| By :
Molly Wider
When we hear the words card fraud, rarely do we think of debit cards. Credit card fraud is consistently on the rise due to their wide use and convenience which makes them desirable targets. Obviously, it's a smart idea to protect our credit cards. However our debit cards require the same due care and attention. Something as simple as using an ATM machine can result in card fraud. Debit card fraud is on the rise and in its own way, is even more damaging to us personally than credit card fraud. Most credit cards carry with them a certain amount of liability. Credit card companies are constantly on the watch for abnormal account behaviour. This is not so with our debit cards. If our debit cards are compromised, we can be financially wiped out in seconds without any retribution whatsoever. Our debit cards simply don't come with any insurance. There are recent reports that debit card fraud is growing at more than double the rate of credit card fraud. If you are an avid debit card user, perhaps some of these tips can help keep you protected. ** Report lost or stolen cards as soon as they go missing.
** Check your receipts against your monthly statements.
** If you no longer need your ATM receipts, tear them up.
** When selecting a PIN number, do not select something that would be obvious. In the event your card compromised, you could be held liable.
** When using an ATM, ensure your privacy. Don't be shy about protecting your PIN number.
** Use terminals that are well used, well lit and that you are familiar with, preferably terminals inside banks. If you're using a drive-thru machine, ensure your car doors are locked.
** Keep your PIN number private. Do not write it down any place, especially on the back of your card!
** Never walk away from an ATM with cash in your hand. Put everything back in its place before leaving the machine. Vigilance is the key to avoidance, so if you're an avid card user it pays to be aware. In the event you're wondering how card fraud could happen to you, here are a few of the more common thievery practices:
Stolen purse or wallet. The thief finds your PIN number written on something or figures it out from a birth date or SIN number in your identification. They now have access to your accounts. Your card suddenly becomes jammed in the machine and a helpful stranger appears to suggest you input your PIN number a few more times. The card remains jammed and you eventually leave. There are devices that intentionally jam cards in bank machines. When you leave, they retrieve your card and access your PIN number. Illegal machines set up at businesses. Your card is swiped through the real debit machine and a second swipe guarantees them a copy of your card. Hidden cameras record your PIN number. These are a few of the more common methods used to scam cards. If you are suffering from bad credit due to debit card fraud, contacting the credit reporting agencies to rectify the situation is a must. Also, there are many financial lending institutions that can offer private loans to get you back on your feet and allow you to gain access to quick cash while you wait for your new credit or debit card to arrive.
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