5 Golden Rules to Keep Your Debit Card Safe
Debit cards allow quick payments and great budgeting. There are no interest charges which make it an affordable option. The top Indian banks offer excellent benefits through rewards points on bill payments, dining and shopping. But the National Crime Records Bureau (NCRB) released data stating that credit or debit cards frauds have climbed up to more than 225% amid the corona crisis. It reached 1194 in 2020 from 367 in 2019. The good news is effective strategies can help protect your hard-earned money. These will help cardholders reduce risks and increase personal safety. Take a look.
1. Keep a Check on Statements
This can help detect suspicious and unfamiliar activities. Make it a habit to review the bank account linked to your debit cards at least once a week. You will be able to report breaches immediately. The cyber-crime department can take immediate action if necessary. This can save a huge chunk of your money from unauthorized usage. Keep a close eye on the SMSs sent from the back. Get your card blocked, if required, to avoid any fraudulent transactions.
2. Avoid Sharing Sensitive Information
A few confidential data include PIN and transaction details. Avoid writing them down in diaries or notepads that are easily accessible. You can store the information in your mobile phones and lock the files. Try not to disclose expiry date and card number even to your bank executives. Collect receipts from the ATMs rather than discarding them right away. Get the debit card activated in person after bank account opening for added safety.
3. Two-Factor Authentication
Contactless debit cards come with chip technology. They promise encryptions for safe transactions. These are used simply by waiving near the POS terminal. But try to avoid them at crowded places like supermarkets and malls. Use your other debit card that can be swiped. Here you will have to enter the 4-digit PIN. This offers a layer of protection. Further, try to avoid single tick payments online. Always opt for double authentication.
4. Avoid Transactions on Public Wi-Fi
Be it a visa classic debit card, wealth debit card or platinum debit card, try not to compromise with their security. Do not make any bill payments, shopping, transfers or checking account balance on open-ended networks. It makes it easy for hackers to steal private information and raise the risks of ‘malware infections’ and breaches from unprotected connections. Use your secured home Wi-Fi to safeguard your debit card details.
5. Use Bank ATMs
Skimming devices are often attached to public ATMs. These devices can help fraudsters capture your debit card details like the PIN and account information. There could also be hidden cameras inside the ATM booth at malls, petrol pumps and roadside markets. So, try to withdraw money from bank ATMs machines which are much safer.
Even the best debit card in India with high-end safety features can be hacked. So, try to be careful at all times. Stay alert while making transactions publicly. It goes a long way to keep hackers out of your way.