Debit Card Security Tips
Card Fraud Prevention Tips
If you believe you have been a victim of fraud related to your Grandview Bank accounts, notify us immediately at any of our locations.
Little- Known Facts on Debit Cards
How Debit Cards Work
Here's what happens when you swipe your card:
1. Point of Sale: The point-of-sale machine reads the magnetic stripe on your card to get the account number, expiration date and sometimes the card security code.
2. Merchant's Bank: The data is transferred to the merchant's bank (or the bank that runs the ATM) along with the amount of the transactions.
3. Payment Network: The merchant's bank transfers that information from the transaction to whatever network your debit card runs on, usually Visa or MasterCard.
4. Issuing Bank: The payment network sends the transaction data to the bank that issued you the debit card. It checks if there's enough money in your checking account to cover the purchase. If there is, your bank approves it.
5. Your checking account: The amount of the purchase is deducted from your available balance and adds the charge to your statement.
The process that plays out when you withdraw money from an ATM is basically the same, except you'd replace the merchant with whichever bank is running the ATM you're using.
Merchants can knock your block off
Sometimes, merchants will send an amount to authorize that's larger than what tithe transaction turns out to be.
"Those are the situations where you go to buy something, but you don't know how much it's going to cost yet".
For instance, some gas stations block off between $50 and $100 on customer debit cards before letting them fuel up.
"The gas station wants some degree of assurance that they're going to get paid for the gas you pump, even though they don't know how much gas you're going to pump".
The same goes for hotels that don't know how much room service you're going to eat, or car rental companies that aren't sure whether you'll return their car on time.
You're debit card may later be unexpectedly declined because a large part of your available balance has been blocked off.
You'll soon dip instead of swipe
The advent of EMV (Europay, MasterCard and Visa) chips, which are being embedded in many new debit cards, may change the user experience, somewhat.
Instead of swiping, card users will "dip" their cards. The chip will generate unique payment information that gives the bank what it needs to authorize the purchase, but it can't be reused in the future. In theory, this should cut down on debit card fraud because:
The merchant will never actually get any account details from your card that could be hacked and used to make purchases in the future.
If anyone does get your debit card information, it would be much harder to counterfeit a chipped card than a magnetic stripe card.
Debit Card Fraud
Debit Card Fraud occurs when the information contained on your debit card is stolen and used to obtain funds from your account without your authorization. Card reading devices are used to obtain the electronic data from the magnetic stripe on your card, and hidden cameras or false personal Identification Number (PIN) pads are used to obtain your personal access code. That's why it is imperative that you protect your PIN.
Common Types of Debit Card Fraud
Counterfeit: duplicating legitimate debit cards which are then used for fraudulent activities.
Card Not Present: unauthorized usage of debit card information for fraudulent activities over the internet, phone or mail.
Lost/Stolen: unauthorized usage of a debit card as a result of it being lost or stolen.
How can you protect yourself from debit card fraud?
Use your hand or body to shield your PIN from onlookers when you are conducting transactions at a bank machine or at the point-of-sale.
Never let your debit or credit card out of your sight when conducting a transaction at the point-of-sale.
Always remember to take your card and transaction record with you once your transaction is completed.
Regularly check your billing statements to verify all transactions have been properly documented. If entries do not accurately reflect transaction activities, you should contact Grandview Bank immediately.
Your debit card and PIN are the keys to your account(s). Never disclose your PIN to anyone.
Memorize your PIN. If you suspect someone knows your PIN, change it immediately by visiting one of our 3 locations.
When selecting your PIN, never use obvious information.
Sign your debit card on the signature panel as soon as you receive it.
Never give your debit card or personal information over the phone, unless you have initiated the call and you have verified you are dealing with a reputable merchant.
Report a Lost or Stolen Debit Card
If your debit card has been lost or stolen, it is important that you report the missing card immediately:
- During Business Hours: Contact any of our branch locations and speak to a Customer Service Representative: Grandview 817-866-3316, Cleburne 817-641-3100, Alvarado 817-790-1400.
- After Business Hours: Call the Debit Card Support Center at 1-866-546-8273. Calls are answered 24 hours a day, 7 days a week.
- Provide the following information so that the Call Center representative can identify you and your card accurately.
- Your Bank information- Must provide ONE of the following-
- Full Name of Bank, City and State-Grandview Bank, Grandview, TX (Grandview is our main location so all of our debit cards are recorded under this location regardless of which branch your account was opened.) OR
- Grandview Bank's routing number - 111906996
2. Your information- Must provide ALL of the following information-
- Name on the debit card-exactly as it is printed
- Full address of the card owner
- Daytime phone number (as per bank records. Please update your contact information with the bank so this information is accurate on our system)
- Reason the card status needs to be changed- ex: Card was lost or stolen