Important Changes Starting May 1st
What’s Happening?
In the ever-changing world of online shopping, Advantage Credit Union wants to stay up-to-date with security procedures to ensure our members account information is protected as much as possible.
To combat ever-increasing fraud and the unauthorized used of your debit and credit card transactions, we are implementing a change effective May 1st that may affect specifically online shopping. This change may require a one-time passcode to be entered to authorize and complete your transaction.
We are enhancing the security of your online transactions. One-time passcodes sent to your phone or email for transactions that exhibit higher levels of risk will now include more transparent, detailed information to help you better verify purchases.
Similar to what's already being done with many online accounts regarding Multi-Factor Authentication (MFA), one-time passcodes ensure that your card is only being used by the cardholder and not a scammer that has stolen your card information.
In the future, many major online retailers will move to this formant in an effort to reduce risk and financial losses on their own behalf. At ACU, we're helping lead the way to keep your information safe.
Please become familiar with the new one-time passcode experiences below that now include merchant and purchase amount:
What will it look like?
Text Message: Below is an example of the one-time passcode being sent via text message. If the online merchant participates in the one-time password program, you will be prompted to enter a code in order to complete the transaction. It is extremely important that the code is never shared with anyone.
Email: Below is an example of the one-time passcode being sent via email.
Frequently Asked Questions:
Will this affect all my debit card transactions? No. Only online transactions may be affected by this change. In-person transactions will perform as usual.
I didn't receive a text or email. Now what? If you did not receive a text or email, more than likely we do not have your mobile number or email address on file. Your transaction will not be able to be processed until you reach out to the credit union to get your information updated in our card system.
Will this happen every time I do an online transaction? Probably not, although some merchants may request the code every time.
I entered the code and it turns out it was a fraudulent transaction. Now what? Because you entered the code as a verified purchase, you may be liable for the charges. You will need to call the credit union for further assistance.
This change is part of our efforts to better protect your transactions and provide a modern experience. As a reminder, one-time passcodes are personal and unique to your online transaction. Never share it with anyone who calls you, texts you or emails you to ask for the code. Keep in mind that your financial institution will never ask you to share a one-time passcode with them. We appreciate your understanding and cooperation as we work to improve your security and transaction experience. Should you have any questions regarding this change, please reach out to us directly at info@acuiowa.org or via phone at 641-792.5660.