News

At 1st Cooperative Federal Credit Union, your safety and security come first. We understand that the words “credit card fraud” can spark concern, but it’s our responsibility to keep you well-informed and protected.

Recently, we’ve noticed a small number of our members have been targeted by what’s known as a BIN Attack. A BIN, or Bank Identification Number, refers to the first six numbers on your credit card. These unique numbers can be used by fraudsters to generate complete card numbers.

How does a BIN Attack work? It’s simpler than you might think. Fraudsters use software to automatically generate the remaining numbers after the BIN and test these combinations to see which card numbers are correct and if the cards are active. This is usually done by making small transactions through an online store.

These attacks can range from a few card numbers tested per day to potentially thousands in just a few hours. This does not mean anyone’s card numbers have been compromised. Instead, this is a strategy that fraudsters use to try and guess card numbers, akin to throwing a handful of darts and seeing what sticks.

Here are a few ways we can join forces to counteract these attacks:

Regularly monitor your credit card statements 
With our online banking platform, you don’t need to wait for your monthly statement. Feel free to log in and review your transactions at any time. If something doesn’t seem right, notify our card services team by calling 1-855-504-3392. This number is listed on the back of your credit card.

Keep your contact information current
It’s essential that we can reach you quickly if card services detect any unusual activity on your account. Please ensure your contact information is up-to-date.

Exercise caution with unknown calls
Remember to exercise caution when sharing any information over the phone. If you receive a call from a toll-free number that you are not familiar with and are being asked to confirm transactions, it is important to trust your instincts. If you feel uneasy or uncertain about the call, it is best to end the conversation. To ensure the call is legitimate, you can independently contact card services at 1-855-504-3392 and verify the authenticity of the call.

Pay attention to small transactions 
Small, unusual transactions—also known as micro-transactions—could be signs of an attack, since fraudsters often make small purchases to test whether a credit card is active. Report any small transactions to card services immediately by calling 1-855-504-3392.

We’re always ready to help
Got questions or need help? Reach out to us at 803-796-0234. But remember, if you believe you’re the victim of fraud, or see anything suspicious on your account, the first number to dial should be 1-855-504-3392. This helps us to take quick action to secure your account. We’re always here to provide the support you need.

Working together, we can strengthen our defenses against credit card fraud. By diligently monitoring your account, ensuring your contact information is up-to-date, handling unknown calls with caution, monitoring your account for small transactions and keeping us informed, you’re making a significant contribution to a safer financial environment for all our members.

Stay vigilant, stay secure. And remember—we’re always here for you.

View this month’s Money Talk.

Members can now get a 6.99% annual percentage rate on all balances transferred from other cards to a 1st Cooperative Visa Platinum card. This balance transfer special will be offered until April 21, 2023. Those who open a new 1st Cooperative Visa will also get the same rate.

Balances transferred from retail store cards and those from other financial institutions pay no transfer fee in addition to qualifying for the low rate, which will be in effect on transferred balances for 18 months.

“Rates are rising on all loans, including credit cards, so we know from experience that the 6.99% rate will ease the burden on a lot of people,” said Ashley Beach Reid, the credit union’s chief operating officer.

Members who already have a 1st Cooperative Visa Platinum can make transfers now. Non-members and members without a Visa Platinum have plenty of time to join and apply for a card and to then make their transfers from other cards.

“The savings can be huge, especially if someone is paying the 18% to 29% charged by some other cards,” Beach Reid said. “The special rate is good for a year and a half, and there’s no fee to make the transfer. That’s a good deal.”

Credit union membership is open to electric cooperative employees, trustees, and their families, who include spouses, parents, grandparents, children, grandchildren, siblings, and in-laws (with step and adoptive relationships included).

Apply at www.1stCooperative.com/visa-card. If you’re not a credit union member, join first at www.1stCooperative.com/join. Members with questions can contact the credit union at 803-796-0234.

View this month’s Money Talk.

In a move that runs counter to the upward trend of interest rates, 1st Cooperative Federal Credit Union will reduce interest rates on loans for new automobiles effective July 1. Meanwhile, dividend rates on certificates will increase, a move sure to be welcomed by savers.

“Members are looking more closely at new vehicles as the cost of used vehicles has increased,” said Ashley Beach Reid, COO of the credit union. “We’re trying to make those purchases easier, even though it goes against the tide of most financial institutions.”

Rates for new-vehicle loans will drop to as low as 3.29% annual percentage rate (APR). There’s a range of rates based on a member’s credit qualifications, but even the highest rate has been lowered — to 14.79% APR.

More good news comes with higher dividend rates for savings certificates. The 12-month certificate will earn 0.85% annual percentage yield (APY). The rate for 24-month certificates will increase to 1.05% APY.

The credit union’s board of directors approved the rate changes at its last meeting.

While members need to call the credit union (803-796-0234) to purchase savings certificates, they can begin the loan application online at www.1stCooperative.com/resources.

Membership in the credit union is open to electric cooperative employees, trustees, and families including spouse, children, grandchildren, parents, grandparents and siblings. To join, click here.

View this month’s Money Talk.

A lower interest rate will provide relief from rising minimum payments and huge credit card debt starting February 1.

1st Cooperative Visa Platinum holders will get a limited-time 6.99% annual percentage rate on all balances transferred from other cards to a 1st Cooperative Visa. This balance transfer special will be offered between February 1 and April 15, 2022. Those who open a new 1st Cooperative Visa will also get the same rate.

Members will pay no transfer fee and get the lower rate when they transfer balances from retail store cards or those from other financial institutions.

“We know from experience that the 6.99% rate will ease the burden on a lot of people,” said Ashley Beach Reid, the credit union’s chief operating officer. “Faced with financial pressure brought on by holiday shopping, many electric cooperative employees and their families will be searching for relief.”

Members who already have a 1st Cooperative Visa Platinum can make transfers beginning on February 1 to take advantage of the special rate. Non-members have plenty of time to join, apply for a Visa Platinum and then make their transfers from other cards. Credit union membership is open to electric cooperative employees, trustees, and their families, who include spouses, parents, grandparents, children, grandchildren, siblings, and in-laws (with step and adoptive relationships included).

“The savings can be huge, especially if someone is paying the 18% to 29% charged by some other cards,” Beach Reid said. “The special rate is good for the life of the transferred balance—until it’s paid off—and there’s no fee to make the transfer. You don’t see that too often”

Apply at www.1stCooperative.com/visa-card. If you’re not a credit union member, join first at www.1stCooperative.com/join. Members with questions can contact the credit union at 803-796-0234.

View this month’s Money Talk.

View this month’s Money Talk.

View this month’s Money Talk.