Protecting Yourself Against Debit Card Fraud

  • Lates_blog
  • 08 Apr 20
  • Investor

Fraud is a modern day problem that plagues most people who depend on technological tools for financial transactions. One such financial tool that is susceptible to malfeasance by cyber criminals is the debit card. The modern-day debit card needs to be operated with careful attention because new means of committing financial fraud keep emerging as fast as the technologies of today evolve for the better. Here are a few things you need to keep in mind about protecting your debit card:

Importance of Banking Alerts

As a consumer, the constant bombardment of messages from someone or the other trying to sell you something can get annoying. Alerts have gained notoriety for the sheer scale at which they assault a consumer’s phone or email. The tragic consequence of this is simply that most of us have become resolutely indifferent to the concept of alerts themselves. The true tragedy of this, is simply that banking alerts are very important to your personal finances. Subscribing your debit card with banking alerts will help you keep track of your own financial actions. Monitoring this and making a habit out of reading your banking alerts will help you to easily spot any suspicious activity related to your account.

Taking Care at the ATM

The treat of fraud is not just online. There could be people loitering around the ATMs you use, waiting to steal your information. Being constantly on the alert will do wonders when operating an ATM. The obvious method of fraud is for a scammer to stand uncomfortably close to you and steal your pin. The not-so-obvious way is to attach a capturing device on ATMs that can strip your personal information. Checking the machine that you are about to use would help in this regard. Unusual instructions like typing your pin twice should be considered as a red flag by default. Anyone making it a point to stand too close to you while you get your transaction done is another sign that something is wrong.

Adding Text Message Authentication

This is such an important step that can protect your online account even if your username and password get compromised somehow. Two-step authentication process which gets directly linked to your mobile phone via text messaging is remarkably helpful in preventing instances of fraud. As phones have generally become prevalent in today’s society, networking through this device has gained a lot of relevance. Because of their rising importance, strong protective measures have been added to personal phones in the form of, fingerprint identification, pattern recognition and the traditional password mechanism. So, adding a text message authentication to your phone is a decent way to protect your finances.

Not Saving Your Card Details on Your Phone

For the sake of convenience, while transacting money, most people prefer to save their debit card details in their phones and the internet browsers they use. This is an irresponsible step that can easily lead to trouble. Byhearting you card details should come as second nature because they provide access to money that you have earned from hard work. Saving your card details on your phone for easier accessibility leaves you vulnerable because a compromised phone can easily grant a fraudster quick access to all your money. It is very important to be aware of this in order to avoid money loss.

Debit card protection is an important aspect of living responsibly in the 21st century. The threat of data leak is so pronounced that, the necessary steps that need to be taken deserve no introduction. Protecting yourself and your finances can be easy if you are aware of the common swindling methods.