eWallet-A More Secure Way to Pay

Posted in Board Brief on May 20, 2020

Keep it in "Your" Hands

As follow up to our APRIL 2020 Board Brief and as we prepare to bring you eWallet, we want to explain what eWallet is and how it works:

More & more Merchant Point-of-Sales (POS) devices are NFC-enabled. NFC stands for Near-Field Communications. It's a fancy term meaning your mobile device and the POS terminal can talk to each other if both devices are NFC-enabled.

eWallet reduces the risk of fraud. With eWallet, your device sends an encrypted "token" that is specific to your bank or credit card. It's like a high security password. Only your card company knows the card n...

eWallet-Keep it in "Your" Hands

Posted in Board Brief on Apr 15, 2020

Coming this summer, we are launching eWallet for our members. eWALLET is a more secure electronic payment option using your mobile device connected to your KTFCU debit or credit card.

You will be eligible to use Apple Pay, Android/Google Pay and Samsung Pay in our initial rollout. In time, you will be eligible to use eWallet with other electronic device pay systems (Microsoft Wallet, VISA Checkout, Master Pass, Android Pay, LG Pay, FitBit Pay & Garmin Pay).

This encryption technology (called Tokenization) is more secure because merchants and their employees will not have access to your payment...

Stories of Loss and Love

Posted in Board Brief on Mar 18, 2020

More and more adults are using the Internet to find companionship and love. While finding the right match is possible, there's growing risk more than your heart will be broken. Here is an all too typical story that has cost its victims money and heartache.

Woman Believes she was a Victim of a Dating Scam Fraud
A man she did not know, who claimed to be from the U.S. but temporarily in a foreign country (tending to family business and awaiting an inheritance), began communicating with her via Facebook Messenger. There was a common interest between the two, as the man also claimed to work in the...

Tax Identity Theft

Posted in Board Brief on Feb 19, 2020

Tax identity theft occurs in one of two ways.

1. When someone else uses your Social Security number to file a fraudulent return to get a tax refund or
2. Your personal information is used to secure employment, which can make it appear you earned more income than you actually did.

After years of identity theft and tax fraud increases, the Internal Revenue Service (IRS) has reported a substantial decline in the number of taxpayers who reported being a victim of identity theft. The decline is a result of a partnership between the IRS, state tax agencies, tax preparers and other tax industry experts. ...

Check your Statements Early and Often. It can Save you Money!

Posted in Board Brief on Jan 15, 2020

It is an important practice to check your credit card and draft/checking statements (especially if tied to a debit card) as early and as often as you can. This is particularly true at times when you are making a lot of purchases, like during holidays and on vacations.

2 Simple Reasons Why

Duel Charges Dual charges are more likely to appear when a consumer is making a purchase at an establishment they do not frequent. Many times, dual charges are not even connected to fraud. Dual charges can occur for innocent reasons where the sales receipt is unknowingly processed twice. This is particularly ...