Debit Card Frauds: Here’s how to protect yourself from scamsters | Personal Finance News | #cybersecurity | #cyberattack


New Delhi: If you have a bank account, you almost certainly have a debit card associated with it. Debit cards are used for a variety of financial services. A debit card can be used to withdraw money from a bank account at an ATM. The debit card can be used to pay for items in retail locations using POS machines, to shop online using ecommerce platforms, and to pay bills.

While debit cards have an authentication mechanism in place to protect customers, hackers continue to target cardholders using various tactics to obtain card and confidential information. As a result, while using a debit card, consumers should be continually watchful against fraud. Learn how to protect yourself when using a debit card in the sections below.

The PIN is the most sensitive piece of information when using a debit card. Never save your PIN on your phone or any document that could be accessed by others. It’s ideal if you remember the pin. For any service, banks do not require your PIN. If someone on the phone asks for your PIN, it’s likely that they’re impostors posing as bank employees. The CVV, or three-digit number on the back of your debit card, is the same. For internet transfers, CVV is used.

Hackers nowadays prefer to make a series of modest, insignificant transactions from multiple accounts rather than a large payment from a single account. This technique is used to avoid alarm. As a result, frauds have the potential to go undiscovered for a long period. Notify your bank right away if you discover an unknown transaction on your statement. The same is true for cards that have been misplaced or stolen. Notifying you as soon as possible also protects you in the event that the card is used in a financial scam. Also, keep an eye on transaction SMS sent by the bank to your registered cell phone. If you receive a notice for a transaction you did not conduct, notify your bank as soon as possible.

Use your card only with reputable merchants or websites. Similarly, do not rely on others to assist you when withdrawing money or using it to make a payment. When inputting your PIN at an outlet, don’t let others see it. Also, never let a trader or anyone else swipe or use your debit card at a POS terminal without your permission.

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