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December 14, 2015
Notice to All TransFund/ATM Visa Debit Card Holders
Effective immediately, we have again modified card usage in certain states and outside the United States. The prevalence of stolen card information has continued to accelerate, in unmanageable proportions. Since the first of the month, more customers have been shocked to discover unauthorized withdrawals from their accounts.
By thoughtfully managing restrictions within known fraud states and all foreign countries, we are mitigating the likelihood of: 1) your hard-earned money leaving your account without any notice; 2) the resulting headache of (hopefully) rectifying the situation; and 3) the occurrence of a loss. Our card partner, TransFund, confirms that all area banks are experiencing a similar wave of fraudulent card activity.
Generally, what transpires appears to be the work of sophisticated criminals - obtaining card information via "skimmers" at unattended & remote card machines (i.e. gas pumps & ATMs) and/or breaching retailer’s card transaction data and/or stealing information via online shopping transactions/email.
The good news is that opportunity for such fraud will diminish and markedly so, when cards are "EMV/chip-enabled" and require personal identification numbers to complete a transaction. 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 and addressing the situation. Meanwhile, we encourage the use of credit cards for all online transactions – and discourage the use of debit cards for online transactions.
We welcome your calls and will be pleased to provide you best practices to safely and effectively utilize your TransFund/ATM Visa Debit Card.
Your security and privacy is paramount.
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