Debit Can Provide Easy Access to Crooks: Use Carefully

Courtesy of Coin Laundry News

 

According to reports from the Federal Reserve, debit card use has now surpassed credit card use. Especially during this economic down turn period, there are shortages of jobs and difficulty in keeping economic control of our own lives. We are not shocked to report that debit card fraud has also grown.

Though debit cards are convenient to use, they put customers at greater financial risk for two reasons. First, the cards directly access an individual’s personal or business bank account so money can be directly withdrawn by a scam artist. Which could mean, in the case of your Debit Card, that if you snooze, you really could lose. That too is really scary.

Second, debit cards don’t provide the same legal kinds of protection against fraud that normally comes with credit cards. That is even scarier.

To help protect yourself from fraud when using a debit card, the following advice is offered:

When using any sort of ATM or reader, look for any signs that it may have been tampered with by anyone trying to steal your money, such as tape, loose connections, etc. Check around to ensure that no cameras can pick up your PIN and you should shield your fingers on the keypad when you are entering the number.

There have been televised news reports of the bad guys rigging ATMs with cameras that film and record finger movements during the transaction, That provides the criminal with all the information they need to directly access your bank account.

Check your bank and credit statements carefully. If you suspect fraud, close the account immediately and tell your bank of your suspicions. Report all errors to the financial institution that issued the card, no matter how small they are.

Don’t ever let your debit card out of your sight, especially at businesses where your card and its data might be copied for later use by scam artists.

Treat that debit card exactly the same as if it was a big wad of cash, because that is what it could become for someone else, if they get their hands on it.