Yourself from Credit Card Fraud
card fraud is a crime that could cost cardholders and issuers hundreds of
millions of dollars and is increasing each year.
Precautions you can
- Sign the back of your card as soon as it arrives. BIFCU’s
card activation feature
helps prevent unauthorized use before your card arrives.
- Carry your card separately from your wallet. This
prevents loss of your card if your wallet is stolen or tampered with.
- Keep your credit card number concealed in a check-out
line. If merchants are still using charge slips with separate carbons,
take the copies and destroy them.
- Only use your card at merchants you know and trust. A
large number of credit card disputes involve online businesses without
adequate internal controls.
- Reduce the number of credit cards you carry. Keep an
emergency phone list of credit card companies to contact in case your
credit cards are lost or stolen.
- Do not give your credit card number out over the phone
unless you initiated the call. No financial institution personnel will
ever ask you for your credit card number. The financial institution
already has it.
- Store your receipts in a safe place and compare them
with your Visa statement each month.
- Open your monthly BIFCU Visa statement immediately
every month and skim the transactions for ones you didn't make. The faster
you spot a problem, the sooner we can stop the loss, give you provisional
credit, and investigate the problem. Report problems to BIFCU in writing
- Do not give out your card number online unless the site
is secure (look for a closed lock at the bottom of your browser).
- After you activate your new cards, make sure you
completely cut up your old cards before throwing them away. Cut them
through the magnetic strip and through the numbers in two directions.
- Notify us in advance of your change of address in
- Report loss, theft, or fraudulent activity immediately.
If you detect fraud or
lose your card
you detect loss, theft, or unauthorized use on your BIFCU Visa, report it
immediately by calling 800/991-4964. The faster you report it, the faster we can block your card,
stop the losses, and order you a replacement card(s). See the Federal Trade
for Consumers - Credit, ATM and Debit Cards: What To Do If They're Lost or
for more detailed information.
disputed transaction amounts or problems with merchants, the procedure is
different. For these, you would notify us in writing as soon as possible. There
is also information on handling card disputes contained with your statement
BIFCU, we use every tool available to keep your Visa account secure. Here are
just some of the measures we take...
- Card activation – When you get a new or replacement card in the
mail, you'll see a sticker on the front with a telephone number. Your
credit card cannot function until you call this number and provide
confirmation of your identity. This prevents the card from being used if
it's stolen from your mailbox or while in transit to you.
- Neural networks – These highly sophisticated programs monitor
your transaction activity for anything unusual so we can contact you about
it. Neural networks might pick up that your card is being used in Mexico and New York City on the same day.
- Expiration date confirmation – As almost all card
transactions are made, there is an electronic confirmation made through
Visa International that the card is valid, the credit limit is available,
and it hasn't been stolen. In addition, on BIFCU Visa transactions, the
expiration date supplied must be correct. The one inconvenience of this security
measure is that you must update the expiration date with vendors who make
regular automatic charges to your card (such as online services, newspaper
- Block on Internet gambling – Visa recently instituted
this block on cards for two reasons – (1) in most states, it is illegal to
gamble across state lines, and (2) off-shore gambling has resulted in a
variety of fraud claims and financial hardship for people with compulsive
Verified by Visa® – This optional free service verifies card
ownership when making online purchases. It's designed to help prevent
fraudulent use of your BIFCU Visa Credit Card and BIFCU Visa Express Check Card
numbers. Visit Verified
by Visa to learn more about this service and sign up.