06 Apr

EMV and You: What You Need to Know

What does EMV stand for?

The acronym stands for Europay, Mastercard and Visa, the three organizations that developed the initial specifications. EMV was set up to be a widely implemented system for smart card payments. The EMV specifications were developed to make sure chip-based payment cards and terminals could interact.

Why was EMV technology developed?

Unlike a magnetic stripe card, it is virtually impossible to create a counterfeit EMV card that can be used to conduct a successful EMV payment transaction.

How does EMV address fraud? Read More

27 Sep

Payment Industry Updates

EMV Chip CardThe news and social media have been highlighting the upcoming change in the payment industry and EMV enabled cards. So we wanted to provide some information to our members about our role in this exciting change.

What is an EMV card?

EMV stands for Europay, MasterCard and Visa.

An EMV or “chip” enabled card is the same size as your current debit or credit card but is embedded with a unique data chip.

What are the benefits of an EMV card?

Added security: The chip adds another layer of security to cards when used at a chip card reader. During the transaction the chip produces a single-use code to validate the transaction that cannot be compromised to create other transactions.

Wider acceptance: Europe, Canada, Asia and South America have already embraced chip technology. So your card will be easier to use while traveling outside of the U.S.

When will I receive my new EMV card?

RMLEFCU is currently in the lengthy process to convert our cards to this new technology. We are hopeful that we will be able to finish the completion of this project by the end of 2016. When completed you will receive a new card when your old card is up for renewal or when requested by you.

We will be keeping all of our members posted on any new updates and sending out more user FAQ’s when the conversion is complete.

 

 

16 Apr

IRS Phishing Schemes and How to Protect Yourself

protect yourself from IRS phishing scams‘Twas the day before April 15th and tax bills were nigh and so the good people of the U.S. let out a collective sigh.

But the story doesn’t end there. Scammers are always trying out new methods to scare and intimidate Mr. and Mrs. Taxpayer. Phishing is a term that developed in the 1990’s where online thieves used a wide net to fish for potential victims. It was commonplace for computer hackers to deliberately misspell words and hence the term “phishing” was coined to describe their scam.

There are many different types of phishing scams and other schemes using the IRS name. We will explain a common telephone scheme in this article. Click here to see the full list from IRS.gov! Read More

19 Nov

4 Ways to Transfer Money Safely

Transfer money safely Cyber crime and financial fraud exist. Unfortunately, as long as money exists, someone is going to try and steal it from you. As a financial institution, we are always trying our best to protect the interests of our members while balancing service convenience. Our recent decision to eliminate open transfers from our service offerings was a difficult one to make. But at the end of the day, our priority is the safety and security of our members and we take that very seriously.

If you are interested in transferring money, here are 4 safe options. If you need help deciding which option is best for your situation, please call (303)458-6660.

Read More

14 Nov

Tips for Using a Credit Card Safely Online

Use a Credit Card Safely for Online ShoppingAs the holiday season approaches, many of our members will be shopping online for gifts. Shopping online can save money and be super convenient for people on the go. But while having its many advantages, online shopping introduces as many potential threats to your financial security. Cyber fraud is big business and there are dangerous individuals online looking to profit off of your misfortune. The trick is to take extra precautions when buying online and be aware of suspicious websites. Please read these tips to help you keep your online transactions safe this holiday season. Read More

29 Oct

Learn to Recognize Fraud and Protect Yourself

Protect-Yourself-From-Cyber FraudFinancial fraud is always a concern. Cyber criminals continue to create increasingly sophisticated ways to steal from their innocent victims. In this article we aim to explain a few common methods of fraud and offer ways you can protect yourself.

Phishing

Phishing is the criminal attempt to steal your personal information through fraudulent texts, emails, snail mail, phone calls, etc. The criminals often pose as believable organizations, financial institutions, and even employers. They ask victims to provide or verify important pieces of personal information such as bank account numbers, social security numbers, or credit card numbers.

  • How to Protect Yourself – Your organizations do not need you to verify this information because they already have it! Be very wary of institutions that contact you. Before giving any information, ask to contact the institution in question directly to confirm. If this is a real issue, they will have no problem with your hesitation and appreciate your caution.

Texting Frauds

Smart phone texting fraud, also known as smishing, is a relatively new form of fraud made possible by the popularity of smart phones and their access to the Internet. Criminals will send a SMS message to a victim asking for an urgent response. Since people are used to quickly responding to texts, a victim typically does not realize they have been duped until it is too late. Also, websites typically look different on mobile devices which makes validating difficult.

  • How to Protect Yourself – Be vary wary of responding to urgent texts from unknown numbers or texts claiming to be a financial institution. Use the same precautions you would take against phishing and directly contact the institution in question.

Read More