Victim of card fraud? – Here’s how to deal with it

We all use debit cards to buy products or withdraw money from ATMs. Once you are using these cards online or offline, it triggers the probability of facing fraud. 

If the hacker has the PIN, then the fraud will increase. It is advised by every bank not to share the OTP with anyone. Debit card frauds are considered the easiest fraud for hackers. They can hack your information from any place, like a shopping store or a place ATM. Sometimes hackers use a special chip device to hack the debit card once it is used on any ATM.

Debit card fraud is possible if someone has access to your card number, phone number, and PIN (personal identification number). If you feel someone is trying to hack your debit card, you must know how to block ATM card.

Here are some common types of debit card fraud

Getting the information of any debit card is not that difficult, and a hacker can easily get that information by hacking any private network or public Wi-Fi network. They can also get that information by hacking the computers as well. 

• Skimming devices

Skimming devices are the kinds of chips-based machines that can clone data from places like ATMs, gas stations, and superstores. These devices can read your magnetic tape and pass the information to hackers. 

• Retail system hacking

Hackers can easily access the retail store systems, allowing them to control customer data. This allows them to see the required card information.

• Phishing 

This kind of fraud is very common these days as this hacker uses tricks to catch you with many kinds of baits. This includes email phishing and message phishing.

• Mailbox hacking

Your debit card information can be hacked by your email box too. Hackers can easily hack your less secure mailbox and can extract the information from there.

• Card theft

Sometimes people can take your card and do pan card fraud or steal it without even your knowledge. This situation can be very vulnerable to your money and identity. If you think your card is misplaced, then you should know how to block the atm card.

How to detect debit card fraud?

Always check your bank account statements for any suspicious activity and look for any amount deduction you feel was not done by you. Keep track of money withdrawal too. Prefer to use a secured mobile app for your banking services and check your transactions regularly.

Tips to protect your debit card from any fraud

Below the steps are proven ways to protect yourself from fraud. However, it is good to keep track of your card and transaction so that hackers can not take benefit from it.

• Check your balance regularly

Keep track of the cash flow of your account on regular basis and spot suspicious activities. This will help to reduce the chance of debit card fraud.

• Keep your account statements safe

It is ideal to use paperless bank statements as it prevents you from getting into trouble. 

• Don’t share your PIN

Hackers might ask you for the PIN, never share your PIN with anyone, and don’t write it anywhere.

• OTP (One time password)

Every bank provides you with a one-time password facility to keep your debit card safe from any kind of fraud. Hackers ask for this OTP over the call by giving many reasons; it is advised not to share OTP at any point in time.

• Stay alert for phishing 

Phishing scams come as suspicious emails or messages. Sometimes, it can be a call too. Do not fall for the lucrative offers or schemes. Opening such kinds of messages can lead to debit card fraud.

• Destroy the old cards 

Never through your cards without proper disposal; always use a card shredder machine to dispose of your cards.

• Prefer a reputed bank

Always open an account with a credible bank, do not go with local or unregistered financial institutions or banks.

• Set up an alert

Always set up an alert for all your financial transactions, which will update you with all money withdrawals and transfers. Any suspicious transfer will be prevented immediately.

• Use fingerprint scanning 

Always keep a fingerprint lock on your mobile banking applications. Keep strong passwords. 

With the above information now, you know how to block ATM cards and keep your debit card safe from fraud. Opt for insurance of debit card available by many finance companies.

Bajaj Finserv offers great insurance for wallet care; this insurance includes 24/7 card blocking services. Take this insurance and get the complete protection of your cards. Protect yourself from any fraud.