What is Fraud Monitoring?
Safeguarding your finances is important to us, so we’re proud to provide unparalleled card security as part of your membership.
We employ a 24/7 monitoring system designed to score and analyze your debit and credit card patterns to determine fraudulent activity. Experienced fraud analysts watch for any suspicious card activity and contact you immediately if they identify potential fraud on your card.
Fraud monitoring FAQs
Q: What is fraud monitoring?
A: It is a service we utilize to monitor signature-based debit and credit card transactions for fraudulent activity.
Q: Do I have to enroll to have my card monitored?
A: No. we monitor all Credit Union of Colorado debit and credit cards for fraud. No enrollment is required.
Q: Is there a cost for this service?
A: This is a free service automatically provided to all of our members.
Q: What types of transactions are considered suspicious or fraudulent?
A: The service monitors and analyzes transactions and assigns a rating to the transaction. Based on your normal spending patterns, if a questionable transaction is detected on your debit or credit card, we contact you to verify the transaction. In some cases, if the fraud rating is high, the transaction is declined at the point of purchase.
Q: How will I be notified?
A: We have two ways we will contact you, if fraudulent activity is suspected.
1. If we have a mobile phone number for you, we will text you immediately if we suspect fraud. You will then have an opportunity to either confirm or reject the transaction. If you reject the transaction, or do not respond, you will receive a phone call to verify the transaction to protect your account from fraud.
2. If we do not have a mobile phone listed for you, we will call the phone number on the account to verify the transaction. If there’s no answer, a representative leaves a message requesting a return call to verify the suspected transaction.
Q: How do we verify we are speaking with the card owner?
A: You’ll be asked a question to verify your identity. We may ask you to verify the last four digits of your Social Security number as well. We also compare the phone number that you call from to see if it matches the phone number that’s on file.
Q: Can I reply back to the Credit Union instead of the fraud line?
A: To avoid delays with card usage or confirming potential fraud, contact the fraud line. It is available 24 hours a day, seven days a week and can quickly verify transactions and take appropriate action if fraud has occurred on your account.
Q: Will I still need to monitor my account myself since this service is automatic?
A: Yes. We encourage you to monitor your account for suspicious or unauthorized charges that we may not detect.