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New chip technologies are evolving that will help increase security, reduce fraud and enable the use of future value-added applications. A chip card is a standard-size plastic debit or credit card that contains an embedded microchip, as well as the traditional magnetic stripe. The chip protects in-store payments because it generates a unique, one-time code that is needed for each transaction to be approved. It is virtually impossible for fraudsters to replicate this feature in counterfeit cards, providing you greater security and peace of mind when making transactions at a chip-enabled terminal.
If the retailer has a chip-enabled terminal, simply insert the chip end of your card face up into the terminal.
The chip card will remain in the terminal while the transaction is processed. To authorize your transaction, just follow the prompts as you do today. You’ll be prompted to enter your PIN or to provide a signature as you normally would to verify the transaction. You may not be asked for a PIN when travelling internationally. Your card will remain in the terminal until the transaction is completed. If the retailer is not equipped to read the chip card, just swipe as you do today. However, if you swipe your chip card at a chip-enabled terminal, the terminal may prompt you to insert your chip card into the terminal. Transactions made over the phone or online will not change.
A cardholder’s confidential data is more secure on a chip-enabled payment card than on a magnetic stripe (magstripe) card, as the former supports dynamic authentication, while the latter does not (the data is static). Consequently, data from a traditional magstripe card can be easily copied (skimmed) with a simple and inexpensive card reading device – enabling criminals to reproduce counterfeit cards for use in both the retail and the CNP environment. Chip (EMV) technology is effective in combating counterfeit fraud with its dynamic authentication capabilities (dynamic values existing within the chip itself that, when verified by the point-of-sale device, ensure the authenticity of the card).
TUFCU will be rolling out new EMV debit cards in the near future. These new cards will provide more protection against fraud. Of course they will not help in “not present” transactions such as purchases made over the internet. You debit card number and PIN will not change, however you will have a new expiration date. There is no charge for the new cards however there is a fee if you need a replacement card.
From: Intuit-TurboTax-Updated for Tax Year: 2012
If someone uses your information to file a fraudulent tax return, he or she is looking to get your tax refund. You’ll want to work with the IRS as soon as you discover the identity theft to ensure that your actual return is processed as quickly as possible.
The Internal Revenue Service has taken steps to improve its identity theft prevention, detection and resolution programs. This includes improvements that help detect fraudulent returns and prevent further processing of them, as well as improvements to the way identity theft cases are handled.
In most cases, if someone uses your information to file a tax return, he is looking to get your tax refund. You’ll want to work with the IRS as soon as you discover the identity theft to ensure that your actual return is processed as quickly as possible. And you should consider placing holds on your accounts to prevent additional loss from theft.
In many cases, when someone files a tax return using your Social Security number, you won’t find out until after the second return is filed. The second return could be from you or the person who has stolen your information.
When the IRS receives two different returns with the same Social Security number, the return will be rejected if you e-filed or you’ll get a written notice that explains that a return has already been filed if you paper filed your return. Even if you don’t get a letter from the IRS but suspect a fraudulent return has been filed with your information, you can still take action.
IRS Form 14039
When you discover another a tax return has been filed with your Social Security number, you’ll use IRS Form 14039 to alert the IRS. When you complete this form, you’ll indicate that someone has stolen your identity and it has affected your tax account since they have filed a return using your identifying information. You’ll also provide information about the tax year affected and the last return you filed prior to the identity theft.
Sending Form 14039
After you complete Form 14039, mail it to the IRS with a copy of your Social Security card and driver’s license. If you don’t have a driver’s license, you can substitute a U.S. Passport, military ID or other government-issued identification card.
If you received an IRS notice concerning the fraudulent return, include a copy of the notice. Mail the form and documents to the address shown in your notice.
If you did not receive an IRS notice, mail your documents to:
- Internal Revenue Service
- P.O. Box 9039
- Andover, MA 01810-0939
When someone has enough of your personal information to file a fraudulent tax return, she can use your identity to commit other crimes. In addition to alerting the IRS, you should place a freeze on your credit report file with all three credit bureaus to prevent unauthorized accounts from being opened. The Federal Trade Commission also suggests filing an identity theft report with your local police department, and also with the FTC online.