This is your location for current news, future events and overall plans for your Credit Union. We hope you find the information here both useful and interesting. If you have questions or comments about the news items listed here, please give us a call. We’re always here to help!
Wednesday Drive Throughs Will Begin Opening July 1
Drive through locations will continue to be open 8:30 – 4:00 on Monday and Tuesday, 8:30 – 5:00 on Thursday and Friday at each location that has a drive thru. On Wednesdays all drive through locations will be open 8:30 – 12 noon and on Saturdays 8:30 – 12 noon at the StoneView location only 4310 Hwy 431-N.
IMPORTANT NOTICE OF CHANGE: Reg CC (Funds Availability) Changes Beginning July 1st!
Effective July 1, 2020, our Funds Availability Policy will change to make additional funds available to you sooner if we place a check hold.
- First business day availability will increase from $200 to $225; and
- Single day check deposits totaling $5,525 may be subject to delayed availability. (Previous limit was $5,000.)
If you have any questions regarding these updates, please contact us at 615-382-8255.
Contribution Deadline Extended
Because of the Secure Act and Cares Act, IRA and HSA account owners have until JULY 15, 2020 to make prior year contributions to your accounts.
New Info – HOW to REPORT FRAUD on your Credit Union Debit Card
Beginning Monday, May 4th, and until further notice, if you notice or suspect fraud on your Credit Union debit card, please call us at 615-382-8255 and ask to speak to Brittney LaBorg or Amy Britt.
Two-Factor Authentication for Financial Accounts — It Really is More Secure
By Preston Packer, Director Sales & Marketing, FLEX
It’s seemingly an everyday occurrence: You want to access your Outlook email, you have to wait for a passcode to be sent via text message. You want to check the status of a dental claim on your insurance website, you have to verify it’s you, after entering the password, with an email confirmation. You want to place an order for a Chipotle burrito on the mobile app, you are challenged to hold your phone at a 60 degree angle while performing a preset dance routine that symbolizes your love for burrito bowls while the app scans your retina for verification that nobody else is hacking your lunch order. While the process of two-factor authentication may irritate you when in a hurry, it is quickly becoming more commonplace, accepted and part of our daily routine. But…is it really necessary?
Login information for websites, financial sites included, used to be a simple username and password challenge. A few episodes into Mr. Robot will demonstrate the vulnerability of that: Usernames are typically emails or a variation of first and last name; user-created passwords are often a combination of your pet’s name and your street address (or kid’s name and birthdate, or a favorite band and graduation year, etc.)…all of which is easily discovered on social media platforms. It didn’t take long for criminals to hack “JinxyCat93”, so over the years, many measures have been put in place to increase the security of accessing these accounts.
Two-factor authentication (2FA) can be implemented in a variety of ways: Unique one-time use codes sent via text message or email address to the information on file for that account, security question challenges, facial recognition and more. Some banking and corporate organizations employ physical devices that are given to each account holder that generate a new passcode required when the person logs in. The more complex the process, the more secure it may be, but the more cumbersome it is on the end user.
In 201, a survey of cybersecurity professionals found that 74 percent of organizations that use two-factor authentication receive complaints from users about the process. Nearly 10 percent of respondents said they actually hate it. However, annoying as it may be, people who use it do feel more secure about their data and their accounts. But there are still loopholes.
Sophisticated phishing scams are one of the biggest problems with cybersecurity today, and they can be masked as a form of 2FA. Hackers design fraudulent websites that look nearly identical to the real ones. They then send emails that look and feel as if they are coming from the bank or credit union and alert members that their account is about to expire or is missing some data. Members who are duped will click on the face site, which fraudulently captures their login information. Immediately, the hacker enters this information on the real website, which generates the text message to the member. The member unknowingly enters the code on the fake site, which is immediately entered into the real site by the hacker, gaining access to the account.
Another vulnerability is the phone itself. As a physical device, phone hijacking is increasingly an issue, rising from about 380,000 in 2017 to some 679,000 in 2018. With text messages to phones being one of the most popular verification methods in 2FA, this potential loophole emphasizes that the process is not without its flaws.
The bottom line: Every added layer of security is better than none at all. A home security system won’t guarantee you home will never be burglarized, but it is certainly better than leaving the house with door and windows wide open. Putting two-factor authentication to work at your credit union will not put all of your security woes to rest, but it will provide members a greater sense of trust, as well as an added layer of protection.
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Please Take Note!
NEW VISA CREDIT CARD INFORMATION
There are NEW customer service numbers for our Visa Credit Cards:
NEW CUSTOMER SERVICE: 1-800-247-4222
NEW LOST/STOLEN CARD REPORTING: 1-800-543-5073
REMITTANCE ADDRESS: The Credit Union for Robertson County/Visa Card P O Box 4521 Carol Stream IL 60197-4521