Practical Tips to Keep You Safe

We live in a digital world, so keeping your personal information secure and understanding the tools fraudsters use to commit crimes is critical.

Social Engineering Scams Are Still Common

Bad actors continue to use social engineering schemes such as shimmers, phishing, vishing, and hacking to trick you into providing sensitive information or making fraudulent transactions. In these schemes, bad actors often claim to be from your financial or representatives of well-known merchants. In fraudster's calls, emails, or text messages, they allege there’s a problem with your card or account. These false narratives are meant to influence your emotions to convince you to give up sensitive data such as your card number, login credentials, or a one-time password. 

Education is key in protecting you from being caught up in these malicious attacks. Be skeptical of unsolicited calls or emails. Avoid giving out sensitive information over the phone or via email.

The First Signs of Fraud

Fraudsters often test card information they illegally obtained by making a small transaction, typically under $5. If a test authorization is approved, fraudsters use the card information to commit further fraudulent transactions or sell it on the dark web.  

The ability to detect threats before they can cause damage is critically important.

Protecting Your Cards

Whether you are staying local or jumping on a plane for spring break, consider the following before, while, and after you return to help safeguard you against fraud.

Use a Secured Network- Don't do financial transactions online when using your mobile devices or computer in a public place or over an unsecured network.

Which Card to Use- Consider using a credit card like WinCU's low interest card, which offers greater protection against fraud, rather than a debit card. If you do use your debit card, it is always safest to choose "PIN" transaction.

Stick to Credit Union or Bank ATMs- ATMs tend to have better security (video cameras) than automated teller machines at convenience stores, restaurants, and other places.

Get Account Alerts- In addition to checking your balance and recent transactions online daily, you can place "alerts" on your account(s). Depending on what alerts you set up, you will receive email and/or text messages when specific activity occurs on your accounts, such as a withdrawal exceeding an amount you specify, if a check cleared, a loan payment was made, or a periodic account balance.

Beware of Phishing Scams- When checking your email or doing business online, make sure you know who you're interacting with. An identity thief may set up a phishing website that looks like it belongs to your financial or another business you have an account with. In reality, the scammer is looking to get access to your personal information and may attempt to access your bank account.

Go Paperless- Signing up for paperless eStatements will eliminate the possibility of having your account information stolen from your mailbox. Shredding existing bank statements and debit card receipts using a paper shredder when you're done with them will significantly reduce the possibility of having bank account information stolen from your trash.

Destroy Old Debit Cards- Some shredders will take care of this for you. Otherwise, having your old card floating around puts your information at risk.

What to Do

Fraud is more complicated than ever. If you are a victim of debit card you should: 

1. Alert the Credit Union. As soon as possible contact WinCU at 920.233.9096 to report the fraudulent activity.
2. Report the fraud to the U.S. Federal Trade Commission (FTC). You can report scams as well as confirmed cases of identity theft. Law enforcement will use the reports to investigate the case if warranted.

Unfortunately, debit card fraud is a real threat and increasing in frequency. But by staying vigilant, you may be able to avoid becoming part of the statistic.

Reference
Ryan Dutton, Shazaom Blog (3.13.24)
Amy Fontinelle, Investopedia (9.17.23)