TL;DR – Debit card fraud is on the rise in forms like online shopping fraud, ATM skimming, and phishing; consumers must be vigilant against malware and fake emails asking for information, monitor accounts closely, avoid suspicious links and pop-ups, and cover PIN entry.
In the United States, the use of debit cards is rising faster than all other forms of payments. It’s no surprise then that credit and debit card fraud are also rising alongside crimes such as identity theft (which also requires vigilance to avoid). The bad news is, with debit cards, consumers don’t have the same liability protections as they do with credit cards and so must be much more vigilant in their use. Here are the top three debit card frauds to watch out for:
Debit card use for online shopping is increasing, opening up more opportunities for fraudsters to access your information. If there is malware on your computer, they can access it there. If someone is eavesdropping on your Wi-Fi, it could be from a middleman attack. It could also occur at the back end when your information goes into a merchant database.
Anti-fraud tips:
As the number of ATMs continues to grow, ATM skimming is as popular as ever. Skimmers attach a device to ATMs to capture debit card information. Some of them attach cameras to capture keystrokes used to enter PINs. It also occurs at gas stations.
Anti-fraud tips:
Scammers send emails that look legitimate, right down to your bank’s logo, asking to “verify” your debit card number. Clicking on a link in the email sends you to a fake website where you are asked to enter your information.
Anti-fraud tips:
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