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Cards Corner

Mitigate ATM/debit and credit card fraud with Corporate One’s CardLock Solution

By: Amy MacMullen, Director of Card Services

Amy MacmullenCredit and debit card fraud takes place every day in a variety of ways. It’s an unfortunate reality that requires card issuers and cardholders to remain vigilant in fraud mitigation and prevention efforts. And, one of the best things a credit union can do for its cardholders is to educate them on how they can  keep their accounts safe as well as provide them tools they can use to make it tougher for fraudsters to get a hold of their cards and card numbers.

One such tool Corporate One offers as an extra service is CardLock. CardLock provides another level of security to cardholders by putting fraud prevention in their own hands. Think of CardLock in the same way you do a second lock, or deadbolt on the door at your house. Just as that deadbolt provides an additional layer of security to your home, CardLock provides another layer of security on a cardholder’s ATM/debit and credit card. Once enrolled in the program, your credit union’s cardholders can easily block and unblock transactions from occurring on their card(s) anytime and from anywhere with a quick phone call to an automated system, visit to a secure Web site or by mobile app. CardLock gives cardholders the added peace of mind that when their account is locked, no one can use their account. CardLock is fully integrated with our Falcon Fraud detection monitoring, so if an authorization is attempted on an account locked by CardLock, the transaction will be declined and the Falcon system will document the attempt and generate an outbound call to notify the cardholder of the unauthorized transaction attempt.

CardLock is easy for your cardholders to use and can be set-up through single and/or joint banking accounts with the ability to register multiple electronic resources and phone numbers for locking and unlocking their cards. CardLock also works with transactions that have been set-up for recurring payments. In the event that the cardholder forgets to unlock their card and then attempts a transaction, it will be declined. But the cardholder can easily unlock their card in less than 60 seconds and continue with their purchases.

CardLock services are available to credit unions utilizing our cards solution platform. By offering CardLock, you can empower your members to take an active role in protecting their accounts while reinforcing your credit union’s commitment to fraud prevention among your members. A comprehensive marketing kit, including Web banners, newsletter articles, email and direct mail as well as staff training resources and talking points are available to credit unions opting to offer this feature. To learn more about CardLock or our other fraud mitigation solutions, give me a call and we can discuss what program will be best for your membership. I can be reached at 866/MyCorp1, ext. 9339

Share these best practices with your members, and help them keep their cards and account numbers safe:

  • Keep a record of your card account numbers, their expiration dates and the phone numbers in a secure place. This way should fraud occur, you know all the details about your card account.
  • Don’t leave your cards, receipts, or statements around your home or office. They should be stored securely and shredded immediately when no longer needed.  
  • Don’t give your account number to anyone on the phone unless you know the company to be reputable. If you’ve never done business with a company before, do an online search first for reviews or complaints.
  • Carry your cards separately from your wallet. It can minimize your losses if someone steals your wallet or purse. And carry only the card you need for that outing.
  • During a transaction, keep your eye on your card. Make sure you get it back before you walk away.
  • Save your card receipts to compare with your online statement.
  • Open your bills promptly or check them online often and reconcile them with the purchases you’ve made.
  • Report any questionable charges immediately to the card issuer.
  • Notify your card issuer if your address changes or if you will be traveling.