Every year the banking industry losses over $600 billion to debit card fraud, but here are tips to avoid being a credit fraud victim.
Carefully examine bank statements and account balances. Immediately report problems to your bank.
If your debit card becomes lost or is stolen; or if you suspect fraudulent activity, contact your bank immediately.
Be prepared to report theft by keeping a safely stored list of debit card numbers, PINs, expiration dates and each bank's phone number.
If possible, memorize your PIN and account numbers so you don't have to write them down and risk having them stolen. A lot of credit fraud is done by family members, so never use PIN numbers someone might guess such as a birth date, house number, phone number or Social Security number.
Conceal your PIN number entry when using ATM machines.
Maintain receipts for checking bank statements. Shred those that list your full account number.
Draw through any blank lines on debit slips; such as the tip section on restaurant charge slips, so that the total amount cannot be changed.
If an ATM won't return your card, be wary of anyone nearby or anyone trying to help you retrieve it. Some thiefs will use glue to jam the machine so they can steal your card after you walk away.
Never give out your PIN number over the phone. Some thiefts use telephones to call and claim to be from your bank or from a law enforcement agency.
Debit Card Popularity - With the banking and credit crisis, debit cards may become even more popular to use for payments and purchases. Credit cards and debit cards look similar but are very different. Consumers may like to have a popular and attractive credit card, yet some people have bad credit and may not be able to get approved for unsecured cards.
Debit cards can be easy to get through issuers online like Visa and MasterCard. Even though unsecured cards may be viewed as high class, consumers who don't like to have credit card balances can choose some attractive debit or prepaid cards and load funds onto the card quickly and without any problems. These cards can be used anywhere a Visa or MasterCard is accepted if the card has funds. The great thing about these cards is that you can only spend what you load onto the card and there will not be a balance due.
The Debit Card had a start beginning with the ATM cards and the growth in these cards has prompted agreements between Banks to allow customers to use each others ATMs. Card issuers will need to determine how to use their debit cards to earn revenue and how technology around the debit card can continue to be enhanced. Unlike consumers having several credit cards in their possession, usually only one atm debit card is all that is needed. Card issuers may need to focus more on debit cards and develop new marketing strategies and technologies.
