Credit card fraud is consistently on the rise due to their wide use and convenience which makes them desirable targets. Obviously, it's a smart idea to protect our credit cards.
However, our debit cards require the same due care and attention. Something as simple as using an ATM machine can result in card fraud. Debit card fraud is on the rise and in its own way, even more damaging to us personally than credit card fraud. Most credit cards carry with them a certain amount of liability. Credit card companies are constantly on the watch for abnormal account behaviour. This is not so with our debit cards. If our debit cards are compromised, we can be financially wiped out in seconds without any retribution whatsoever. Our debit cards simply don't come with any insurance.
There are recent reports that debit card fraud is growing at more than double the rate of credit card fraud. If you are an avid debit card user, perhaps some of these tips can help keep you protected.
** Report lost or stolen cards as soon as they go missing.
** Check your receipts against your monthly statements.
** When selecting a PIN number, do not select something that would be obvious.
** When using an ATM, ensure your privacy. Don't be shy about protecting your PIN number.
** Keep your PIN number private. Do not write it down on any place, especially on the back of your card!
** Never walk away from an ATM with cash in your hand. Put everything back in its place before leaving the machine.
These are a few of the more common methods used to scam cards. If you are suffering from bad credit due to debit card fraud, contacting the credit reporting agencies to rectify the situation is a must. Also, there are many financial lending institutions that can offer private loans to get you back on your feet and allow you to gain access to quick cash while you wait for your new credit or debit card to arrive.
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