FedChoice and other Financial Institutions are fighting a wave of fraudulent transactions. At this time, we are seeing a few different situations taking place. Fraudsters are “testing” cards with inquiries. While this will not show up in eBanking, you could possibly see small $0.00 declined transactions in Card Controls (the image in this article shows how these transactions appeared for one member).
We have also seen fraudsters attempting small dollar transactions to see if they work and even going so far as to reverse the transaction to prevent suspicion. There have also been small transactions from legitimate ecommerce sites taking place – ie someone paying for a music streaming subscription.
Some members that are the victims of fraud don’t always know because our fraud detection software has placed a block on the card. These members only become aware because their card is being declined – this could indicate fraudulent transactions have been attempted. We take the security of your account information very seriously and are actively working to identify what may have caused this situation. We have a Fraud Team that is doing research into this issue and they have become very adept at identifying anomalies on accounts that indicate fraudulent activity. We have also enlisted the help of Visa to shut down fraudulent merchants and to stem the activity that we have seen.
At this time, we ask that if you see a suspicious transaction that you notify us so that we can assist. Please send us an email or call us at 301.699.6100. Please note that hold times may be higher than normal as we assist members.