Debit card fraud
Debit cards are the plastic financial instruments, used by many of us for transacting the business too often. Let it be a place to withdraw cash or for shopping, we use these cards at every possible place. The majority of the transactions over the debit cards ask for personal identification number for completing the transaction process. However, as the days are passing, the fraudulent activities are on rise. Financial institutions do cover the losses, in the fraudulent activities related to these cards, if the transactions are not done through the signature based debit cards, through the online mode or through the telephone based business. It is important to understand that if the company finds out that the fraud is carried through the negligence on handling the card or personal identification number from the holder, it would not cover the losses of the fraud. By taking a few precautionary steps, we can save our self from any of the fraudulent activities.
Protection Steps From The Debit Card Frauds
Regarding The Personal Identification Number
The individual should never disclose the card PIN number to any body including family, friends, financial institution employees or to law enforcement agencies. The debit card should be kept at safe places, without letting anyone know about the place. If the holder suspects that the details of the card are known to someone, he should immediately change the PIN. It is always better to memorize the PIN, rather than writing the details on some paper or book. And if it is necessary to do so, the details of the PIN , should be reshuffled in such a way that the logic of solving the equation is known to you. While deciding the PIN, it is advisable not to se the obvious information. The obvious information can be your name, address, telephone number, date of birth or any details related to you. If the card is lost and retained, the holder should check for the unauthorized transactions and if he tracks them, it should be reported to the financial institution.
Regarding The Purchases and The Use Of ATM Machines
You should be conscious, if anyone is trying to distract you from the ATM machine. It is better, if you do not talk to any one till the transaction is complete and you have kept the card at safe place. It is recommended that the card holder should only swipe the card and if that is not possible, he should check that the card is not double swiped. Watch for the people, who try to check out the PIN details of your card, while you are using the ATM machines. The PIN should be typed in such a way that the other person should not be able to understand the details. Always use the card for debit transactions, where he thinks that the place is safe and secure. After using the card, remember to collect the card and the transaction slip.
While Managing Your Accounts
The statements and the passbook should be regularly inspected, for checking any of the suspicious transaction over your card. It is better, if you limit your withdrawals for the day. So, for example, if you need to cash of $ 100, per day, you can specify the bank to limit your transaction amount for $ 200, per day. It will help you to save a lot of amount, in case of any of the fraudulent activity. Check the details related to your card regarding the withdrawals, overdrafts, lines of credit, etc. and ask the bank personnel to change the few terms of the card, if possible.
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