Debit Card Fraud - How to Make Transactions Safe on ATM Card

Below mentioned are a few points that one should keep in mind in order to keep their debit card safe from frauds -  

1. Always think twice before using your debit card to make online purchases.
2. It's always a better option to use your credit card online as it comes with enhanced security.
3. If the money does get stolen, then the bank will take up the case themselves to retrieve it and in short, credit cards come with enhanced protective measures with regard to fraud.
4. When making a withdrawal at an ATM, always ensure that you are aware of your surroundings.
5. If you see anything unusual, like a skimming device or something, refrain from making a transactions. Make withdrawals only at bank ATMs you can trust.
6. Ensure that you conceal your PIN combination when making a transactions.
7. Make sure that you subscribe for fraud insurance. If your account does get flushed clean, then the insurance will surely cover the damages.
8. Shop only on websites that are secure and ensure that you never save your card details online.
9. If the website does get hacked, then your details are susceptible to fraud.
10. Lastly, make sure that you check your bank statements regularly to fish out any abnormal activity with your account.
11. Contact the customer service if you not recognise a transaction.

What is ATM Skimming?

A sort of payment card fraud is ATM skimming. It involves rigging machines with secret recording devices in order to obtain PINs and other information from credit and debit cards.

Fraudsters use methods like tiny cameras mounted on ATMs to record keypad entries, record data on the magnetic stripe via an overlay put over the card insertion slot to get the ATM pin.

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FAQs on How to Protect Your Debit Card from Frauds

• What are the responsibilities of a card issuer in the event of unauthorized card use?

  In the case of CNP transactions, the RBI has directed that AFA be provided. If a transaction occurs without AFA and the consumer complains that the transaction was not completed by her/him, the issuer bank must repay the customer without delay.

• How are card transactions safeguarded against unauthorized use?

  AFA secures all CP and CNP transactions on cards issued in India. This AFA can take any form, including PIN, dynamic one-time password (OTP), static code, and so forth. The necessity of AFA is not required for transactions involving the outflow of foreign currency.

• What are the many ways to use a card at a PoS terminal?

  At a PoS terminal, a card can be swiped (Magnetic-Stripe card), dipped (Chip-based card), or touched (Contactless Near Field Communication NFC Card). 

• Is it necessary to change my bank PIN? Or keep the one the bank alloted to me?

  Change the PIN as soon as you receive your debit card. Also ensure that you change your PIN frequently to enhance the security of your debit card.

• What's the first thing to do if my card details are stolen?

  Contact your bank and block the card immediately.

• What if my bank statement reflects an unrecognised transaction?

  Do not let it pass, contact the bank and question them on the matter.

• Are there ways to even avoid my card details being compromised?

  Yes, ensure that you carry out transactions in a secure manner and that at no point you share the details of your debit card or bank account via email, SMS, etc.

• Does my the bank sometimes require my bank details or bank account details?

  The bank will never ask you for your debit card details or bank account details.