The advent of debit cards has brought about a new, fast, and effective way to make transactions. In addition, it has also brought about what we all know as debit card fraud. Since a debit card is directly linked to your account, there is a possibility that if hackers lay a hand on your debit card or some crucial details on your debit card, they could gain access to your money. If you observed that you might have disclosed your debit card number to a stranger, you would surely want to know what he or she can do with such minor but vital information.
If someone steals or is privileged to get your debit card number, he or she would be able to make online purchases using funds from your account. In some cases, the individual can also steal cash from your bank account.
Banks and other financial institutions would always warn their customers to protect their credit card details judiciously. These details range from your name, CVV number, sort code, card number, etc. If a hacker or an individual with bad intentions gets hold of one or more of these card details, the money in your bank account could be at risk. Each day, several people around the world lose money to debit card fraud. If you wish to protect yourself from these unfortunate circumstances, then this article is for you.
Is It Safe To Give CVV Number Over the Phone?
What Can Someone Do With Your Debit Card Number?
The introduction of debit cards made a lot of positive impacts. With this card, you could make purchases and carry out several transactions with ease. Debit cards are pretty convenient because they pay for purchases directly from your bank account, thus eliminating the need to pay a bill at the end of the month like it is with a credit card.
Besides, some financial experts suggest that since the funds associated with a purchase or transaction are withdrawn from your account immediately you buy something with your debit card, you are more likely to spend less than you would with a credit card.
But, there are some disadvantages of using a debit card. Since the card is directly linked to your bank account, it would not be easy to get your money back if a billing error occurs or an unauthorized debit charge. You can as well accumulate overdraft fees if you end up overdrawing your account.
What Is Debit Card Fraud?
Debit card fraud among debit cardholders can is very common and can happen in several ways. One of the common debit card fraud techniques is thieves getting access to your debit card number or bank PIN and using the details to siphon cash from your bank account or make high-end purchases.
How can I be victimized by debit card fraud? You may ask. Below are a few ways:
- A thief rummages your thrash, finds discarded receipts, steals your account number, and makes thousands of dollars in fraudulent charges.
- A dishonest waiter or bartender takes note of your credit card number and uses it to finance a European vacation.
- An identity thief entices you to a fraudulent website, then gets your card number under false pretenses and uses your card to carry out financial fraud.
- Cyber-attackers activate a data breach at your bank, or one of those retails that have your data.
- Your debit card is ripped off and used to finance big purchases before you can block it.
If your debit card is stolen without your consent, any payments via your bank account could result in huge overdraft fees until you discover the fraud. An occasional check of your bank account can bring to light when funds are taken out from your account without your consent.
If, like some people, you lack access to online banking, you may have to wait till your bank releases your bank statement or alerts you of potential fraud. If you are yet to sign up for online banking, you should do so now before it is too late.
With that said, let’s take a look at what can be done with your debit card number if it enters the wrong hands.
You see, your debit card number is one of the essential details on your credit card. If someone somehow lays hands on your debit card number, the individual would be able to make online purchases using your debit card. The individual can decide to book a hotel or pay for one of those high-end services. In addition, in some cases, the person may be able to access the cash in your bank account.
In a nutshell, if someone gets hold of your debit card number, the funds in your account could disappear in an instant. You shouldn’t underestimate the capabilities of the hackers these days, as doing so could result in a lot of regrets.
So, how do you prevent such an unfortunate occurrence from happening? If you notice that your card has been stolen, don’t hesitate to contact your bank and request that they temporarily block your account. In addition, always ensure that you check your bank activities regularly so you would be able to quickly detect any discrepancy or strange transaction.
Remember, debit card fraud has the potential to render you bankrupt, so always be on guard.
Should You Be Worried if a Debit Card Transaction Not Showing Up on Bank Account?
Can Someone Steal Money With a Debit Card Number?
Your debit card is like a link to the money in your account. It denotes that if someone gets hold of your debit card, the individual would be able to make an online purchase with your debit card and also access the funds in your bank account. In fact, without your debit card, an individual can still utilize the funds in your account. This can be done with the aid of some crucial digits on your debit card. With that said, you may want to know if someone can steal money from your account with your debit card number.
If someone (an unscrupulous individual) gets hold of your debit card, the individual should be able to steal money from your bank account. This can happen via ATM withdrawals.
Each passing day, hackers are devising new means to rip individuals of their hard-earned money. As a cardholder, it’s best you are always vigilant and don’t forget to keep your card details safe.
