A report by Intuit showed that between 2019 and 2020, over 25% of all reported fraud was in some way related to stolen credit and debit cards. This can often make people feel scared to pull out their bank card and use it in public. While protecting your bank card is essential, there are a few things you can do to maintain a secure debit card and protect your finances wherever you may be.
Whether you lost your card or had your details stolen, there are things you can do to minimize the damage and keep your finances safe. To help you improve your debit card safety, here are five of the best debit card safety tips.
1. Regularly Check Your Bank Statements
A great habit to pick up is to regularly inspect your bank statements. In addition to staying on top of your spending habits, this can help you spot any transactions that may be fraudulent. The quicker you can spot irregular activity, the quicker you can block the card and prevent further financial losses.
2. Report Stolen or Missing Cards Immediately
If you ever have your card stolen, or even if you have a lost debit card, report it as soon as you can. Reporting misplaced or stolen cards is essential as it prevents anyone from using your card. This is particularly important as modern tap-to-pay cards won’t require a PIN for small amounts.
3. Change Your PIN Often
Although this can be annoying, it’s recommended that you change your ATM every few months. This helps keep your account and debit card secure in case someone may have figured out or has seen you enter your PIN in the past.
4. Always Keep Your Card in Sight
Whenever you are paying for something with your debit card, don’t allow anyone to walk away with your card. This is a common tactic of card scammers as they walk away to duplicate your card. Always ask for the card machine to be brought to you if you can’t watch them swipe it in front of you.
5. Use Virtual Cards
The safest way to use your debit card is to transact virtually. Using virtual cards has never been easier as they can be created and added to your digital wallet in a matter of minutes. These cards are completely private and are impossible to replicate. To learn more about the benefits of virtual cards, visit Bento’s website at https://bentoforbusiness.com/features/virtual-debit-cards/ today.
Improve Debit Card Safety with Virtual Cards from Bento
Virtual cards are one of the best ways to improve your debit card safety. Unlike physical cards that can be stolen or copied, virtual cards live peacefully on your mobile device and need to be verified by you before anyone can use them.
Virtual debit cards can also be created, destroyed, and recreated to ensure that you protect card information and prevent debit card fraud. The ability to create and recreate virtual cards with the tap of a button is what makes services like Bento for Business so impressive.