June 11, 2015
For Immediate Distribution
Urgent Notice to All TransFund/ATM Visa Debit Card Holders
Effective immediately, we have modified card usage in certain states and foreign countries. The prevalence of stolen card information has accelerated to unmanageable proportions. More than a few of our customers have been shocked to discover unauthorized card transactions in their accounts, resulting in losses that your bank most often incurs. By thoughtfully managing card usage in known fraud states and countries, we are mitigating the likelihood of: 1) you having hard-earned money leave your account without any notice; 2) the resulting headache of (hopefully) rectifying the situation; and 3) the bank incurring a loss. Our card partner, TransFund, confirms that all area banks are experiencing a similar wave of fraudulent card activity.
What has transpired appears to be the work of sophisticated criminals - obtaining card information via “skimmers” at unattended & remote card machines (i.e. gas pumps & ATMs), taking one last advantage of the larger retailers that have had their card user’s data compromised, and accelerating fraudulent activity in anticipation of October 1st EMV (i.e. “chip cards”) merchant implementation. After October 1st, chances for such fraud will diminish and markedly so, when most cards are chip-enabled. Yorktown Bank anticipates replacing all TransFund cards with EMV technology - we are awaiting TransFund’s timeline and will inform you when we know more.
Yorktown Bank is actively monitoring the situation - mailing a notice to all such cardholders with details, including ways to continue usage with a minimum of disruption. We welcome your calls and will be pleased to provide you a copy of our card holder letter, upon request.
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