When you use your debit or credit card do you worry about someone ripping you off?
It’s a common thought these days with how frequently we hear about data breaches and identity theft.
On top of everything else you continually hear about scammers “phishing” for your financial information using fake emails or websites.
Given that there is such a focus on credit cards, you may be surprised to learn that consumer experts are concerned with fraud involving your debit/ATM card.
According to Paymentsjournal.com In 2020, 25% of consumers reported increases of debit card fraud. 12% of consumers reported their card was lost or stolen in 2020. 13% of consumers reported fraudulent charges on their debit cards in 2020. 11% were notified by the card issuer of actual or potential debit card fraud in 2020.
In 2017 when EMV chip cards became more prominent the increase in fraud decreased by 10%.
Problem solved? No way. Consumer experts still say that fraud is still on the upswing and scammers are finding ways to get around the chip. So, what should you do if this happens to you? Should you stop using your card? At First Oklahoma FCU we wouldn’t suggest that. After all, debit cards provide convenient buying power and access to cash and other services at thousands of ATMs around the world.
How can someone use your card without having the card? Those same people pursue debit card information online. Dishonest employees can eyeball your card and pin number when you make a retail purchase. Also, checkout terminals at retail stores can be hacked.
Another is something called a “skimmer”. It’s a small device with tiny cameras that can be secretly
attached to ATMs or retail terminals and record every transaction. So, watch for anything unusual near the entry slot of where you put your card. Rule of thumb: shake the card ready first to see if anything is unusual. If it moves or isn’t attached very well, that could be a sign that someone put something that wasn’t supposed to be in there.
It’s always a good idea to use a Credit union ATM or one that is well lit. The “well-lit” rule goes for other places, such as gas stations. If you are using a debit card payments at a pump that is closest to the building. Better yet walk inside and pay at the counter.
You can also make sure you avoid using your debit card at an establishment with high turnover of employees. Such as low-end retailers or restaurants. These types of places don’t do background checks that might detect dishonest applicants.
One silver lining with debit card fraud is it’s easy to spot if you know what you’re looking for. Advocates suggest that you take the following steps, so it doesn’t happen to you.
Visa, Mastercard, and other credit card companies have their own fraud response programs.
They can spot problems when a card is used improperly, or when questionable charges first show up on your bill. That allows you to address the situation before paying for items you didn’t buy or authorize.
First Oklahoma FCU has its own debit card fraud protection. If you notice any problems with your account, you can call us at 918-582-1965 or toll-free at 1-800-843-9661.