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How to Protect Your Debit Card from Frauds

Over the last year and a half, the use of plastic cards - be it debit or credit - has increased dramatically, particularly because of the Government of India’s digitisation drive - that was coupled with the move to demonetise high-value currencies. In January 2018 itself, the number of card transactions in the country amounted to more than Rs.1 trillion. Though debit cards come with numerous benefits as customers do not need to carry around physical cash and can carry out transactions online, due to the ever increasing threat of fraudsters - duplicating the card details and stealing the money in one’s account - one has to be precautious when carrying out a debit card transactions either at a POS terminal or online. Since such cases are on the rise, we’ve listed out a few ways one can protect themselves from debit card fraud.

Over the years, fraudsters have resorted to techniques such as skimming, phishing, SIM swap, etc., leaving debit card users at risk of the money in their account being stolen or compromised. This is when carrying out transactions using a debit card has its drawbacks. If a fraudsters manages to get their hands on the debit card details of the card holder - either by skimming the card at a POS terminal or through a hack online, the entire money in the account of the individual could and very well could get stolen in seconds. If it does get stolen, getting the money back will just prove to be quite a task. On the other hand, credit cards are a lot more secure online and if the money does get stolen, the bank will do everything in its power to retrieve the stolen money, as it’s what they have lent the card owner. All in all, we’ve listed a few ways you can protect your debit card when making transactions:

  • Always think twice before using your debit card to make online purchases. It’s always a better option to use your credit card online as it comes with enhanced security. If the money does get stolen, then the bank will take up the case themselves to retrieve it and in short, credit cards come with enhanced protective measures with regard to fraud.
  • When making a withdrawal at an ATM, always ensure that you are aware of your surroundings. If you see anything unusual, like a skimming device or something, refrain from making a transactions. Make withdrawals only at bank ATMs you can trust.
  • Ensure that you conceal your PIN combination when making a transactions.
  • Make sure that you subscribe for fraud insurance. If your account does get flushed clean, then the insurance will surely cover the damages.
  • Shop only on websites that are secure and ensure that you never save your card details online. If the website does get hacked, then your details are susceptible to fraud.
  • Lastly, make sure that you check your bank statements regularly to fish out any abnormal activity with your account. Contact the customer service if you not recognise a transaction.

FAQs

  1. Is it necessary to change my bank PIN? Or keep the one the bank alloted to me?

    Change the PIN as soon as you receive your debit card. Also ensure that you change your PIN frequently to enhance the security of your debit card.

  2. What’s the first thing to do if my card details are stolen?

    Contact your bank and block the card immediately.

  3. What if my bank statement reflects an unrecognised transaction?

    Do not let it pass, contact the bank and question them on the matter.

  4. Are there ways to even avoid my card details being compromised?

    Yes, ensure that you carry out transactions in a secure manner and that at no point you share the details of your debit card or bank account via email, SMS, etc.

  5. Does my the bank sometimes require my bank details or bank account details?

    The bank will never ask you for your debit card details or bank account details.

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