Common Debit Card Frauds

Posted by admin
on September 2, 2020

Common Debit Card Frauds You Must Know Of

Since the technological revolution of the world, we all accepted to go cashless and paperless. Now there were lesser chances of criminals robbing you of your money which was cash in your pocket. Technology brought us online transactions and internet marketing with the help of credit and debit cards. Now the situation is that you might not get rob on your way to the store with your pocket full of cash. But the robber can threaten you with a bullet asking you to withdraw money from the ATM.

A lot of criminals tried that on people, but the security measures at the ATM made this plan obsolete. So when robbing someone at the ATM didn’t work out, the criminally minded people had to look for ways to beat the technical security level of banks and their cards. Almost all the security measures like customer identification and personal identification number (PIN) have failed a lot of times in securing bank accounts and money of debit card users.

Common Debit Card Frauds You Must Know Of
Common Debit Card Frauds You Must Know Of

Debit card frauds are an issue that has affected a lot of people who had no idea how the little info on there account and card can be used to take away their money. Criminals have come to find alternatives around all kinds of verifications that are required to make a transaction through your card. You must know about the types of frauds conducted by criminals if you use your debit card often.

Card Skimming

ATM transaction about being careful of suspicious devices on the ATM machine. These are the devices that are conductors of the most common kind of debit card fraud that is card skimming. Card skimming has been an issue for both the bank and its consumers. The fraudsters set up a skimming device that looks exactly like the slot on the ATM machine where you insert your card. The skimming device has recording components that record the details of your credit card. If you think that the fraudster might not be able to know your PIN, you’re wrong because they record your PIN as well as the details inside the magnetic strip on your card.

The fraudster now has your details and can make transactions or withdraw money without your knowledge. If your check-in account and savings account are the same, you might get robbed of all your savings in just one transaction made by the fraudster. All you’ll get is a message from your bank about the amount being debit from your account. The fraudster will have moved the money through several fake accounts which would make it hard to track them or the money. So every time you visit the ATM, try to pull out the card slot. If the slot comes out, it is a skimming device, and you must immediately inform the ATM authority. Even if the slot doesn’t come out, you should always keep a hand over the PIN entry keypad to prevent the recording of your PIN.

Counterfeit Card Fraud

Counterfeit cards are a significant fraud that can rob you of all your savings on your debit card, and if you have a credit card, you’ll end up having a load of debt on your account that you didn’t even use. Then counterfeit cards can be made by stealing your card details through skimming or over the shoulder surfing. The fraudster pretends to be in a hurry inside the ATM counter and tries to peek over your shoulder to see your PIN and other card details. The details are then fed into a fake magnetic stripe swipe card.

The fraudster is then able to make transactions on your account without being in possession of your card. The card can using at merchants for purchases on the swipe machine. Even if the card is a fake and the magnetic stripe doesn’t work, the fraudster convinces the merchant about a problem with the card and enters the details manually to purchase goods. A counterfeit card is a cunning fraud in which you might not know about the card details being used until it’s too late.

Pseudo Phone Banking

Your bank account always requires your number to be connected with it, so that the bank may send you messages about your transactions or withdrawals from your account. This link between the bank and phone can be easily used by fraudsters to lead you into deceit. You might get phone calls from your bank asking you to share your account details in the name of updation or a regular cross-check. In fact, you must be wary of such phone calls as most of them are just fake pseudo profiles that the fraudsters use to get to your card details. You may get calls asking for essential information from your account posing as a banker.

They will ask you for your date of birth, your customer ID, your card details like expiry date and CVV number. Never ever tell the caller anything correct about your account or card details. Banks at most will ask you for the last four digits of your card number if any issue with your card occurs and you have filed a complaint or have lost your card.

Debit Card Swapping

Debit Card Swapping is the cause of incomplete knowledge of debit card use. Most of the time it’s the older adults or kids that get into this trouble. A con man can swap your card at the ATM. People entering the ATM while you’re inside the booth is an offence by law, and customers must not allow it. Strangers can either replace your card with theirs by an excuse of helping or if you ask. They can even pickpocket your card, and it would be easy once they now the PIN by looking over your shoulder. Never allow strangers inside while your transaction is in progress and if you need help, ask for assistance from the ATM staff.

Online shopping and sharing details over a network to a trustee can lead to being robbed of your money or being put under debts. When you shop online using your card make sure you’re not using public networks even on your home network that has a distributed server, use protection software to avoid being tracked by a third person hiding on the network stealing data. Try not to share personal details on sites. And if possible, try going back to shopping on cash.


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