General Information on Avoiding Financial Scams
Debit cards are a very safe way to pay for goods or services or to withdraw cash, but it is important to take the necessary precautions to ensure that your card and card details are kept safe. Through fraud awareness you can help prevent becoming a victim of a scam.
- Your MYCU Debit Card uses “Chip and PIN” technology meaning it contains a micro-chip that helps prevent the physical card being copied (counterfeited) and used fraudulently. However, due to the fact that some countries have not yet introduced “Chip and PIN”, Irish cards that are counterfeited can still be used to make fraudulent ATM withdrawals or pay for goods and services in some countries outside Europe.
- Treat your card like cash. Keep it safe at all times. A card with a PIN is a very valuable thing to a criminal. A card without a PIN is also of value to a criminal as it can be used in some online stores.
- It is important to keep your PIN safe and shield it when you are entering it. Card data that has been skimmed can be sold in the criminal underworld especially if it includes the PIN of the card. Skimmed card data can easily be passed to criminals in countries that do not yet have Chip and PIN who then use it to create a counterfeit card to withdraw cash from ATMs
The general information below may be useful guidance for you in avoiding scams and unauthorised activity.
- If somebody contacts you out of the blue offering you money or an easy way to make money, it is probably too good to be true.
- Don’t assume an email, call or text is genuine because someone has basic information like your name or address. Fraudsters may use publicly available information to lure you in.
- Fraudsters are very good at making e-mails look genuine and have been known to set up elaborate and convincing dummy websites.
- You should not provide personal information about yourself or agree to send money until you are satisfied that the firm you are dealing with is authorised.
- Be careful of contact that appears to be from your bank or credit union requesting verification account numbers and passwords. Banks and credit unions will NEVER request your full personal access code or password.
- If you have previously been a victim of a scam, then it is more likely that you will be targeted again.
- If something doesn’t feel right, it probably isn’t. Take your time to think things through and don’t feel pressured into making a decision that you might later regret.
- It is important to note that scams can take many formats and you should remain vigilant in order to protect yourself.
Card Safety Guidelines
- Keep your card in a safe place at all times. Do not leave it lying around. Report it to your Credit Union or MYCU Card Services team immediately if it is lost or stolen.
- Keep your PIN safe. Do not write it down, keep it with your card or give it to anyone.
- If you are expecting a card or a PIN in the post and it does not arrive, notify your card issuer immediately.
- Sign any new cards as soon as they arrive from your Credit Union. Ensure that you cut up the old cards as soon as the new ones become valid.
- Cover your PIN when making in-store purchases or using an ATM. Use your free hand or your wallet to shield the PIN pad as you enter it.
- Keep your card in sight when paying for goods or services. If the till is not nearby, go with the staff member to make the payment.
- Retain receipts to reconcile them against your card or Credit Union statement.
- Check your account regularly and report any suspicious or unrecognised transactions immediately.
- Remember, if you do not protect your payment card or PIN, or if you give them to someone else, you may be held liable for any unauthorised transactions.
Example: Number Spoofing Phone Calls
Number Spoofing, where the fraudster makes contact with you by phone, hiding the number they are really calling from and making it look like they are calling from the phone number of a genuine company/organisation. The fraudster then tries to trick the person into divulging personal, financial or security information or into making a financial transfer to them.
What is a counterfeit or skimming fraud?
Counterfeit fraud occurs when a criminal skims or copies the data held on the magnetic stripe of a legitimate credit or debit card and uses this data to create a fake plastic card, which contains the real cards details – this is known as a counterfeit card. This card is then used to purchase goods or services or to withdraw cash at ATMs in countries that have not yet implemented Chip and PIN technology.
What do I do if I suspect fraud on my account?
If you suspect that your account has been compromised contact Kilmallock Credit Union immediately.
If you suspect that your card details have been compromised contact the MYCU Card Services team on +353 (1) 511 94 94 immediately or Kilmallock Credit Union directly.