Protecting Your Money

Over the past few years, the financial industry has seen a rise in fraudulent and other criminal activity. Skimming, phishing, identity theft, email scams. It seems there's no end to what some may try to steal from or defraud innocent people.

If you are unfamiliar with the term skimming, you're not alone. The Interac Association web site (www.interac.org) defines skimming as follows:

Card skimming involves the unauthorized copying of electronic data from your debit card. Hidden equipment, such as pin-hole cameras and card reading devices, are installed to obtain your PIN and card data, and the stolen data is then encoded onto a counterfeit card, which is used to withdraw funds without your knowledge.

While Interac shared services are among the most secure in the world, debit card fraud such as skimming can occur. Incidents are increasing not only in number, but in severity of losses. Skimming is even occurring at high traffic locations such as fast food restaurants and movie theatres.

Legacy Savings & Credit Union works hard everyday to protect your money. Many of our policies and procedures help ensure our staff exercises the utmost diligence when it comes to your privacy and the security of your deposits with us.

One such policy is the point-of-sale (POS) daily limit. In order to minimize the potential impact of skimming we have revisited this policy, reducing the daily POS limit to $2,500.

This change takes effect on July 4, 2006.

We appreciate your understanding and are committed to continuing the exceptional service and convenience you experience each and every day as a member of Legacy Savings & Credit Union.

Please call Rod at 265-6050 if you have any questions about our anti-skimming measures, or on any of our ongoing efforts to protect you and your money.