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Unfortunately, plastic
card fraud is a growing We have an
problem that has become a in-house fraud
daily reality for consumers and security team
and financial institutions.
The number of U.S. data that is constantly
breaches tracked through working to alert
June 30, 2017 hit a half-year members when
Amey’s Corner record high of fraud is detected.
791, a 29% jump over 2016
figures during the same time period. 1
In recent years, technology has advanced to include more sophisticated chip card
technology. More advanced data analytics that alert card holders when irregular debit
or credit activity is detected on an account is also readily available. As quickly as
technology advances, fraud continues to increase. Criminals find the next best way
to target cardholders and financial institutions, creating fraudulent cards,
transactions, and skimming credit card data in new and changing ways.
Belco Community Credit Union works to secure data using the most robust and
updated prevention methods available. We have an in-house fraud and security team
that is constantly working to alert members when fraud is detected. We also work
with VISA Falcon Fraud Prevention Service, which ensures Belco cardholder usage is
monitored, and transactions that may be considered fraudulent are flagged to be
verified with the cardholder as legitimate. This fraud detection system will
continually monitor your card activity to help identify and prevent fraudulent
transactions on your account. Subscribing to the SHERPA monitoring service is also
available to Belco members for a nominal subscription rate. The SHERPA service
provides tools and guidance to protect your personal information. More information
on SHERPA is available on our website – www.belco.org.
Financial institutions like Belco are absorbing the brunt of the expense from this
rising tide of fraud and data breaches like the occurrence at Equifax earlier this year.
Reimbursement of direct cardholder losses, costs related to the time and resources
spent on responding to breaches, and ongoing compliance-related expenses cost Belco
thousands of dollars each year. Increased operating expenses reduce member value by
driving up costs to do business.
Members can take steps to engage in prevention of plastic card on your account.
Consider utilizing mobile notifications to alert you to abnormal account activity. You
may also set up card controls to set limits on purchase activity. Be wary of using free
public Wi-Fi for accessing financial sites or information related to online bank
accounts. Be alert when paying at the pump for gas or using an ATM; skimming
devices may be evident if you take few seconds to inspect the machine. Taking the
time to review your statements and proactively protect your sensitive personal data is

(“Amey’s Corner” continued on page 8)
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