A Message from Our CEO, Nicholas Mathiowetz

A Message from Our CEO, Nicholas Mathiowetz

We apologize for the delay in this message, we wanted to make sure we provided accurate information to you, and to let you know what are plans are moving forward. We will continue to provide updates as we can.

Your security is our highest priority. We want to address recent concerns about fraudulent activity involving debit card numbers.

Until recently, member funds were unaffected, but now some fraudulent transactions have been able to reach accounts.

We understand this situation feels alarming, and it may seem like your money has been taken. Please know that your funds are fully protected. If you respond to our fraud department and dispute any unauthorized transactions, you will receive 100% of your money back. We’re here to guide you through every step of the process and make sure your account is secure.

What’s happening:

➡️ Fraudsters are using advanced AI and random number generators to guess debit card numbers. Once they find a valid number, they attempt multiple transactions. 

I would like to fully reiterate and assure everyone the following:

➡️ This is not a data breach,

➡️ This is not an inside job,

➡️ This is not a hack of our systems.  

This is an external attack on card numbers themselves and no member information, other than a card number, is at risk, This is why the recommendation for these exposures closes a card.

What we’re doing:

Earlier this year, we signed contracts to change the debit card processing partner we are currently using. This is a significant project and will take some time to fully change over. We are working through this process step by step. The full change is expected in June of 2026.

This new partner will bring in additional fraud mitigation tools and continue to strengthen our resilience when it comes to card fraud.

While fraud will never be fully eliminated, we do expect to see what is considered normal fraud activity which ALL financial institutions have to deal with on a regular basis.

In the immediate short term, we are working with our security partners to strengthen our algorithms and make card numbers significantly harder to predict, updating our card numbering algorithm to match modern security practices. We are also working with the existing fraud monitoring team to continue to update security rules and respond to issues more quickly. More information to come this early next week.

Over the course of the next several months, we expect these enhancements will help deter fraudsters and protect your accounts even further.

What you can do:

✅ Monitor your account regularly.

✅ Report any suspicious transactions immediately, our fraud department can return ALL fraudulent transactions.

✅ Please email me directly for any questions or concerns. 

Please stay tuned, we will have more details early next week.

Thank you so much for your patience during this time. Your trust matters to us, and we’re committed to keeping your money secure.