With millions of consumers becoming victims of debit fraud over the last few years, financial fraud is on the rise. These bank card frauds are projected to increase in the next decade since scammers are now deploying sophisticated tools and techniques. Anyone can be a victim of these frauds, but what matters the most is taking precautionary steps to protect yourself.
Despite the fact that debit card fraud occurs online, many people still fall victim while swiping their cards. Either way, these fraudsters aim at getting your debit card details and deleting your bank accounts. Therefore, you need to learn how to protect yourself from these fraudsters, and these tips will help you.
Don’t Share Your PIN
You’ve probably heard this many times. Your PIN is the key to your funds. Once you share your PIN, your debit card becomes prone to fraud. On the other hand, do not keep your PIN anywhere. If your device gets stolen, your PIN will be accessed easily. Fraudsters getting ahold of your PIN can be a disaster as they can defraud your money through the disclosed PIN. Therefore, keep it a secret and don’t just write it anywhere for anyone to access it.
Secure Online Purchases
Online purchases, including personal loan online, are changing the way we live. With just a click of a button, you can order a TV, a phone, a horse, etc. In short, you can purchase anything you want these days. However, with many shopping options accessible, you don’t know if your payment details are secure. But you don’t expect people to stop online purchases. The most important thing is to keep your details safe while making your purchases.
First, make sure you only buy on a secured network. This implies that if you are at a public library, do not use the library network to make your online purchases. Wait till you get home to make your orders. You need to always put your purchases on hold till you know the network you’re using is secure. The only way to do that is to use your network. Refrain from using public networks, which may put your card details at risk.
Monitor your Account Regularly
One way to safeguard yourself from debit card fraud is by regularly checking your bank account. By checking your transactions, you can easily identify unauthorized transactions or any suspicious activity. If any, you need to take the necessary measures, like reporting to the bank or your private lender or freezing your debit card. In addition, you can also set up bank alerts as an extra layer of security. The alerts will notify you if there are any unusual transactions. If you stay vigilant, you can quickly detect any fraudulent activity earlier. This will lower the potential of any damages to your account.
Go Paperless
Go paperless if you can, or keep your statements in a secure place. In this digital age, one way to protect yourself from card fraud is by going paperless. Using electronic transactions will help eliminate the risk of your sensitive details being accessed through physical documents.
In addition, going paperless will lower the chances of mail thefts because those bank statements will not be in the mailbox for anyone to access. This will enable you to easily access your account details at anytime and anywhere. With electronic payments, you can monitor the transactions and detect any suspicious activity earlier. Therefore, embrace the benedict of going paperless and protect your finances.
Keep Track of Your Cards
Many transactions are being carried out virtually without the need to really swipe the card. This means you may not use your physical debit card daily. Therefore, you should keep track of the wallet with your debit cards so they do not get into the wrong hands. In case you lose your card, report to the bank immediately to help you close the card so that no one can access your details.
Be Conscious of the Surroundings
Before entering your PIN or other sensitive details, ensure no one can view them but you. This mostly happens while making your purchases when you enter your information. If someone is too close while entering your details on the card, you can demand some space so they cannot see the PIN or any sensitive information you’ve entered.
Use bank ATMs
The ATMs available in banks and other financial institutions have better security when compared to the automated teller machines at convenience stores, casinos, or restaurants. They have video cameras to enhance security for users. Therefore, sticking to a bank ATM is beneficial as it will lessen the chances of any person accessing your card details.
Destroy Your Old Debit Cards
If you have an expired debit card, do not throw it away. Destroy it completely by cutting or shredding it into smaller pieces before you dispose of it. This way, no one can get hold of your card details.
Recap
While you can have the capability to prevent data breaches or thefts, early detection of fraud will help reduce the losses. Being hypervigilant is the key. It will help you detect fraud. Ultimately, taking precautionary steps will help protect you from any debit card fraud.
