Undoubtedly the easiest way to protect one’s debit card from theft or compromise is to never open a debit account in the first place. Those consumers who are sceptical of credit cards and the cumbersome terms and conditions may see debit cards as just another way that their money could be pulled out from under them by account hackers and online financial predators. In their opinion, cheques are still in vogue and cash is king. But it need not be this way.

There are several features that banks and lenders have put in place which are effective in securing debit cards against fraud and theft. Electronic account monitoring, personal identification numbers and embedded chip technology are state-of-the-art means to provide added comfort to an otherwise worry-free debit card experience. However, there are steps that card users themselves can take to enhance their protection even further.

 

Protect a debit card account from fraud by setting up free account alerts

 

One trend in modern-day debit card banking is the ability of card users to set up their accounts to automatically send them notifications should a transaction exceeding a certain amount be made on their account. Users are allowed to determine the threshold amount, and, whenever a charge posts to their account that exceeds this amount, an electronic alert is sent to their email or to their phone via text message. The debit card user can compare the alert to their recent purchases, helping them identify the transaction as either legitimate or a potential fraud, at which point they can notify their lender before additional unauthorised transactions occur.

 

Protect a debit card account from fraud by opting for paperless statements

 

Mail fraud may not be as big of a concern for consumers as it once was, especially given the boundless availability of electronic and web-based theft opportunities in today’s technologically-rich marketplace. However, it remains a tool that thieves carry in their back pockets to diversify their scheming ways. To this end, debit card users would do well to bring their mail inside their home as soon as possible every day, as leaving it in mail and lock boxes presents opportunities for fraudsters. An even better idea is for debit card users to opt for paperless statements, through which they can receive their monthly itemised transactions via email or by logging on to their online bank accounts.

 

Protect a debit card account from fraud by utilising a credit card for big ticket purchases

 

The strategy behind employing a credit card for big ticket purchases is twofold. Firstly, consumers will leave their cards less vulnerable to the type of transaction that is most often targeted by thieves. Secondly, if fraud does occur on a credit card, the account holder will typically enjoy much more protection on their purchase than they would on a debit card. Credit card companies, by and large, will not hold a user responsible for theft that occurs on their account, which is usually known as a zero liability policy. Some debit cards have such a policy in place, or at best they require a limited liability, in which the user pays a small portion of the defrauded sum. Most debit card lenders, however, will not allow the user to be reimbursed in the event of theft, leaving them to swallow the cost.