Debit Card Security Tips
Debit Card Fraud: Is Your Money At Risk?
Debit Card Fraud occurs when a criminal gains access to your debit card number and, in some cases, PIN, to make unauthorized purchases and/or withdraw cash from your account. There are many different methods of obtaining your information, from unscrupulous employees to hackers gaining access to your data from a retailer's unsecure computer.
When your debit card is used fraudulently, the money is missing from your account instantly. Payments you've scheduled or checks you've mailed may bounce; you many not be able to afford necessities, and it can take awhile for the fraud to be cleared up and your money restored to your account.
How to Detect Debit Card Fraud
Fortunately, it doesn't take any special skills to detect debit card fraud. The easiest way to spot problems early is to sign up for online banking., if you haven't already. Check your balance and recent transactions daily. The sooner you detect fraud, the easier it will be to limit its impact on your finances and your life. If you see unfamiliar transactions, call the bank right away. If you're the forgetful type, start hanging on to receipts from your debit card transactions so you can compare these against your online transactions.
While you may not have control over hackers and other thieves, there are many things you can control that will help you avoid becoming a victim.
Get Banking Alerts
In addition to checking your balance and recent transactions online daily, you can sign up for banking alerts. Grandview bank will contact you by email when certain activity occurs on your account, such as a withdrawal exceeding an amount you specify or a change of address.
Signing up for E-statements will eliminate the possibility of having bank account information stolen from your mailbox. Shredding existing bank statements and debit card receipts using a diamond-cut shredder when you're done with them will greatly reduce the possibility of having bank account information stolen from your trash.
Check your Bank Statements Often
Since time is of the essence to receive full fraud protection, make it a habit of reviewing your bank account online at least once a week, or even daily.
Protect Your Pin Number
Don't give your PIN number to anyone who asks and don't keep it written down anywhere in your purse or wallet.
Consider Avoiding Debit Card Use
- Online- Some consumers choose to only use credit cards online since a fraudulent credit card transaction will take more time and can become an item of dispute rather than an instant removal of cash from your checking account. Grandview Bank recommends checking for a security symbol such as an unbroken key or a padlock on each website before you order anything because these symbols mean your information will be encrypted and therefore safer.
Only Use ATM's at a Bank
ATM's located in convenience stores, subway stations, airports and other places have a greater risk of having a "skimming" device attached by a thief, which could store your debit card date. It is easier to do in a place without surveillance cameras.
Don't Use Public Wireless Access for Financial Transactions
Make sure you are using password protected wireless signal to check your bank account balance, pay bills and shop so the hackers have less of a chance to capture your password account information .
Don't Keep all Your Money in One Account
If your checking account is compromised, you want to be able to access cash from another source to pay for necessities and meet your financial obligations.
Beware of Phishing Scams
When checking your email or doing business online, make sure you know who you are interacting with.
Protect your Computer
Use fire-wall, anti-virus and anti-spyware software on your computer, and keep it updated regularly.
Report Problems Immediately
While you would certainly report it right away if your wallet was stolen and your credit and debit cards are missing, you should also report any unauthorized transactions immediately, too. The faster you report a problem. quicker you can cancel your debit card and prevent additional charges.
If you learn that your debit card information has been compromised, contact Grandview Bank immediately to limit the damage the thief can do.
Anything you can do to make a thief's work more difficult, whether it's staying on top of your balance, spreading your cash out across multiple accounts or making purchases with credit cards instead of debit, will help safeguard your checking account and decrease your chances of becoming a victim of debit card fraud.
Consider Filing a Police Report
If your debit card is stolen, you may want to contact the police so that you have extra support when you want your bank to reimburse the charges.
Create Your Own Security Profile
As long as you remember the answers, you can make up anything you want for your security questions. Using a pet's name or your mother's maiden name makes it too easy for cons to get into your account. The answers just have to be consistent, and not necessarily truthful.
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