Conference 7.286::dcu

    I just received a new VISA card about 6 months before the expiration
    date late last week.  The note that came with it said that it had
    improved magnetic codes on it to prevent forgery(?)  The letter
    informing me that I should have gotten it arrived on Saturday.  So, at
    least some of the cards/letters were sent in the proper order.
    
    Rich

    I too got my card last week.  I didn't check my mail over the holiday
    weekend, so I don't know if I got the card.
    
    Bob

    The letter states, "The new card(s) has a special code in the magnetic
    stripe, unique to your card.  It's an effective fraud deterrent if your
    card(s) is ever lost or stolen."
    
    Does anyone know what the code/fraud deterrent is or does?  If I don't
    know what it is, how is it going to help me or deter someone else?  SS
    number perhaps?
    
    \Lou
    

My wife got one of these letters - her card doesn't expire until next month
(and she didn't get a new card).  She called DCU and was told the letter
was mistakenly sent out early.

				Steve

I called DCU myself about this.

Some cards are being reissued to include an additional "CVV" verification
code on the magnetic stripe.  The rep I spoke with didn't have any information
about this. 

I was told that no old card should have been cancelled unless a new card
was issued. 

			Steve

    I wonder if this is an industry response to some security breach
    because I also was given an unsolicited replacement ATM card
    accompanied by a similar letter, from another CU.
    
    Bob

    I would think that its merely some sort of "key" that contains
    information that is NOT printed on the face of the card and thus
    can't be duplicated from a carbon copy of a receipt.
    
    ???

I just got off the phone with DCU's Tom Ryan, and I asked him what this was
all about.  Basically, they're adding to the magnetic information an
encrypted value identifying the card, using a key specific to
DCU.  The purpose of this is to prevent the most common type of fraud where
someone gets ahold of the imprint information (name, account number and
expiration date) and "writes" it onto the magnetic strip of another card.
Then they can use that card anywhere there's a card reader.  (As you all know,
merchants almost never look at the card itself, even to verify signatures,
much less compare the printed slip with the card.)  With this new value on
the card, a fake card made from the embossed info only will not be accepted.
(Yes, if the thief physically has your card they can duplicate the info, but
that is rare.)

This has been in progress for a while, most cards issued in the last year
or so already have the "CVV" value.  It will include the DCU check cards
as well.  Visa is encouraging institutions to accelerate the delivery of
CVV-encoded cards to its customers, which is why you may receive a new card
sooner than the expiration date of your old one.

I was told that none of the old cards have been invalidated - yet.  By the
end of June they'll start that process.

					Steve

I got my new VISA credit card before the letter, but my S.O. got the
letter and no VISA card (as yet).  My previous VISA card didn't expire 
until November this year.

I also got a new DCU check card yesterday...

-- Nina

    As for my report in .0 of my card being canceled, that isn't the
    case.  My existing card still works.  The place that I used the
    card last Sunday was having problems with their card readers, etc.
    
    				-John

See 854.24 for a chilling story relating to this topic...

			Steve