Debit card fraud can happen in many places such as retailers, restaurants, and ATMs. As soon as you start using your debit card, you’re taking a risk.
Criminals can tamper with ATMs and card payment terminals in stores and shops to acquire critical debit card numbers, which they can use to steal your money.
These ideas will help you avoid being a victim of debit card fraud by teaching you how to protect yourself.
When and how does a fraudulent use of a debit card occur?
When someone gets their hands on your debit card number or PIN, they can make purchases or withdrawals from your account without your knowledge. Debit card fraud can occur in a number of ways, including the following:
1. Your wallet or bag is stolen from under your nose and the debit card inside is used to make an online purchase.
2. Card skimming devices are installed at gas station gasoline pumps, which allow fraudsters to steal your debit card information and withdraw the money from your bank account.
3. A service or repair person discovers old statements in your dustbin, takes your account number, and fraudulently gets access to the funds on your card.
How can someone use my debit card without having it?
Your debit card can be used by thieves even if the card itself is missing. In addition to using your card offline, they have access to your PIN.
To get around the PIN requirement while making an in-store purchase, thieves typically use a stolen debit card as a credit card.
Using a pump skimmer or persuading the card owner into disclosing critical information, they can get your debit card number without actually stealing the card.
In order to protect the debit card’s basic Information, a personal identification number must be used. Criminals have figured out a new way to hack into systems and bypass the need for a PIN in order to steal sensitive data.
Using this information, fraudsters are able to quickly and simply produce fake ATM cards and utilize them. Purchases can also be made using their bank account’s cash.
What happens when your debit card is compromised?
In that scenario, you, as the cardholder, should get in touch with the bank to report any unauthorized use of your account.
By limiting or suspending access to your account and card, the financial institution is preventing the thief from committing further fraud.
If your debit card is stolen, your bank may be able to waive the nonsufficient fund fee and return the stolen amounts to your account.
What are the best ways to prevent debit card fraud?
Using your debit card as infrequently as possible may be the greatest method to keep it out of the hands of criminals.
No one should ever need to know your personal identification number (PIN), therefore never give it out or write it down.
Do not enter your PIN at the pump. Instead, make a credit purchase with your card to keep it out of the hands of prying eyes.
With some banks, you may get additional liability protection by using your debit card in a credit card mode.
High-tech security and digital encryption make plastic money a trusted alternative to cash and other liquid assets.
Some clients have been defrauded of their money due to the exploitation of their account details when using debit cards for a quick and easy cash withdrawal or making a payment.
Debit card fraud has been reported by cardholders, resulting in a rise in the subject of plastic money’s security and safety requirements.