Guard Your Debit Card: What To Know About Debit Card Fraud
Scammers employ a range of schemes designed to obtain your checking account information and steal your hard-earned money. From phishing scams to installing skimming devices, their strategies are becoming more elaborate.
Learn about some of the fraudsters’ most common methods for obtaining consumers’ debit card information. Plus, discover some fraud prevention tips to protect your personal data and your hard-earned dollars from falling into the hands of scammers.
Debit card fraud occurs when criminals obtain your card details and make unauthorized transactions, often through phishing, skimming at ATMs or gas pumps, stealing your card, compromising retailers or insecure websites, or intercepting mail. The consequences of debit card fraud can be costly and could result in difficulty recovering funds.
Continue reading for more details on ways scammers could obtain your checking account information, plus some smart fraud prevention strategies you can use to protect your money and sensitive data.
What Is Debit Card Fraud?
Debit Card Fraud occurs when your physical card and/or checking account information is obtained by an outside individual or group, and transactions are made without your knowledge or approval.
What Are Some Ways that Your Debit Card Could Be Hacked?
Phishing
A fraudster sends you a phishing email or text that seems legitimate in an attempt to obtain your information once you engage with the message.
Skimming Device
Scammers can attach a device to an ATM, gas pump or card swiper to steal your information from the card’s magnetic strip.
Stealing Your Card
Somebody could take your physical debit card from you without you noticing.
Hacking Retail Online Systems
Scammers can illegally gain access to the places you spend money at and steal your card details. They can also steal from you online if you pay with your debit card on sites without a secure connection. Consider using only trusted merchants and secure payment methods as part of your fraud prevention routine.
Intercepting Mail
Your debit card could be stolen from your mail and used for fraud.
Four Tips to Reduce the Risk of Being Exposed to Debit Card Fraud
1. Never share your account information or card number(s) in a reply to an unexpected or suspicious email or text message (common phishing attempts). Don’t enter your card information on a website that does not have a secure connection. Additionally, don’t click on links or open attachments in messages that are unexpected or appear suspicious. Those could potentially be attempts to obtain your account or login information and gain access to your funds.
2. Review charges to your checking account regularly and match receipts with your monthly bank statement to spot any unfamiliar expenses.
3. Enable alerts that signal suspicious or fraudulent activity on your account. You can set account alerts up in Royal Banks of Missouri’s online and mobile banking to help you keep a close eye on charges to your debit card as a fraud prevention step.
4. Contact your bank immediately if you notice unusual activity or unapproved expenses on your card. The Royal Banks of Missouri team will work with you to prevent further fraudulent activity and identify a solution if your debit card has been lost or stolen.
These fraud prevention measures can help reduce losses and prevent your personal data from falling into dangerous hands.
Call (314) 212-1500 or visit a Royal Banks location near you if you believe your debit card has been compromised or if it has been lost. A banker can help stop transactions on your account to prevent further losses.
