As the holiday season approaches, remember that fraudsters don’t take a break, and may attempt to take advantage of increased member activity. Don’t let your financial institution or your members fall victim to fraud attempts! We have many video resources available for review, which can help you to mitigate these risks.
Some items we recommend you take into consideration:
- Do you know who is checking your card limits?
- Do you know what your online and offline (stand in) limits are set at?
- Do you know what your velocity limits (number of transactions allowed per day) are set at?
- Do you have a plan to monitor for the holidays?
- Do you have a plan to contact your vendors in the event of needing assistance over the holiday?
Additional recommendations from CU*Answers:
- If your online or offline limits are set at unlimited or 9999999, consider setting an actual limit. Having an actual limit will stop the card transactions from exceeding that amount per day.
- If your velocity limits are set at 999, consider setting an actual amount. This is a secondary measure to ensure your members are protected in the event of fraud.
- If you are setting temporary limits for the holidays for your members, we recommend the following:
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- Confirming the member you are talking to has permission to make the request
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- Verify the history of the cards on the account. Do you see anything unusual that could trigger a suspicious flag?
- Review our Brute Force BIN Attack Checklist to ensure you are prepared
Much of this information can be viewed by looking at your BIN configuration in Tool #146, however it will be important to also understand what the settings are at your card processor. For example, if CU*Answers is not checking limits, you will want to ensure that your card processor is. You will want to ensure that limits on CU*BASE mirror the limits at your vendor, or that the limits at your vendor are slightly higher than yours if CU*Answers is checking limits.
Don’t forget, we are here to help! Please reach out to the Cards and Payments team if you have any questions!
