Tuesday, July 30, 2019
Capital One Data Breach: Tips Offered by WI Banking Industry
The Capital One data breach affects millions of consumers, and Wisconsin’s banking industry stands ready to assist their customers. It is the banks in Wisconsin and across the nation that shield their customers from the financial harm caused by data breaches. It is as simple as this: when a breach occurs, banks often bear the brunt of the costs so their customers won’t have to.
“Have I been compromised?” is the biggest question on consumers’ minds. The Wisconsin Bankers Association offers the following tips for consumers who are not sure if their information has been compromised, as well as steps for consumers who know their information was stolen:
Not sure if your information has been compromised?
- Check all your accounts via online services provided by your bank or credit card provider and not just your Capital One account. If you don’t have access to or haven’t set up an online account, you can call the company directly for assistance in reviewing your accounts. Consumers should be looking for any discrepancies in their purchasing habits. Be sure to do this over the next few months! Just because the bad guys have your information now doesn’t mean they will use it immediately.
- Monitor your accounts closely and frequently. Balance your checkbook monthly and match credit card statements with receipts. By viewing accounts online and checking throughout the month, you’ll be able to identify possible problems sooner.
- Review your credit report every three or four months. You are entitled to one free credit report from each of the three major credit bureaus per year. Request a single report from one of the bureaus every three or four months. By staggering these requests, you can monitor your credit throughout the year.
You know your information has been compromised:
- Contact the security departments of your creditors or bank to close the compromised account(s). Explain that you are a victim of identity theft and a particular card or account has been compromised. Ask them to provide documentation that the account has been closed. You should also follow up with a letter to the agency documenting your request.
- Contact the three major credit bureaus (Experian, Trans Union and Equifax) via phone immediately to request a fraud alert be placed on your file. Once again, explain that you are a victim of identity theft and ask that they grant no new credit without your approval. Again, follow up with a letter to the agency documenting your request.
- File a report with your local police department and request a copy of the report. This is good documentation to have on hand to prove your identity has been stolen as you begin the process of restoring your credit and good name.
- Document all your actions and keep copies of everything.
Whether you are sure or unsure your financial information has been compromised, one of your first calls should be to your bank. Your bank has a variety of resources available for customers that can help with situations like these. Their staff are also knowledgeable and more than willing to help.
Capital One has created a resource webpage that may be helpful to consumers as well. It can be found at www.capitalone.com/facts2019.
Contact information for the three major credit bureaus.
Introducing Person-2-Person Payments
This FREE service is available through online banking or via our FBB Mobile App. You can send money easily to friends or family and it’s faster than writing checks and safer than sending cash! The person you are paying only needs to have a debit card to process the transaction.
- Login to Online Banking or the FBB Mobile App
- Select the Move Money tab
- Click New Transaction
- Select your from checking account
- Click +Add New Payee
- Select Person to Person
- Fill out required payee information
- The payee will receive a message to enter their debit card information.
- Once the payee completes the previous step you can initiate a new payment.
P2P Agreement acceptance required before first use
$500.00 Per Transaction
$1000.00 Per Day
$3000.00 Per Rolling 7 Days
$5000.00 Per Rolling 30 Days
Like many people, you may not be in the habit of carrying cash. With credit and debit cards and online bill pay, why bother? But, how do you pay the sitter? Repay a friend for lunch? With Person to Person (P2P) payments you can send money as easily as you send a text or email message. P2P payments are fast and secure money transfers to friends, family members or service providers and eliminates the need to carry checks, find an ATM or visit third-party websites to send money.
First Bank of Baldwin’s P2P service is available via the FBB Mobile App or Online Banking. You can send money to anyone you know, using only their name and email address or mobile phone number. They just need to have a bank debit card.
First Bank of Baldwin (FBB) Debit Cards* are now available to use with any of the following Mobile Wallets:
- Apple Pay
- Samsung Pay
- Google Pay
- Microsoft Wallet
- Fitbit Pay
- Garmin Fitpay
- Merchant Tokenization
Most smartphones come with a wallet app preloaded. Follow the easy steps on your device to add your FBB Debit Card.
*FINAL STEP: Once the card is added you will be prompted to contact the bank. Please call 800-499-4362 Ext. #247 or ask for Bookkeeping to complete activation of your card for use in your mobile wallet. Bookkeeping is available Monday-Friday 8:00am-5:00pm CST.
**Not all merchants accept Mobile Wallet payment.
What You Need to Know About Mobile Wallets
Before you load all your credit/debit cards on to your smart phone and leave your plastic at home, there are some mobile wallet basics you should know.
What is a mobile wallet? A mobile wallet is an app on your mobile device that stores payment information from a credit or debit card, and then allows you to use your device to make purchases. There are a number of different mobile wallets that are compatible with specific devices. Like a credit/debit card, your mobile wallet will only work at retailers that accept your device as a payment method. The major mobile wallets are Apple Pay, Google Pay and Samsung Pay. The apps come integrated in your mobile devices. There are also mobile wallets you can download from the app stores.
The main benefit of mobile wallets is convenience. First, you can store all your payment card information in one place, so you don’t have to carry the cards with you. When ready to pay, open the app, touch your phone to the compatible reader next to a register, and you’re on your way. Mobile wallets are not limited to smart phones and can be loaded on to tablets and smartwatches.
Which mobile wallet should you choose? While there aren’t many mobile wallet choices, there are some options to keep in mind. First, not every mobile device is compatible with mobile wallet technology. If you have an older device, you may have to check with the manufacturer. Also, which device you own will limit which integrated wallet you can use. IPhones have Apple Pay. Android phones have Google Pay. Samsung phones have Samsung Pay. The mobile wallets that come with your devices generally take fewer steps to use and offer a quicker transaction experience.
How do you set up a mobile wallet? Once you choose the mobile wallet you want, setting it up is easy. Basically, you open the app and add the information for each card you want to store in the wallet. Keep in mind that even though you may load up all your credit cards into your mobile wallet, only one of them will be your default payment option. That card will be the one that is used to process a purchase. If you want to use a different card, you will have to change the default card before you make the transaction.
Are mobile wallets secure? Unlike cash, which can be stolen, and credit cards, which can be copied, the card information you load into a mobile wallet is encrypted. In order to make a payment, you have to unlock your device and also type the pass code or use your fingerprint to unlock the mobile wallet. To reduce your risk of fraudulent charges if your device is lost or stolen, make sure to set a strong pass code and enable fingerprint authentication to lock your device once you enable a wallet.
Excerpts from US News article written by Steven Abrams published March 16, 2018
First Bank of Baldwin Offers Tips for Avoiding Online Dating Scams
Social media networks and dating websites have become increasingly popular tools for meeting and communicating. Unfortunately, fraudsters have capitalized on this trend and often create fake profiles to lure in victims, establish romantic relationships and eventually, extort money.
According to the FBI, over $220 million was lost in 2016 to online romance scam artists. Older Americans in particular have been targeted by this type of scam.
“While online dating can open doors to loving, happy relationships, we are receiving more and more reports of criminals using these platforms to take advantage of unsuspecting users,” said Hilari Henke, First Bank of Baldwin Universal Banker. “Approach these relationships with caution so you don’t end up with a broken heart and an empty wallet.”
If you’re concerned that you or a loved one are being scammed, First Bank of Baldwin recommends taking the following precautions:
- Slow down – and talk to someone you trust. Don’t let a scammer rush you.
- Never wire money, put money on a gift or cash reload card, or send cash to an online love interest. You won’t get it back.
- Contact your bank right away if you think you’ve sent money to a scammer.
- Report your experience to:
- The online dating site
To learn more about online dating scams, view the ABA Foundation and FTC’s infographic.
First Bank of Baldwin is committed to educating our customers about the various types of fraud that exist, and ways to avoid being a victim. Never send money or give your account information to a person that you met online. Contact your bank and be open and honest about what the online person is requesting. First Bank of Baldwin, First for your Family, Farm or Business. Member FDIC