Fraudulent Transaction Alert

by Melissa McCollough

Digital Marketing Manager

11.11.2021
|
Coastal News

 

Our team has identified a heavy increase of fraudulent transactions from Google, Amazon, Cash App,  and Hard Rock merchants today that are impacting all financial institutions and not just Coastal. Fraudsters are attempting a brute force attack on cards by using random card values in a specific ranges to force transactions to maximize their chances of being successful. There has not been any data breach or compromise to Coastal.

We are working to identify the scope of this issue and we will keep you updated as more information becomes available. There is nothing to do right now beyond checking the transaction history on all your debit and credit cards for any fraudulent charges or unusual activity. We will be working to stop more fraudulent transactions from occurring and on ways to dispute and refund these transactions automatically.

 

Updated: November 11, 1:45 PM

To prevent more fraudulent transactions, Coastal has suspended all Google and Cash App transactions until further notice. This means that even if there are transactions you are attempting to make, they will not go through until a fix is put in. We will update this as more information becomes available.

Additionally, we are continuing to work with merchants to make the dispute process as automated as possible, so no further action is needed from you at this time

 

Updated: November 11, 6:15 PM

We are actively working on refunding the fraudulent charges and any potential fees that may have been charged due to this issue.  We’ll communicate directly to those impacted tomorrow.  As always please reach out to us with any concern and thank you for your patience as we work on your behalf to combat these bad actors.

 

Updated: November 12, 3:30 PM

We have resumed processing Google and Cash App transactions. We have also implemented new processing rules to reduce the ability for these payment platforms to be used fraudulently.  We still encourage members to monitor your accounts and report any unauthorized activity.

 

Updated: November 12, 8:30 PM

We have issued refunds to all accounts that we believe were affected by fraudulent transactions, saving members from having to file individual disputes.  Because we wanted to act quickly and ensure that members have their money back for the weekend, refunds were made as lump sums and deposited in your lowest-numbered checking account.  In some cases, this may be a different account from the one that experienced the fraud, especially if you have multiple checking accounts, or multiple cards that were affected. Again, we wanted to get this done as quickly as possible.

On Monday, we will work on reversing any fees that may have been caused by these transactions.

 

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