Credit and debit card fraud
You or someone you know has probably been a victim of fraudulent charges going on your credit or debit card.
But what happens after your card has been compromised?
Whenever you notice fraudulent charges on your account, you should immediately call your bank.
All In Credit Union Compliance/Fraud Manager, Donna Colwell says "the first thing they need to do, of course, is to call us and let us know.”
Most banks, however, can detect fraud before you even notice.
“It could be very well that you don’t have any idea that anything’s happened with your account, everything is fine as far as you know, but we will find it internally" Colwell explains.
The bank will then do an internal investigation to determine how serious the fraud was that was committed.
“Depending on the type of fraud, we may require a police report” Colwell said.
Dothan property investigators say the reports they get are similar in nature.
Investigator Charles Faulkner says “a majority of what i see is dealt with online and a lot of times it’s not even being used remotely around here. And it’s tough for us to identify a suspect in those cases.”
That’s why one bank has come up with a solution to avoid fraud charges.
Friend Bank COO, Judson Brooks says “approximately a year and a half ago we introduced a new product and we call the product card valet.”
Card valet allows account holders to turn their card on and off whenever they make purchases so their information can’t be compromised.
“We’re really excited about it because i think it’s one of the things that gives our customers more comfort in using their debit card freely" Brooks explains.
But for those who don’t have card valet awareness is the best thing to do.
“to be able to constantly just monitor transactions against your account is the best advice I’ve got" Brooks explains.
Dothan police say it is important to be regularly monitoring your accounts, especially during the upcoming holiday season.