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How to Avoid Debit Card Fraud? Protection, Prevention & Security

How to Avoid Debit Card Fraud? Protection, Prevention & Security

02 Dec 2020

Debit card fraud has been increased to an extent in the past few years. It happens mostly when a criminal gets access to your debit card number and personal identification number (PIN). Criminals can then initiate unofficial purchases from your bank account or withdraw cash from your account. Hackers can easily access such data from the network systems of your retailers. Data resources with weak security systems are the first place for hackers to look for such kind of data.

Secure yourself against Debit Card Fraud

It is evident that from the advancements in technology, criminals always look for loopholes to attack the systems for personal benefits. Let us discuss a few ways you can guard yourself against debit card fraud.

Activate Banking Alerts

Keep monitoring your balance and up-to-date transactions online daily. You can also sign up for banking alerts. In the case of every banking operation performed from your account, your bank will send you an alert specifying activity. The bank can communicate with you via text message or email alert. 

Online Bank Statements

It is considered efficient to sign up for online bank statements. This will reduce the probability of an individual accessing your information. There is a highly likely a greater chance of someone gaining access to your informational resources on paper. This will also save you from information stolen via trash. Destroy receipts associated with your account before throwing them away in the trash.

Prefer Bank ATM for Cash Withdrawal

Automated Teller Machines (ATMs) in the bank have better security systems equipped with the latest technology to prevent you from any security threat. Avoid making a cash withdrawal from your local ATMs at convenience stores and other such places. It is strictly advised to prefer ATMs of the banks to keep yourself away from debit card fraud.

Tear Down any Previous Debit Cards

If you have possession of some of your previous bank ATM cards, it is better to destroy them before someone from outside could get access to such items. If you do not destroy such cards, this can put you at a threat of informational risk. 

Keep Money at Different Spots

The best practice is to keep money in different places. So, in case if you feel like one of your accounts has gone compromised. You still would be able to manage your financial requirements from the other accounts. It would be a bad idea to keep all your money in one place because if by any means of unforeseen circumstances, your account is put to hold. You might not be able to cope up with your financial obligations.

Avoid putting your Information on Phishing Site

If you are checking your email or doing business online, always make sure you know who you are communicating with. A thief may set up a phishing website that resembles your bank or another business you might be associated with. In reality, when you enter your details on such a site, the scammer takes up the information and takes advantage of such information by managing illegal and fraudulent activities. 

Maintain high Security on your Laptop and Smartphones 

In the modern period of advancements and technology, digital security has also been enhanced to the best versions. You can take advantage of the software-oriented security metrics to control the privacy and security of your informational data. It is recommended to use the firewall for the protection and security of your laptops. A large number of anti-virus and spyware software are available in the market. 

Always Prefer Transactions using a Secured Network

It is highly advised not to make online bank transactions when you are connected to a public network. In such scenarios, your information can be compromised and is normally at potential risk. If you are not sure about the authenticity of the network, it is suggested not to perform online banking transactions to avoid loss of information.

Report any Suspicious Activity in your Account

In case of any suspicious bank transaction or activity comes into your account. Let us discuss a few things you can do to prevent a major loss. You can reach out to your bank helpline and report the recent suspicious activity. It is strictly advised to reach out to the help centers of your bank to discuss the possible factors due to which your information might have been compromised. 

Alternate to Resolve your Debit Fraud

Keeping a record of the timely briefing of the activity might aid in restoring your amount and limiting the financial danger. For instance, if you run into any such obstacles, and your bank is not collaborating with you in resolving the issue. You can reach out to legitimate advocacy groups such as Privacy Rights Clearinghouse. There exist multiple government agencies that you can collaborate with. 

Priority Actions to avoid Loss on your Payments

You must also need to contact your creditors and explain to them the problem you are facing. In the end, if your regular payment fails, this will directly imply your unwillingness to make the payments resulting in the fines. However, if your creditor understands your issue, they might be able to reschedule the payment and save you from the unconditional loss. 

A detailed analysis of the prevention of debit card fraud might contribute towards your better understanding. It is evident that there exist multiple benefits of a debit card, but on the other hand, if certain precautions are not taken, several dangers might pertain as well. Always ensure the authenticity of the site, retailer, and sources before providing your debit card information. Try using a credit card for payments to reduce the risk of becoming a victim of debit card fraud.


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