Tips on how to protect your debit card
Using a debit card may be the best way to avoid falling into a debt trap, but anyone can still get into trouble
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Fraudsters can steal your account details and use them in unauthorised purchases. It is important, then that you treat your debit card as you would your cash. Banks have different policies, but when your card or account details are stolen, you can be liable for the losses incurred on the debit card.
Visa, Mastercard and HSBC have provided some tips on how you can protect your debit card.
- Protect your card details like the card number, the expiry date and the card verification value code (CVV or CVC) at all costs. The CVV or CVC is the three-digit number of the back of your card that merchants use to secure “card not present” transactions occurring over the internet, by fax or over the phone.
- Never send your card details via SMS, postal service or e-mail. You never know who’s watching.
- Never reveal or quote your PIN to anybody including bank staff and family members or in any correspondence over the phone and the internet. Don’t write it down. Memorise it.
- When you use your PIN at an ATM machine or at a point-of-sale location, always shield the keypad when you enter the numbers to ensure others cannot see it. Be alert to your surroundings. If there are any physical signs that the machine has been tampered with, alert the bank and use another machine.
- Always retain receipts or sales slips so you can cross-check them against the card transaction appearing on your bank statement. If you see a charge or entry that you don’t recognize, contact your bank immediately.
- Ensure that Internet shopping websites are secure before you make any payments. Look for the safety padlock on the address bar or an https:// in the website address.
- Never dispose of your card statements in the trash without shredding them first. Even better, opt to have them sent to you electronically if possible and eliminate paper wastage at the same time.
- If you pay for a restaurant bill with a card, either ask for a portable POS machine to be brought to your table or accompany the waiter to the payment terminal. It’s okay to be over-protective.
- If you lose your card or you suspect any fraudulent transaction, call your bank immediately to cancel your card. Diligently check your statements in the months following to make sure the problem has been completely resolved. Report the fraudulent activity to the proper authorities, including the police, in the case of identity theft.
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