Keeping Your Money Safe

Kristina Kraus
Greater Nevada Credit Union
It’s no secret that there have been numerous attacks on major retailers over the past few years. Several websites have also been compromised from scammers who are looking to steal your identity and money. Whether or not you’ve already encountered one of these scenarios, you should take proactive steps to keep your money and identity safe.

Set Up Account Alerts

Most financial institutions have an online banking portal that offers account alerts. Greater Nevada’s eBranch, for example, has account alerts to track your account balances, deposits and withdrawals, and other activity. You can choose to be notified every time a transaction is made with your card. This is one of the quickest ways for you to identify fraudulent activity on your account. If you notice a transaction that you didn’t make, you should contact your financial institution right away.  

If your financial institution doesn’t offer account alerts, you should make it a habit to check your account activity frequently through your online banking portal. Otherwise, a thief could drain your account with just a few transactions, and then you get declined the next time you use your card.

Get the Standard in Card Technology

EMV (Europay, Mastercard®, Visa®) technology has existed for years but is just now making its debut in the U.S. An EMV card can do everything a traditional card can do but with added security. A computer chip securely stores the card data that currently resides on the magnetic stripe and enables more secure processing by producing a one-time use code for each transaction. This makes it nearly impossible for a criminal to create a counterfeit EMV chip card.

Take Advantage of Available Technology

Having Apple Pay™ is like having a digital wallet. The technology eliminates the need to carry a stack of cards in your actual wallet. It’s also more secure than paying with a traditional credit or debit card. Every transaction with Apple Pay through your iPhone or iPad requires authentication with TouchID or a passcode. Your card number and identity aren't shared with the merchant, and the actual card numbers are never stored on the device or on Apple servers.  If your iPhone or iPad is ever lost or stolen, you can use "Find My iPhone" to quickly put your device in “Lost Mode” to suspend Apple Pay, or you can wipe your device clean completely. Apple Pay works with most major credit and debit cards in the U.S., including all of Greater Nevada’s debit cards. 

Choose Signature

If you’re using your debit card for a transaction, make sure you choose signature over entering you PIN at payment terminals. Choosing signature makes it harder for data thieves to steal your information.

In addition, be aware of the different types of fraudulent activity out there every day. Check out our blog on unsolicited calls, texts and emails so you know how to identify potential scammers.  
10/13/15