There are several advantages to having a debit card. It helps you withdraw money conveniently using an ATM and make online payments without any hassles. However, you must also take steps to secure your debit card from all kinds of fraud – online and offline. Doing so can help you secure your savings from cyber attacks too.
Measures that you can take to secure your debit card from fraud
Here are 7 effective ways in which you can secure your debit card from fraud –
- Regularly check your bank statements to detect unauthorised transactions: Banks offer you the option of signing up for ‘banking alerts’ to keep you informed about all current or savings account-related activity. You must sign up for this feature if your bank offers it to you. Furthermore, you must regularly check your bank statements to detect or report any suspicious or unauthorized transactions.
- Avoid sharing your PIN with any individual: You must, at all costs, avoid sharing your debit card PIN with anyone. While handing your debit card to a merchant while making a payment, you must not forget to collect it from them after making the payment.
- Keep your bank updated about new, relevant personal information: In the event of your personal information changing – for instance, a change in address, marital status, or PAN card name – you must inform the bank. This will help your bank always know all the relevant information about you and will reduce the probability of fraud.
- If you are suspicious about fraud, report it to the bank immediately: Banks generally send an SMS to the customer along with an email if they detect any unauthorised transaction. If you receive such an SMS or doubt that such a transaction took place recently, you must immediately contact the bank’s customer service.
- Beware of ‘phishing’ attempts: Phishing is when a fraudster tries to extract your sensitive bank account-related information from you via email. The email often contains a link to a site that looks like your bank’s website, where you are required to input your sensitive information. You must always use the bank’s official website while transferring money online. You should mark these emails as spam and report them.
- Avoid using a public Wi-Fi while making a transaction: Using public Wi-Fi exposes you to possible cyber-attacks. You must always use a secure Wi-Fi service while making any financial transaction using your debit card.
- Create strong passphrases for your mobile banking account and keep changing them: You must create strong passphrases for your mobile banking account. Passphrases are phrases like “Thisismybankaccount70&”. It contains a sentence, and a combination of numbers and special characters. Passphrases are easy to remember and are strong passwords. You must keep changing your passphrases regularly.
In summary, you must regularly check your bank statements, create strong passphrases, and sign up for banking alerts to keep your debit cards secure. You should also report potentially fraudulent transactions at the earliest by contacting the bank’s customer service team and spam and report phishing emails.