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From the President's Office - Fraud and How Chip Cards Can Help

We have all checked our bank statements at one point, seen a transaction, and gone “What’s this transaction?! I did not make this purchase.” In this day and age, this utterance is becoming more and more frequent as criminals have found a way to commit fraud using your debit card and taking your hard-earned money. However, with the implementation of new EMV chip cards taking place at financial institutions and retailers across the country, there is hope that this enactment will help assuage the effects of debit card fraud on a large scale.

What you probably didn’t realize about your old debit card was that magnetic stripes store unchanging data. Whoever is able to gain access to your magnetic strip (through a skimmer, physical or digital) is able to gather all the information they need in order to make purchases and can use the stolen information repeatedly. Unlike magnetic-stripe cards, every time an EMV card is used for payment, the card chip creates a unique transaction code that cannot be used again. And although EMV technology will not prevent data breaches from occurring, it will make it much harder for criminals to successfully profit from what they steal.

As of July 2016, Millbury National Bank has been using EMV card for all new debit cards. If you request an EMV chip card or happen to have an old card that is due for renewal, your new card will automatically have an EMV chip! MNB is also proud to offer CardValet at no cost to our customers as well. This is a smartphone app that allows you to set spending limits on your debit card, alert you when unusual transactions take place to be able to stop them in real time, and even close your debit card if you happen to lose it. Between the implementation of the EMV chip cards paired with CardValet, MNB is cracking down on fraud and protecting your valuable information and money.


 INTRODUCING MASTERCARD ACCOUNT UPDATER FOR MILLBURY NATIONAL BANK

We are pleased to announce a new feature for your Millbury National Bank MasterMoney Debit Card.  As part of our growing commitment to our customers, Millbury National Bank will automatically enroll you debit card in the new MasterCard Account Updater program.  With this mandated MasterCard program, we can update your saved payment information with many billers and merchants so you don't have to.

When you save your Millbury National Bank debit card for things like bill payments and online purchases the Account Updater program allows us to provide your payment information automatically if your debit card changes or otherwise gets reissued due to normal expiration date, lost or stolen cards.  This will allow you to avoid a declined payment and not have the hassle of  updating your card information with the merchant every time your debit card changes.

If you do not wish to take advantage of this new service, you may choose to Opt-Out of the Account Updater program by contacting the bank at 508-865-9521, or click here to print the Opt-Out form and drop it off at one of our branches or mail it to us.  The bank will unenroll your debit card from the Account Updater program.

Otherwise, enjoy the benefits of the Account Updater program.  If you have any questions, please contact us at 508-865-9521, and one of our knowledgeable staff will be happy to answer any questions you have.

Not all merchants and billers participate in MasterCard Account Updater, for more information on MasterCard Automatic Billing Updater click here.  Updates are not guaranteed before the next billing cycle. 


Millbury National Bank is pleased to introduce CardValet, a new card management and fraud mitigation tool for debit card holders.

CardValet  

Just a friendly reminder that Millbury National Bank will never ask you to verify account or debit card information via text message or e-mail. If you have any further questions, please contact Ashley Marcum at amarcum@mnbonline.com or Tabitha Castonguay at tcastonguay@mnbonline.com. Thank you! 

 

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