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Cybercriminals are constantly finding new ways to commit fraud and take your money away from you. Bank identification number (BIN) attacks are an emerging threat. Keep reading to learn more about what BIN attacks are and how you can protect yourself.
What are BIN attacks?
BIN attacks are a type of fraud committed by cybercriminals to gain access to credit card and debit card systems using brute force computing. This method involves testing every possible combination of a card number, card verification value (CVV), and expiration date until the correct information is discovered.
It can happen to any financial institution.
No financial institution is immune to these types of attacks. Rest assured; Redstone Federal Credit Union takes fraud very seriously. We adjust our fraud mitigation efforts continuously to help alleviate attacks.
How to protect yourself from BIN attacks
You can’t stop fraudsters from using brute force to guess your card numbers, but there are steps you can take to guard your personal info and stay on top of your account. One of the most effective ways to detect fraudulent account activity is to set up transaction alerts. These alerts notify you via email, text, or through push notifications on Redstone’s mobile banking app. Here’s how to set it up:
What to do if you notice fraudulent charges
We know the headache of seeing unauthorized charges on your credit or debit card. Removing these charges from your account, and getting a replacement isn’t fun either.
If you notice unauthorized charges on your account, contact Redstone’s Fraud Department at 800-234-1234. We do recommend you close any card with unauthorized transactions and request a new card through online banking, by calling us, or visiting a branch.
Stay aware!
Redstone protects your money by keeping an eye on accounts. If suspicious or out-of-the-ordinary card transaction(s) are detected on your Redstone credit or debit card, you may occasionally receive a call from a Redstone employee who will be calling to validate the transactions as legitimate.
Be aware that the people making these calls will never ask for your account number, card number or social security number as we already have that information. You should never give this information to anyone calling you.
If you are ever suspicious of a call from Redstone Federal Credit Union or a party representing Redstone Federal Credit Union, disconnect the call and initiate a call to Redstone to validate.
Note: We cannot stop or prevent a charge/authorized purchase from posting to an account; however, you may send in a dispute form for the charge/purchase while it is pending, but it cannot be processed until the charge posts to the card.
For more information on taking steps to prevent and detect identity theft and fraud, click here.
Are you ready to join the credit union that puts you first? Become a member of the Redstone family and you’ll start enjoying the great rates, personalized financial advice, and excellent customer service Redstone is known for.