Monthly Archives: August 2015

Debit Card Fraud at ATMs

atm

Fraud at ATMs continues to sky rocket as criminals are becoming more and more knowledgeable on stealing card data. According to FICO Card Monitoring Services, debit card compromises at ATMs jumped 174% from January to April of this year, compared to the same period last year.

The new chip-enabled credit and debit cards will make it more difficult for thieves to create counterfeits and steal information. However, despite the ongoing efforts, it will be some time until the U.S. is completely EMV-ready. Farmers Trust and Savings Bank has plans to start issuing the EMV chip cards within the next year.

ATM Skimmers

ATM skimming makes up a lot of the fraud mentioned above. Skimming is like identity theft for debit cards – thieves use hidden electronics to copy personal data from the magnetic stripe on the back of your card. Typically the skimming device is equipped with the ability to capture your PIN number as well. Criminals then use the information to make a counterfeit debit card.

How to Protect Yourself

  1. When entering your PIN, always cover the keypad with your other hand
  2. Watch carefully for anything suspicious at an ATM – such as scratches, sticky tape residue, or loose equipment.
  3. Avoid non-bank or standalone ATM locations. These locations are more likely to have skimming devices installed because they are typically in isolated areas, which make it much easier for thieves.
  4. If something looks questionable, don’t use the ATM.

All You Need is Love – and Financial Literacy

wedding

It’s wedding season! But before couples take the next step in their relationship, they should shape their financial plan. Here’s a reminder that taking the next step is not only a marriage of hearts but also a marriage of finances.

FTSB suggests couples use the following tips to achieve financial literacy:

  • Be mine, or yours? Will you and your spouse-to-be keep finances separated or combine them? Consider individual money styles, having one joint savings account and then separate accounts that you can use how you’d like. Making these financial decisions together will help you find a system that works for you.
  • Love’s Cost. Couples that tackle money problems together, and take mutual responsibility for solving them, will inevitably find that their overall relationships are better for it, so calculate your monthly costs and discuss how bills will be paid. Both may contribute to the bill payment, but who will physically write the check to pay the bills, monitor the investments and take care of the taxes. Consider setting a date every month to review and discuss finances.
  • Sharing Credit. It’s important that spouse’s are aware of the others’ credit situation. Marrying a person with bad credit will not drag down your stellar record. However, your other half’s credit will be factored in when applying for joint financing. Knowing ahead of time will help you to plan more strategically.
  • Cupid’s Arrow. Couples should develop a plan to shoot down existing debt, starting with the balances that carry the highest interest rates. Whether or not the pair works as a team or alone, debt must be tackled. Think twice before every purchase and ask yourself if it’s worth not putting that money in your savings. You’ll be able to eliminating frivolous spending this way while keeping your priorities top of mind.
  • Sweet Savings. Saving as a couple fosters teamwork and is essential in times of financial hardship. Decide how much you want to save as a couple and do it automatically from your paychecks. It’s important to be realistic when budgeting your monthly savings goal.

Summer Travel & Your Debit Card

vacation_web

With summer coming to an end, vacations are in full swing and many are traveling. Wondering what you need to do with your debit card before you leave? Here are some tips:

  • Give us a quick call to let us know that you’re going out of town. This will save you the inconvenience of your card getting declined.
  • Clean out your wallet and only take what you need.
  • Find out your daily withdrawal limit and request to have it increased while on your trip.
  • Be mindful of your personal security when accessing an ATM.
  • Monitor your account frequently. Use the SHAZAM® BOLT$ ™ mobile app and receive alerts to potential fraud on your smartphone or tablet.
  • Report a lost or stolen card immediately. Make sure to have our emergency travel phone numbers with you in a safe place.