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5 Reasons How Debit Card can lead you to Fraud Transaction

11-NOV-2016 17:58

    As we all know, Fraud cases are increasing day by day via internet banking or we can say it as cyber crime. Such criminal activities are carried out by means of computer or internet and also known as computer crime.

    Fraud can be done via credit card or debit card but credit card fraud and cyber threats gets all the attention for breaches of data. So, those should be attentive while using debit card as this is the mainly weak link in our wallet. If there is a fraud via credit card then there is a possibility of detecting it but if through debit card it is a bit difficult as it is directly tied to your bank account. If fraud occur money will directly went out from savings. And, if your PIN is stolen then you can expect much more trouble.

    Have you noticed that, if fraud occurs through credit card then you just have to simply alert your lender and you don’t have to pay cash from your pocket therefore, these days’ people are preferring credit card for all non-cash transactions.

    But if you are not comfortable using credit card for other reasons and interested in using debit card then make sure that you follow these 5 safe measures to keep your account from getting hacked.

    1. Don’t keep your emergency savings in your checking account.

    It will be better to keep your emergency fund in a different or separate online account at a different bank because a single fraud incident may wipe out all your savings. One more solution is that you can keep your savings in a bank CD (Certificate of deposit). CDs are similar to saving accounts in that they are insured “money in the bank” and thus virtually risk free.

    2. Prefer using ATMs located at bank premises

    We all see our convenience and give preference to nearby ATMs and without noticing we randomly transact money whether from mall or at any store but less frequently we go to the ATM located in a bank. Do you know bank owned ATMs located away from the branches are also at risk? Because they are not monitored as compared to the ATM attached to a branch. Also, it will be difficult for scammers to enter in a bank having proper security. (It will not be so easy guys!) Think!

    ATMs located inside bank premises are safer, but after-hours it may not be, as you have to insert your card to the slot to unlock the lobby door and this is risky. It helps scammers to extract your information from the ATMs easily from some skimming devices. So, don’t use ATMs after-hours.

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    3. Change your PIN frequently and don’t keep it in your phone/email

    Someone who is interested in doing fraud will gets hold both of your card number and PIN and gives a chance to fraudster to be successful. So, make it a habit to change your PIN every month.

    Sometimes we keep our password or account number etc. in our phone or we share it online while purchasing something or in any other way. It becomes easy for hacker to hack information available online and if phone is stolen or when you sell your phone information available in the phone can be traced. Even if you have locked your phone then also it is not safe. So, we thave to be careful.

    4. Use pre-paid cards for online purchases

    Do you know that using debit card online is one of the riskiest to do? If not credit card then reload pre-paid card and use that for online shopping. This way you can keep thieves away from your bank account.

    5. Set up your email and text alerts

    May be you are careful but anything can happen anytime. So, be active while setting alerts to detect fraud as soon as it happens. If fraudsters take over your account, they probably test the card with a small transaction and if you have proper alerts of every transaction then it will be easy to catch them. So, if sometimes you withdraw money and no alert message comes do check it on priority basis. 

    Also, one more thing never ever share your details with anyone via phone, online, mail etc. Banks never ask on phone for document verification. So, guys be careful and don’t share it with anyone.

    We all have heard and read everywhere that “Saavdhani hati to durghatna ghati” i.e. why with this article I am just making you aware that we should take some precautions while using debit card.

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    DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.

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