Financial institutions warn of potential debit card breach
Written by Nikki Newbrough, Multimedia Journalist - bio | email
WATERLOO (KWWL) -
KWWL has been made aware of a potential security breach to some VISA cards.
Veridian Credit Union officials say they sent out 84 letters across the state to their members stating that the breach may have involved their card number and they need to get a new one.
But KWWL has also been contacted by customers of other local banks as well.
Veridian says a retailer experienced a security breach. And while the banks find out which customer cards may be in jeopardy, they are not told which specific merchant had the breach.
Banking experts say the best defense is to thoroughly review your monthly statements. If you see charges you don't recognize, contact your financial institution.
The sooner you can catch the fraudulent charge, the better chance you have of not losing the money.
"There is a time limit so if you see fraudulent activity, be sure you report it immediately. The dollar amount I believe is 50 dollars, could be subject, the consumer could be liable for that amount. But at Veridian we work with our members routinely so they experience no loss," said Monte Berg, Senior Vice President of Finance, Veridian Credit Union.
So who pays for the fraudulent transactions? Veridian Credit Union says it's the financial institution that normally eats the cost.
Experts also stress the need of being aware when shopping online. They say to be sure to only shop with reputable retailers.
They also suggest keeping your credit or debit card in sight at all times, because once it is out of sight, you never know what someone could be doing with it.
Veridian Credit Union tells us there has been an up tick in these types of crimes this year as the criminals discover different ways to access your personal information.
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