You may have read in the paper or seen in the news, there has been a lot of media attention in relation to credit card and/or debit card information being compromised. In an effort to educate our customers about compromises and how Gateway State Bank handles compromise notifications, we have put together some helpful information and answered some of your most commonly asked questions.
Gateway State Bank has a Risk Management service for transaction verification. The number used is 1-800-830-1925 for both the Caller ID display and the call back number. Be advised that the call is valid and made on our behalf and they will close your card immediately.
Q. What is a compromised card?
A. A compromised card is a card that is at risk of being used fraudulently. Cards may be compromised due to computer theft, unauthorized merchant network intrusion, data skimmer devices at the point-of-sale or any type of suspicious activity.
Q. How does Gateway State Bank react to compromise notifications?
A. Gateway State Bank takes every compromise seriously and requires issuance of replacement cards for affected customers. Customers will receive written notification or a phone call if their card data has been compromised. The notification will provide detailed information on obtaining a replacement card.
Q. I was notified by a merchant, not Gateway State Bank, that my card information may have been compromised, what should I do?
A. Call Gateway State Bank immediately (563-242-2265) to have your card closed and replaced. On occasion, a merchant may have prior knowledge of a compromise before MasterCard has a chance to notify credit card issuers.
Q. Does this mean that I have fraud on my account?
A. Not necessarily. In fact, among the list of card numbers we periodically receive, only a few are affected by fraud. Take the opportunity to review your monthly statement(s). Remember to review your daily transactions with our Telephone Banking or our Online Banking.
Q. When notified about a card compromise, do all financial institutions close and reissue cards?
A. No. Some institutions do not reissue cards at all, nor do they notify their customers of a compromise. They leave it to their customers to discover fraudulent transactions (if any) posted to their account.
Q. What do I need to do if I discover fraud on my account?
A. If your card has not been closed already, contact Gateway State Bank immediately to complete a Cardholder Dispute Form with Affidavit.
Q. How long will it take to receive my replacement card?
A. Most cards are received within 7 to 10 business days.
Q. What if I do not want to have my card blocked?
A. Compromises are serious. Fraudulent activity may occur if the card is not closed. The fraud dispute process can be more inconvenient to customers than simply having a card replaced. To protect our customers, minimize inconvenience and losses, Gateway State Bank requires compromised cards to be closed and replaced.
Q. What if I have preauthorized debits made to my compromised card number?
A. You should contact the merchant(s) immediately upon receipt of your replacement card(s) and provide them with the new card number and expiration date. This process may be as simple as logging into the corresponding merchant(s) site and updating the information yourself.
If you have any further questions, please feel free to contact Gateway State Bank for assistance.