU (6928) for setup.
If you know you will be traveling outside of your normal pattern or internationally, please contact us so that it won’t trigger the Debit Card Fraud Department. Also, make sure
that your phone numbers are updated. If they are not updated you won’t be able to activate your card. Card Center validates who you are by your phone number.
How Do Banks Investigate Debit Card Fraud?
If you’re the victim of fraud, you’ll want to be sure to contact your WVFCU immediately—and that’s if they haven’t already contacted you. Our Debit Card Fraud Department
has special alerts in place, so when an odd transaction comes through on your debit card, they can contact you to see if it was actually you who made the purchase. Just keep
your eyes peeled for purchases from places you’ve never been before in amounts you wouldn’t normally spend.
Lost or Stolen Debit Card
If you lost your debit card (or if it got swiped), it’s important to let WVFCU know that you think your card might be comprised—as soon as possible. The Electronic Fund
Transfer Act outlines your liability if your card is lost or stolen based on when you report it. Once you report the loss, you’re no longer responsible for any fraudulent charges.
If you report debit card fraud before any transactions are made, you have zero liability. If you report within two days, your liability is just $50. If you report within 60 days of
receiving your bank statement, you might have to pay up to $500 max of what was spent in your name before you reported the loss. And after 60 days, there’s no end to your
liability for unauthorized spending.
We request that you try contacting the merchant first to report that the transaction was not authorized by you and request a credit back. If they will not assist you then you
have recourse with us. Stop in and complete and Debit Card Dispute form.
Lost or Stolen Debit Card Information
To Report a Lost or stolen West Virginia Federal Credit Union Debit VisaCard or fraudulent activity call:
Cardmember Support
304-744-MYCU (6928)- available 9:00 - 4:30
800-554-8969 - available 24/7
Stolen Card Number
If those shady characters stole your debit card number (but you still have your card), you are not liable for any unauthorized charges made in your name. In order to have zero
liability, you need to report this shady business to us within 60 days after your bank statement is sent. If you report the charges after 60 days, you’ll still be reimbursed for
charges made in the first 60 days, but you may not be able to recover any illegal spending that happened after that.
Most debit cards are backed by Visa or Mastercard. In the case of stolen card numbers, this works to your benefit. Both companies offer a zero liability policy. If your PIN num-
ber was stolen, this policy might not cover you.
Fraud Investigation
Once you notify WVFCU, we have 10 business days to do an investigation and we will notify you. But what about the money that was taken from your account?
Once we have investigated the fraud and have determined it is fraud, the funds may be deposited back to your account.
How to Prevent Debit Card Fraud
Now that you know how debit card fraud happens, it’s time to start putting safety precautions in place to make sure it doesn’t happen to you or your family. Here are some
easy ways to make sure you can keep your information—and your money—safe and sound:
1. Check your online bank account often (and go paperless).
2. Whenever possible, use your debit card as “credit” at the cash register. The less you enter your PIN number, the safer you are.
3. Opt for ATMs at your credit union over stand-alone ATMs (like at a gas station).
4. Always use a secure network when making online purchases.
5. Sign up for fraud or ID theft protection.
6. Always check card readers when you’re out and about. If it looks off, don’t use it!
7. Always dispose of bank statements and sensitive information properly—the shredder is your new best friend.
8. Turn off your overdraft protection. You don’t want someone to drain both of your accounts.

VOL. 4 | SPRING 2020 | ISSUE 1 PAGE 3