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It’s happening. We are switching our cards to the EMV chip. Read the details and come back. This will help protect you from fraud. Let me explain.
Thieves can easily make a counterfeit version of your card if they get the code within the magnetic stripe. This is often done by installing skimmers to card readers, usually at ATMs and gas station pumps. Some modern skimmers can be inserted deep into the card reader making them un-detectable from the outside.1 They can even use tiny cameras to capture your pin number. Sounds pretty James Bond. So how does the EMV chip help?
You’ve probably seen the chip in use: insert it into the reader, wait a few seconds, and it will let you know it is done by gently singing the song of its people. The magic happens while the card is still inserted. The chip will generate a different code each time it is used which makes any method of skimming that code useless.
The short answer: no.
The less short answer: if someone has your credit card information, they can still make purchases online or by phone. We have a phone app, CardNav, that can block or control those kinds of purchases on your card. But making a counterfeit copy of your credit card won’t be as easy as it once was.
We are still in a transition period—EMV cards still have the magnetic stripe and the new chip reader terminals still accept swipes. Adoption of the technology has been slow in the U.S.2 As swiping continues to get phased out, EMV will become the spicy awesome-sauce of card security.
The Equifax breach is potentially the most damaging data breach of all time. Equifax is one of the three big credit reporting agencies, the other two being Experian and TransUnion. Their job is to maintain your credit history and decide what your credit score is. About half the population of the United States had data stolen which includes social security numbers, dates of birth, and driver license numbers. If your data was stolen, your identity will be vulnerable for years if not decades.
Now, you’re surely thinking, “With all the breaches lately, I’m sure everyone has all my information anyways.” People seem more than willing to be outraged (and entertained) by all the recent missteps being revealed, but view identity protection as an unwinnable fight.
Are we getting too used to data breaches? Is the sky falling yet again? The world is increasingly digital, and large companies building their IT security out of straw seems to be the new normal. We’ve seen a lot of big names in the headlines lately: Target, Chipotle, and Sony to name a few. Not even our Game of Throne scripts are safe (no spoilers, please).
Most of the largest data breaches have happened within the last five years or so. The largest data breach was Yahoo when three billion accounts were hacked in 2013. That’s billion with a “B.” I can only imagine the army of underground elves it took to search through them. Yahoo then had a breach of 500 million accounts in 2014.1 Progress, my friend, not perfection.
Human error and poor decisions will continue to exist at companies that have your data. The resigned CEO of Equifax testified recently that a single person had failed to implement a security patch.2 Identity protection will have to become a modern skill that we all need to learn. Seek advice on what you can do to protect yourself starting with the Federal Trade Commission.
We have a product that can help too. Members of the Denver Community who are signed up with ID Safe Choice can have stolen identities recovered for them by a Professional Recovery Advocate. This service can also be extended to family members. The service costs $1.96 a month*. Other protection services are available on the market, although may cost more on a monthly basis. Choose the right service for you and don’t give up!
The phone rings. A representative from your internet service provider says that they never received payment. Service is going to be shut down, and you will no longer be able to watch cat reenactments of your favorite sitcoms. But don’t worry. The representative will accept payment over the phone. They just need your credit card number. Later, you discover that you have been charged for a solid gold, arcade dance pad.
Wait a minute! What does that have to do with what can be found in your trash? For this scam to worker the caller would have to know your name, your phone number, and who your internet service provider is. Being able to verify amount owed, account number, or your service details would only add credibility to the caller. Ever thrown away a bill or a bank statement?
A lot more can be learned from your garbage other than the fact that you prefer unfrosted pop-tarts or that you subscribe to “The Mullet Monthly.” Bank statements, bills, insurance information, pre-approved credit cards, and even junk mail will contain personal information. Name, address, phone number, email address, social security number, bank account number, and other account numbers can all be compromised.
In 2016, there were 406,578 imposter scams and 399,225 stolen identities reported to the FTC.1 Stolen identities can be used to apply for credit cards, open accounts, make purchases, pass background checks, and file for your tax return. Most fraud victims (77%) are contacted by phone.2 Steps should be taken to keep your information safe. You could try filling your trash with deadly, trained bees, but there are more practical solutions.
Shred everything. This can take some time and money investment but is very effective. You will have to purchase a shredder or pay for shredder services. If you’re anything like me, most things that should be shredded go in the “not now” pile and build up into a huge chore later on.
Go paperless. This is something that can be easily done as you are sitting there reading this online. Seriously, put down that strawberry daiquiri and get started. Switching to eStatements will protect your bank statements and give you the ability to check your account for fraudulent charges whenever you want. Many companies will also have an option for electronic bills.
Denver Community Credit Union is proud to be part of the 3rd largest branch network in the nation. CO-OP just released that the Shared Branch network has more branch locations than Bank of America, US Bank, and PNC. As of May, 2015, the CO-OP Shared Branch network boasts 5,341 branches. The CO-OP Shared Branch network is a great example of the credit union difference - "people helping people." Credit unions work together to bring members more convenient options to compete with big banks. It doesn't stop there, either. CO-OP also provides the CO-OP ATM network which features over 30,000 surcharge-free ATMs nationwide. Click here to read more about the progress and benefits of the CO-OP Shared Branch network.
Denver Community Credit Union is proud to announce that it has been ranked among the nation's 200 healthiest credit unions by DepositAccounts.com.
The Birmingham, Alabama-based site, which tracks banks and credit union account interest rates nationwide, ranked Denver Community Credit union 50th in its second annual listing of the healthiest banks and credit unions. The rankings are based on an institution's level of problem loans, improvement in those levels, deposit growth and capital reserves.
Denver Community began in 1934 when ten employees of the City of Denver established ownership and began providing financial services. Since then, the credit union has grown to $269 million in assets and its net worth ratio increased 14% in 2014. DepositAccounts.com gave Denver Community A+ rankings for a strong balance sheet, deposit growth and an excellent capitalization level.
"This type of ranking by an independent third-party helps when potential members are evaluating their options," said Carla Hedrick, President of Denver Community Credit Union. "It also gives our current members confidence in us. Every day, we strive to provide the best possible service offerings for our members, and this ranking helps validate our efforts to be a healthy financial institution are working."
To see the entire list, please click here.
Phroogal, a financial education service that empowers millennials to make better informed financial decisions, is hitting the road in an epic 10,000 mile road trip across the US to get people talking about financial wellness. Denver is stop #19 on June 19th!
Join Denver Community as Jason Vitug, Phroogal Founder and CEO, makes his stop at Denver's Galvanize to host a discussion with anyone interested in personal finance. Other community partners including mpowered, Consumers United Association an the Financial Empowerment Centers program will also be present at the Phroogal stop. Phroogal and participating partners will be at Denver's Galvanize to talk about community resources and answer questions. The event will end with a happy hour and the opportunity to network with local personal finance experts.
4:30 pm: Panel of Local Financial Education Providers
5:00 pm: Talk by Jason Vitug of Phroogal
5:30 pm: Q&A with Jason and Panelists
5:45 pm to 7:00 pm: Happy Hour Networking (Snacks will be available)
Friday, June 19th from 4:00 p.m. to 7:00 p.m.
1062 Delaware Street
Denver, CO 80204
Free parking will be available until 7:30 pm at our Downtown Branch located at 1075 Acoma Street.
Register for your free tickets today by clicking here.
On April 23rd, members, partners, and employees gathered at the Wings Over the Rockies Air and Space Museum to celebrate Denver Community Credit Union's 80th Annual Meeting. It was a night full of fun, food, and community. We thank everyone who joined us, as well as our sponsors: 1st Mortgages, Auto Aves, Cuna Mutual, Credit Union Direct Connect (CUDC), mpowered, LPL Financial, and Credit Union Service Network (CUSN). Denver Community Credit Union used our 80th Annual Meeting as an opportunity to raise money to support the Children’s Hospital Colorado Foundation. Members paid a $5 entry fee. Proceeds from ticket sales went to the Children's Hospital Colorado Foundation. Donations were also accepted at the event. Denver Community matched all donations which brought total donations to $6,400.
Our 80th Annual Meeting featured an update for members on the financial performance of the credit union, as well as a presentation by the Children’s Hospital Colorado Foundation champion family. Concern for community is one of the core cooperative principles of credit unions. By supporting the Children’s Hospital Colorado Foundation, credit union members are making a difference in the community. To learn more about the Children’s Hospital Colorado Foundation please visit http://www.childrenscoloradofoundation.org/
2014 Miracle Marathon
Denver Community Credit Union staff participated in the 2014 Miracle Marathon as a team. The Miracle Marathon is a fundraising campaign benefiting Children's Miracle Network Hospitals. For 27.2 days, participants move one mile of forward movement, or exercise for 20 minutes. While a normal marathon is 26.2 miles, the Miracle Marathon is extra special with an extra mile for the kids. During the Marathon, staff raised $3,479 for Children's Hospital Colorado, and moved 906 miles! What an achievement! Check out our staff's participation in the Miracle Marathon on our Pinterest page.
On September 26, 2014, Denver Community Credit Union was awarded the 2014 Community Impact Award by the Mountain West Credit Union Association. We were awarded for our Clear Money Program, which provides free and public financial education to the community. The Credit Union Community Impact Award recognizes a credit union program that has positively affected the community and the Arizona, Colorado, and Wyoming credit union movement. We are truly proud to be recognized for our Clear Money Program and the difference it makes in members' lives and in the community. Learn more about our work with the Clear Money Program in our 2014 Community Impact Video.
It was a beautiful day on August 9th for our 2014 Back to School Fair! We were joined by local community partners to bring a meaningful, family-fun experience to our members, and we were also able to provide back to school supplies to participants. We were joined by mpowered, Denver Health, Children's Hospital Colorado Foundation, Denver Police Explorers, Z-Ultimate Aurora, Denver Public Library, Habitat for Humanity of Metro Denver, CUDC, Denver Art Museum, Family Star Montessori and Rockie Mountain Farmer's Union. Each of our partners provided a fun activity for kids to participate in to earn their back to school supplies.
We are proud to say that our 2014 Back to School Fair served over 500 people, including almost 300 kids who received a drawstring backpack with school supplies! Be sure to be on the look out for next year's Back to School Fair!
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