Banking industry losses due to debit card fraud exceed $600 billion annually. This is being done by skimmers – criminals who steal card information and use it to make purchases or withdraw cash from accounts – who make PIN and signature purchases as well as (mainly) ATM transactions. The skimming takes several forms: hacking into payment networks, attaching a skimming device to an ATM or merchant terminal, installing cameras to capture data, or simply looking over shoulders and memorizing PINs.
The Better Business Bureau (BBB) of Mississippi offers the following tip to help consumers avoid falling victim of debit card fraud:
- Monitor Your Statements. Closely monitor bank statements and balances. ; report problems to your bank. Contact your bank immediately if your card is lost, stolen, or subject to fraudulent use. Keep receipts for checking bank statements; if they contain your full account number, shred them before discarding
- Protect Your PIN (Personal Identification Number). Keep a record of card numbers, PINs, expiration dates, and toll-free phone numbers (in a locked, secure place) for banks for easy use in case of theft. Memorize your PIN, and do not make it available to others. Never write your PIN on your card, and do not use numbers which are easy for you to remember, such as your birthdate. Remember, crooks can often guess these numbers after doing a little easy research on you. Do not allow people to look over your shoulder when entering your PIN in machines. Do not give out your PIN over the phone (even if the caller claims to be from a law enforcement agency).
- Eliminate Blank Spaces on debit slips (such as the "tip" line on restaurant bills) so that the total amount cannot be changed.
For more information about avoiding debit card fraud, the American Bankers' Association provides information on its website at http://www.aba.com/Consumer+Connection/debitcardfraud.htm.
