Did you know that U.S. consumers reportedly lost over $5.8 billion to fraud in 2021 alone? That’s an increase of 70% from the previous year’s losses!
Many of those crimes were scams, while others were identity thefts. However, there were also plenty of banking-related incidents, including debit card fraud.
Thus, if you use debit cards yourself, it’s best to learn how to keep them safe.
We’ll share some of our top tips for debit card fraud protection in this guide, so keep reading.
1. Regularly Check Your Accounts
Over 40% of U.S. bank customers use mobile phone apps as their primary way to manage bank accounts. In contrast, 24% use computers the most to access their accounts online.
So, if you haven’t yet, it’s time to do the same, as mobile or online banking lets you access your accounts in real-time. That allows you to monitor any suspicious transactions with your debit card. If there’s any, you can report it immediately to your bank.
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2. Withdraw Money From In-Bank ATMs
Unless there’s no other option, don’t use stand-alone ATMs, such as those in gas stations. It’s also best to avoid street-side machines without security personnel nearby. They’re easier to tamper with and may have skimmers hidden in them.
Instead, use electronic banking outlets inside the banks themselves as much as possible.
3. Use Virtual Debit Cards
Virtual debit cards are debit cards that exist entirely online. They link to an existing debit bank account, but they don’t come with a physical card. So, you can’t withdraw money from them in person; instead, you can only use them for online purchases.
Moreover, the 16-digit virtual card numbers differ from those on physical debit cards. Thus, hackers can’t trace the virtual number back to the original account number. That makes a virtual card a more secure debit card option for online purchases.
4. Secure Physical Bank Statements
Do you still get paper statements from your bank? Then ask your postman if they can slide them under your door instead of the mailbox. Another option is to upgrade your mailbox to one with a lock or another security mechanism.
It’s also wise to invest in a paper shredder. This machine provides you with a quick and more secure way to dispose of sensitive documents.
5. Go Paperless
If it’s viable for you to make the switch, consider going paperless. It allows you to get your debit card account statements via your e-mail. Just ensure you secure your email account and never share your log-in credentials.
6. Use a Third-Party Payment Solution
Apple Pay, Google Pay, and PayPal are some third-party payment services. You still need to link your debit card account with them, but they hide your information.
So, even if you send money or make payments, the recipients never get to see your card details. Moreover, third-party payment services often come with purchase protection.
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Use These Tips for Debit Card Fraud Protection
Please keep in mind that debit card fraud results in immediate financial loss. After all, if someone takes money out of it, the amount gets deducted from the linked bank account right away.
So to protect yourself from such losses, it’s best to follow our tips on debit card fraud protection ASAP. Otherwise, you’re at risk of losing a lot, if not all, of the money you have in your debit bank account.
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