7 Tips To Avoid Debit Card Fraud In Canada
Take the necessary precautions to safeguard your cards. To learn how to avoid debit card fraud in Canada, read this blog.
For Canadians, using a debit card has become a part of almost every transaction. Debit cards are at the forefront of digital or plastic money, allowing people to make secure payments or withdraw cash from an Automated Banking Machine (ABM).
Debit cards get accepted at all points of sale and merchant outlets. Whether you pay for groceries, purchase online, or send money to other accounts, debit cards stand all tests. Debit cards come with a security number, a Personal Identification Number (PIN). Although the PIN is devised for enhanced security of transactions, it can perpetrate debit card fraud if it falls into the wrong hands.
We will unveil the modus operandi the fraudsters use to commit debit card frauds and what you can do to protect yourself.
What is a Debit Card Fraud?
Debit Card fraud can occur and catch you completely unaware. The popular modus operandi is skimming, where the fraudster makes a copy of the information stored in the magnetic chip on the back of your card. The person gets access to your identification number. Another way is to steal your physical card, and you do not notify the authorities to block the card immediately.
The fraudster can use the stolen card to commit fraud in the following ways.
- Directly withdraw cash from any ABM.
- Use the card at merchant stores or point of sale.
- Purchase online using CVV code, card number, expiry date.
Tips to Protect Yourself Against Debit Card Frauds
To avoid losing your money from debit card fraud:
- Make sure no one has access to your debit card but you.
- Keep your identification number top-secret.
- Keep a check on your transaction history to make sure it is all right.
- Immediately contact your bank if you find your card stolen or lost.
- When filling in the PIN, make sure nobody can see it by covering it with your hands.
- Place your debit card in a secure location.
- Once you have completed a transaction in the ABM, take the receipts with yourself.
Be aware of some stranger wanting to help you in the ATM when your card gets jammed, and the person asks you to put your PIN repeatedly. This way, a fraudster can know your PIN and card information all at once. Banks are always offering innovative methods to address this issue. We have included links to related articles below.
