Debit card fraud protection and safety tips

Debit cards are much safer than you may think. Today, financial institutions have multiple fraud detection systems to help monitor their card portfolios. However, even with this additional security, consumers should be vigilant to help avoid a compromised debit card.

Below you can learn how to keep your money safe, and what you can do in the event of debit card fraud.

How the government protects you

According to the Federal Trade Commission (FTC), when it comes to debit cards, your liability depends on the type of transaction and how soon you report the fraud.

If someone makes unauthorized transactions with your debit card number always report it to the bank in a timely manner, typically within 60 days of your statement with the unauthorized transactions.

If your debit card becomes physically lost or stolen, you have multiple options to “freeze” and replace your card. Start by notifying your bank as soon as you know your card is missing. This can help limit unauthorized activity.

How your bank protects you from debit card theft

While the government has policies in place to protect consumers, you could still be responsible for some of those fraudulent charges. So whether you are shopping for a new bank or you’re an existing customer, reviewing the fraud liability policy is an important step.

Additionally, all debit and credit cards now have chip technology and often tap to pay capabilities. With this added level of security, research shows that fraud is down by 75% with retailers that accept chip technology.

Tips to protect your account from fraudulent activity

Even with all the policies and safeguards in place to protect you, you must still do your part to prevent fraud. After all, no one wants to visit the ATM only to find out their account is negative. Protect yourself by following these tips:

• Memorize your PIN — never write it on your debit card or give it out to anyone.
• Review your checking account activity — especially if you use online or mobile banking. Report any discrepancies to your bank immediately.
• Avoid public Wi-Fi — especially when shopping online.
• Set up debit card transaction alerts — so you'll be the first to know if an unauthorized purchase has been made.
• Purchase from trusted merchants – when buying from online retailers. One quick way to verify a website is to look for the security lock symbol next to the URL.
• Use a digital wallet - with multiple layers of security, digital wallets1 are inherently safe. And they use one of the more secure payment methods available: tokenization, meaning your card information is heavily encoded.

What to remember

After reviewing your bank’s fraud liability policy and getting answers to your questions — you should feel perfectly confident about using your debit card. Always do everything you can to keep your personal information safe from fraud. But, if the worst should happen, remember there are safeguards in place to keep your money safe — especially if you regularly monitor your account activity.

Ready to move toward your financial goals?

At Citizens, we understand that you want peace of mind when you bank and shop online. Our Debit Card comes with Zero Liability coverage² — this means if your debit card number is fraudulently used to make a purchase, you won't be responsible for that transaction. With our 24/7 fraud monitoring and alerts, we make every attempt to prevent that from ever happening. Learn more about the simple and secure way to pay for any of your purchases.