Protecting savings account debit cards during online purchases

Debit cards frauds are on a rise. It is common to hear of cases where-in scammers have made over multiple online fraud transactions within minutes after getting hold of genuine card holders and relieving them of their money from their savingsaccount.  

A debit card allows a user to make purchases linked directly to his checking account and purchases are deducted instantly from his savings account. Frequent online debit card users are more viable to becoming easy targets of scammers who are looking for little lapses by cardholders to encash upon.

Scammers strike when they have access to the user’s debit card numbers, PIN - either by skimming the card at a POS terminal, through a hack online or cloning the card - to make unauthorised purchases or withdraw cash from the account. The amount gets flushed out from the savingsaccount within minutes resulting in cheque bounces and delayed payments of utility bills, EMIs and more.

While debit cards are very convenient for users as it provides cashless transactions, it is equally easy for scammers to drain your savings account. Below given are a few suggestions for online users they can adopt while using debit cards to make online purchases.

• Limit debit spending: Think twice before making online purchases with the debit card. Use a credit card instead as it offers enhanced protective measures against fraud. If a credit card is stolen, banks take it upon themselves to retrieve it.
• Shop on secure websites: Frequent online shoppers must stick to secured websites and never save the details online. This is because, if the website ever gets hacked, so could the user’s saved details and the money in his savingsaccount can easily get siphoned.
• Avoid debit card usage at public places: Petrol pumps, departmental stores, subways, etc., have cameras and crooks can easily get a hold of the pin the user is using. These crooks can skim the debit card which can intercept and store the debit card data and have direct access to the savings account.
• Protect computers, tablets, and devices: Ensure all key protection software like antivirus, anti-spyware is updated regularly. Do not forget to use a firewall. Also, avoid the usage of public wireless access for financial transactions. 
• Opt for banking alerts: Banking alerts via emails or text messages are very important as they keep the user posted with every transaction related to the user’s savingsaccount.
• Keep account statements carefully: Though it is important to keep checking the bank statements, make sure there are no copies lying around in the house. This could hand over all the required savings account details straight into the hands of crooks.

Unfortunately, if anyone does realise that his card has been compromised and his savings account attacked, contact the bank immediately. For more information on how to counter compromised accounts log on to https://savingaccount.in/.