The ease of use and fingertip access to banking has made debit cards beneficial for the average consumer, but it has also opened the gates for harmful elements defrauding consumers of their hard-earned money. They use multiple ways like fraud phone calls, fake SMS, phishing, ATM tampering and many more to trick the customers into giving up their debit card information and steal the money.

This makes it imperative for us to be aware, alert and vigilant against debit card fraud and take measures to prevent it.

Never share your card details with anyone

It is imperative to keep your card details private and secure. Never share your card number, CVV, PIN, and password with anybody. Also, avoid writing down these details as anyone can access it. Banks never ask for your card details over phone calls or emails. Be wary of such fraudulent calls and emails.

Always use trusted sites and secure online platforms

Ensure that you use your debit card only on websites with a valid and active security certificate. Also, use only trusted and secure payment gateways for online payments. This protects you from phishing.

Always use the cards on trusted wireless networks

Open and public wireless networks make it easier to access your system and steal your card and bank details. Always use a closed and trusted wireless network to use your debit card or access your financials.

Enable and monitor regular alerts from your bank

Banks send regular SMS alerts and emails regarding your card usage, charges on the card and other information. Use this facility to monitor your card activity; however, be wary of fake SMS and emails. No bank asks for your confidential details through emails. If you have any doubt regarding any SMS or email, immediately approach your branch.

Be vigilant while using your card publicly

Compulsorily cover the keypad with your hand while inputting your card PIN. While using your card in an ATM, check and ensure that no suspicious device has been stuck onto the keypad or the card reader of the machine. Never entrust a stranger to help you with your withdrawals. At POS transactions, never allow your card to be taken to another location and collect your card without fail.

The pocket-sized, debit cards make banking easy, accessible and convenient. However, it is imperative to educate oneself of necessary safeguards to have safe banking experience.

Learn more about Mutual Funds for a good personal financial management.

DISCLAIMER

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.



Trending Articles

Article Links

Financial Advisor

Recurring Deposit vs Fixed Deposit

What is Fixed Deposit

What is a Credit Score

What is a Savings Account

Latest Articles

abc-of-personal-money
abc-of-personal-money

What should you know about switching careers at age 40?

Read More
Posted on 11 February 2020
abc-of-personal-money
abc-of-personal-money

What should you do when you take a sabbatical and how do you fund it?

Read More
Posted on 11 February 2020
abc-of-personal-money
abc-of-personal-money

4 Reasons Why Goal-Based Investing is Important

Read More
Posted on 11 February 2020