Consumers Protects Me from Credit Card Fraud
Poste by Tim Kosak
While I was busy working in my yard on a Sunday afternoon, a scammer had been busy racking up charges on my Consumers credit card. I was completely unaware – until I received a call from the credit union to verify some suspicious activity. Thanks to a vigilant fraud detection system, Consumers stopped over $3,500 in bogus transactions before they even posted to my account!
In my role as VP of Consumer Lending, I talk with members daily about services they can use to protect themselves from fraud and scams. Just as it did for me, it’s good to know that Consumers has your back when it comes to fighting fraud:
• When Consumers suspects fraud, we call the member right away (even after hours!) to verify a charge or multiple charges. If you miss the call and get a voice message, call back as soon possible.
• Consumers will never ask for personal information such as your full Social Security or PIN number. If the credit union is calling you, we already have this information. Makes sense, right? If someone is asking for these details, hang up and call Consumers at 800.991.2221.
• If a potentially fraudulent transaction is attempted on your account and Consumers can’t reach you, use of your credit or debit account will be unavailable until we verify the transaction with you by phone. (Be sure to keep your contact information up to date in case we need to reach you!)
• If fraud does happen members can get a new instant issue debit card at any Consumers office.
The best thing about the Consumers fraud detection system is that it saved me from so much hassle. I didn’t have to dispute anything because we caught it before the charges went through. After this experience I feel safer than ever at Consumers!
Consumers Credit Union is thrilled to be delivering Mastercard credit cards with an EMV chip to a mailbox near you!
What is a chip card? It’s a credit card with a microchip embedded in the front of your card. You use it just like your credit cards with a magnetic strip but it adds an extra layer of protection EACH time you use it. Here are five reasons a Consumers chip card is right for you:
- Advanced security. Think of the chip card as a “code chameleon” – every time you make a transaction, your code changes, which is a big deterrent for criminals.
- Cards stay with you. In retail and restaurant locations using the chip card readers, your card stays in front of you at all times. (Again, another deterrent for would-be thieves!)
- Fly the friendly skies. Chip cards are already popular in many countries all over the world, making travel a breeze.
- It’s easy to use. When you use your card at a merchant who has enabled EMV or chip functionality, all you need to do is insert your card into the front of a credit card machine reader vs. swiping the standard way.
- Traditional use still works. Chip cards are still equipped with magnetic card strips on the back like you are used to and you can still use a signature or PIN to complete your transactions when an EMV chip card reader is not available.
If you are traveling internationally click HERE to let us know.
We’ll get a Consumers Mastercard chip credit card in your hands before you leave!
Debit cards will not change until 2016.
Ever wonder what a home equity loan or line of credit could do for you? Can you leverage your home’s equity in gaining a vacation home, a new vehicle, or funding your kids’ college education? What’s the difference between a home equity loan and a line of credit?
Our simple brochure will explain how to use a home equity loan or line of credit to reach YOUR financial goals.
If you want to stand on your own when building credit or have been turned down and need some credit repair, Consumers Credit Smart can help! Our new program helps you build payment history to begin establishing or repairing your credit. Upon completion of the program, you’re guaranteed a Consumers auto loan or credit card.
“Credit cards. You may have the belief they can tempt you to overspend and hurt your credit,” says Tim Kosak, Consumer Lending Manager at Consumers Credit Union. But “when managed properly, credit cards are actually beneficial for your finances.” Listen to learn how a credit card can be a useful tool to help you reach your financial goals.
What should you do if you accumulated credit card debt in your past? You may be feeling stuck. “You can pay it off,” says Tim Kosak, Consumer Lending Manager at Consumers Credit Union. “Don’t be afraid to ask questions and learn if consolidation loans or balance transfers can help you ease your monthly payment.” Listen for more tips from our own successful members.