What To Do If Your Credit or Debit Account is Compromised

In this, the "Information Age", it is becoming ever more difficult to protect ourselves against theft of our personal information. With increased frequency, the security of retail computer systems is breached and our personal and financial information is compromised by these hackers. Card issuers nationwide, ValleyStone included, are addressing this problem daily.

We at ValleyStone Credit Union® would like to assure you that we take every precaution to ensure that your credit and debit accounts are continually reviewed for maximum security.

What is a compromised account?
A "compromised card" is actually compromised credit or debit account information. When the security of the information specific to your credit or debit card becomes questionable, those accounts and cards are referred to as 'compromised'. Generally, we are talking about computer hackers gaining access to a merchant's computer system and retrieving information about purchases made, which would include the credit or debit card information. Each situation is different and affects a wide variety of card issuers, from large commercial banks to ValleyStone Credit Union®.

There were over 10 million accounts compromised in 2003 and over 2 million so far in 2004. The merchants are not generally identified, and you should note that it is not the credit union's system that was breached, but rather the system that handled a retail transaction for the merchant.

How does ValleyStone Credit Union® learn about these accounts?
Once a compromised situation is identified, VISA and MasterCard review their files and notify the card issuer, ValleyStone, of the accounts affected. We must then take the best course of action to address the issue. In most but not all cases, canceling the current account and reissuing a new plastic card with a new account number best protects both of us from potentially fraudulent transactions. In some cases, careful monitoring of the account activity is sufficient. In any case, we will act in the best interest of our members.

Why haven't my other plastic cards been canceled or reissued?
It is up to each card issuer - the credit union, bank, or other financial institution - to decide how to best respond to the situation. In general, the credit union world has been particularly proactive about canceling accounts as a way to protect personal member information. It is likely that other card issuers with whom you have business relationships may have received notification of a security breach and have chosen a different course of action.

What can I do to protect myself?
If you become aware of any unusual activity on your credit or debit card, notify your ValleyStone Credit Union representative immediately! We will move quickly to protect your account from that point forward. We encourage you to continue to use your ValleyStone credit and debit cards, and we are proud to be able to offer secure, well-priced and competitive products.