You’ve been hearing a lot recently about data breaches at your favorite stores, but what does that actually mean? A debit card compromise means your card information was obtained by an unauthorized user. In most breaches, a criminal is gaining unauthorized access to the merchant’s card processor’s computer system. You may have also heard it being described as hacking or using malware to capture the data. When this happens you instantly want to know which merchant was affected, right? Unfortunately the name of the merchant is rarely released. If it is a large breach that will affect a significant amount of consumers, the merchant may make an announcement releasing the breach to the media. Here at Marine Bank, when we are notified of a compromise, we do our best to contact you by phone within the same business day. If the compromise has affected a large number of our customers, we will also contact you by email and letter.
To protect your funds, we close/restrict your debit card to prevent fraudulent transactions from taking place. This means you will not be able to use your card until your new card arrives or if the card is set for a restricted status, a quick phone call to our Customer Help Desk will get the card opened for immediate access at an ATM. If no fraud has been detected, there is a possibility your card will remain open until your new card arrives. You will receive your new card in the mail within seven to ten business days. For your convenience, we do offer an Instant Issue card which can be printed immediately for you at designated branches with a convenience fee of $5.00. If you choose to have your card mailed to the address we have listed, there is no charge. When your new card arrives in the mail, you will also get a new PIN number which can be changed at any of our branch locations.
Don’t forget- if you have preauthorized debits, such as Netflix or a gym membership, connected to the compromised card, those merchants will need your new card number and new expiration date information.
What should you do if you detect fraud?
The first step is to contact the merchant directly. Sometimes the unauthorized charge may be an error and can be resolved quickly through the merchant. Think about previous purchases to see if you bought, for example, a recurring subscription plan.
After confirming a transaction is fraud, visit any of our branches to initiate the dispute process. Any of our Personal Bankers will be able to assist you. Information we will need from you includes:
-The merchant’s name
-The name of the person you spoke with from the merchant
-The date you contacted the merchant
-The date and amount of the fraudulent charge
-The merchant’s response to you
-Any other information you can provide.
The final step is letting us investigate. If we can confirm the charge(s) are fraudulent, we will work with you and the merchant to retrieve your funds so that your account is credited in a timely manner. We will also close that card and order you a new one.
How can you protect your card?
If your card is lost or stolen, please contact us immediately so we can block your card. The Marine Bank mobile app and online banking site allows you to turn your debit card on/off yourself. If you do turn it off, make sure you remember to turn it back on before trying to use it!
Do not write your PIN number on or near the card. Although it’s hard to remember multiple numbers, it makes it easier for your card to be used if the unauthorized user also has your pin.
Shopping online can be safe, but you need to take extra precautions to protect yourself. Make sure you use reputable companies. If the site seems fishy, do not continue the transaction.
Regularly monitoring your account is the best way to help detect fraud. You can use our Mobile App or Online Banking service to access your account activity at your convenience. Also, look over your monthly statement to see if there is anything you missed.
Unfortunately, there is no way we can stop criminals from hacking into merchants’ systems and we understand the frustration and inconvenience you face when your card is part of a compromise. That’s why Marine Bank strives to make it a simple process for our customers to recover quickly from fraudulent activity. If you have any questions or concerns, please stop by one of our branches. We are always looking for ways to assist you.
Written By: Michelle Graven