Fraud – Now what?

Published: Jul 6, 2017 3:29:12 PM

A few weeks ago, I was sitting in my Southwest Iowa home checking email on my phone and I noticed some alerts in my inbox from SHAZAM BOLT$.

They were alerts about transactions on my debit card that had just happened, the transactions were coming from Florida – see a red flag?

Luckily, I had set my SHAZAM BOLT$ account to alert me anytime a purchase over $100 was made anywhere, anytime. I had also setup an alert for any transactions made when my card was “not present.”

I called SHAZAM to have my card closed less than 20 minutes after my first email alert. You can find the number to call on the back of your debit card, or if your card is physically stolen, you can find the number on TS Bank’s website under “Contact Us.” The number is 1 (800) 383-8000.

What happens after fraud on a debit card?
The next morning, I asked my banker what happens now, as nearly $1,000 in fraud was pending in pre-authorization status on my account. She explained that we would want to wait to see what transactions hard post to my account, and then I would receive a credit for that amount.  I ended up getting a credit for $750.00. 

Who is responsible for those charges?
My banker explained that depending on the type of fraud, the bank might be able to dispute the charges and get reimbursed for the fraudulent activity. However, in some cases the bank loses that money.

New debit card
After Shazam disabled my debit card, it was time for a new one. Thankfully, TS Bank has instant issue debit cards so I was issued a new card with a new number to start using the same day. Unfortunately, this meant updating any automatic payments (and most importantly Amazon.com) associated with my debit card. Read the tips below to save you the hassle of going through this process like I did!

Tools to monitor your debit card
TS Bank debit cardholders can set up alerts to quickly identify potentially fraudulent transactions using SHAZAM BOLT$. The free app provides instant transaction control. Cardholders can instantly “pause” their card, without affecting previous transactions, if their card is lost, stolen or just goes missing. If they find their card, they can easily unblock or “un-pause” their card. You can set up alerts for purchases exceeding cardholder-defined thresholds and for card-not-present debit transactions like what happened on my card. Download the SHAZAM BOLT$ app from the App Store or Google Play.

Nine tips to prevent card fraud

  1. Memorize your PIN. Don't write it on your card or anything you carry near your card.
  2. Don't tell anyone your PIN or account number.
  3. Don't loan anyone your card.
  4. Report a lost or stolen card immediately. You may be liable for activity on your card if you do not report it as lost or stolen.
  5. Report a suspected card compromise immediately, even if you still have the card in your possession.
  6. NEVER give your debit card number or PIN over the phone, especially cellular phones.
  7. NEVER respond to a link or phone number in an e-mail message requesting personal information. Phishers often use this scam to trick you into divulging personal data.
  8. Only open email messages from a known or trusted source. Look for phishing red flags, such as poor grammar, misspelled words, vague instructions and generic greetings.
  9. Report suspicious phone calls, messages or websites to the Bank immediately to verify if they are legitimate.

Questions? Call our client contact center at (844) 487-3030.

Melissa Peterson Headshot.pngMelissa Peterson joined TS Banking Group in 2014 and today serves as the Director of Marketing. Melissa works with all departments and entities within the TS Banking Group to develop and implement marketing strategies. Melissa is originally from Nevada, IA and was a graduate of Nevada High School. She attended Iowa State University and earned her BFA in 2007. Her work experience includes over 10 years in photography, advertising, marketing and design. Melissa is actively involved with the West Pottawattamie Master Gardeners.

Written by Melissa Peterson