North Alabama Educators Credit Union

CHIPS EMBEDDED INTO CREDIT AND DEBIT CARDS PROVIDE ENHANCED SECURITY TO CARDHOLDERS, INCLUDING NORTH ALABAMA EDUCATORS CREDIT UNION (NAECU) MEMBERS. What You Need to Know ABOUT EMV CHIP CARDS WITH THE RISE of technology-based financial conveniences, the risk of credit card fraud and identity the has increased, as well. To help protect the financial accounts of people purchasing goods and services with a debit or credit card, Europay, MasterCard, and Visa (EMV) launched a safeguard service with EMV cards. "Card fraud continues to be a major problem for card issuers and the cardholders who become victimized," says Greg Olmsted, President and CEO of NAECU. "EMV cards should reduce that fraud so that there are fewer incidents." WHAT'S IN A CARD? EMV chip cards work in tandem with card readers to generate unique, encrypted data during each transaction. This information cannot be stored, replicated, or utilized for subsequent transactions, which means each customer's account is as secure as possible. Additionally, retailers and merchants not utilizing EMV card readers are now more accountable legally for security breaches of their customers' financial data. "Historically, some retailers and merchants accepting cards have not done a reliable job securing the data collected," Greg says. "These new EMV cards means they will not longer store data that cyber thieves could use to compromise a customer's financial accounts." WHAT'S IN IT FOR YOU? During the early spring, NAECU saw more than $30,000 in card fraud—not the most lucrative scenario for credit union members or NAECU. New EMV cards issued by NAECU will help mitigate those losses and earn more money for the credit union and its members in the long run. "The less money the credit union has to spend on card fraud losses, the more money we can return to members in the form of low-cost services and higher dividends on deposits," Greg says. "Using the EMV chip cards will benefit everyone." BEST PRACTICES FOR EMV CARDHOLDERS When you receive your new NAECU EMV chip card, which will bear the MasterCard logo, take the following steps: → Tell your creditors about the change. Contact any merchants and service providers that automatically bill your NAECU credit or debit card and give them your new card information so that you don't miss any payments. → Be patient when using your EMV card. Transactions with the EMV card may take slightly longer than those made with your old credit and debit cards because each transaction generates unique data. This extra time is necessary to help ensure a more secure transaction. → Don't forget to retrieve your card a er using it. EMV cards work by inserting them into card readers instead of sliding them, so it's easy to leave your card behind if you're also wrangling a cartful of groceries or other goods. Remember to check the reader before leaving. ONE MORE TIP? PROTECT YOUR FINANCIAL ACCOUNT INFORMATION AT ALL TIMES. FOR HELP WITH THIS, THE FREE MASTERCARD SECURE PROGRAM MAY BE A GOOD WAY TO GO. TO LEARN MORE, VISIT HTTPS://TDSC.FTPSLLC.COM/MCSC/ACTIVATE. This fall, NAECU members will have the option to temporarily turn debit cards off or on using the mobile banking app or home banking. This capability will be available 24/7 and is designed to prevent unauthorized use of cards. "If you lose your card or simply want the security of knowing that only you can use the card, it will be in your hands," says Greg Olmsted, President and CEO of NAECU. "Only you will be able to control access to your funds." 7 NAECU.ORG NOT FOR PROFIT, NOT FOR CHARITY, BUT FOR SERVICE

• Cover