How to Keep Your Debit Card Transactions Safe: Top Tips

Nowadays, there is no denying the popularity of debit cards is no longer up for debate. In 2016 alone, Americans made a record 68 billion transactions using their debit cards. 

Undoubtedly, that’s a testament to how far debit cards have come. However, while using a debit card is considered way safer than using other card alternatives, the tendency to lose money is still there when not used accordingly.

Fortunately, many banks now have enhanced protection in place for users of debit card. However, as an added precaution, we’ve listed down helpful tips to help ensure your debit card transactions are safe:

Ensure you check your bank statement regularly.

If you want to receive full fraud protection from your bank, you need to remember that time is of the essence. In other words, the sooner you are able to report any fraudulent transactions or discrepancies, the better.

To help warrant you are able to get full fraud protection from your bank, make it a habit to check your bank statement on a routine basis. Consider it ideal to check your bank statement at least once a week. However, if you want to be extra cautious, consider checking your bank statement on a daily basis.

Minimise usage of the card for online transactions.

Some cardholders use their credit cards for online transactions because fraudulent transactions are considered items of dispute. Money is also not deducted immediately from the checking account. 

If you wish to use your debit card for online purchase transactions, check first for a security symbol that will indicate any information that is entered will be encrypted. In most cases, these security symbols come in the form of an unbroken key or padlock.

Also, prior to doing any purchase transactions online, make sure the website address starts with an https:// As a general rule of thumb, refrain from doing transactions on sites that does not have an s following the http. The additional s is often an indication of a stronger and higher level of website security.

Use only ATMs situated at banks.

While it’s understandably more convenient to use debit cards for ATM withdrawals at airports, convenience stores, and even subway stations, there is also a higher risk of those places having a skimming device. Skimming devices are used by shady characters to intercept as well as store confidential data.

While there is no way to guarantee ATM machines situated in banks are 100 percent safe from skimming, they still offer an added level of protection since these places often have several surveillance cameras in place.

Minimise using public wireless access when doing debit card transactions.

When doing online transactions using your debit card (i.e. paying the bills, shopping online, or checking the account balance), make it a point to use password-protected wireless signals at all times. 

Regardless if you’ll use your laptop, tablet, or mobile phone, make sure your Internet access is safe and secure. Otherwise, it will be a lot easier for hackers to capture your account information, password, and other classified financial data.