Debit cards are a payment card type that are different from credit cards. They are easier to get with relatively minimal formalities, but daily expenditure is controlled. You can use them for cash withdrawal from ATMs (Automated Teller Machines), as well as make purchases. The offer rewards programs can also be beneficial for you.
The new plastic card, which is rectangular and has features somewhere between ATM cards and credit cards, doesn’t offer much protection to the card owner in case of theft or if it gets lost. ..
Debit Card Tracking
If you lose your debit card, don’t worry. Your money is still on the line and can be exposed to fraud if you don’t take steps to protect it. Unlike credit cards, debit cards are linked directly to your account, so if something goes wrong with them, your money is at risk.
There is no one-size-fits-all answer to tracking EVM usage, as the chips and apps used in India differ greatly. Some third-party applications claim to be able to track EVM usage, but this is a risk that many are not willing to take. The only authorized and trustworthy partner would be the bank.
What can you do?
If you have any questions or concerns about your account, please contact your bank as soon as possible. The sooner you communicate with them, the more likely it is that they can help resolve the issue. If you wait too long, it could lead to greater losses and more difficult solutions. ..
After the bank deactivates your card, a new card will be issued.
If you’re so sure that the card wasn’t stolen but lost, the bank can put your card on temporary hold and let it out when you find them. ..
If you want to cancel or deactivate your card, the bank will provide you with a confirmation number. You’ll need to keep this number and the written documentation safe in case you need to claim any losses. ..
Keeping Your Card Safe
- Use your credit card to purchase items using an EMV chip.
- When you finish your purchase, insert the chip into the card reader and sign in with your credit card account information.
Debit cards are great for when you need to buy something quickly, but if you have any money left over after buying something, you can use it to pay for your next purchase. Credit cards have a much longer window of time to take action in case of theft, so you can be sure that your money is safe.
- Use signatures for transactions as they are more difficult to access by data thieves, if so, they could be less likely to succeed in stealing the money.
Be sure to monitor your statements closely to be sure that you are not being scammed when buying cards. If you notice any suspicious transactions, report them to your bank or the police.
Disable automatic transactions to accounts that are related or linked in order to prevent any possible financial losses.
- Use strong passwords that are difficult to crack and your online banking accounts remain safe.
- Make sure you have different passwords for different websites and accounts.
- Use a unique password for each account and website you use.
Banks are now allowing account holders to be alerted of any suspicious activity via mail or text. This is a way to help protect the account and make sure that money is not being stolen. ..
What If You Cannot Track Your Card?
The recent trend of debit card thefts and frauds is a result of people not being aware of the risks and taking unnecessary risks. This is why proper guidance should be given to people in order to help them protect their cards.
With the pandemic hitting the world, more services in financial sectors have been made possible via the internet opening up new possibilities for fraud. One of the frauds is CNP (card-not-present), where the fraudster doesn’t have physical access to your card but orchestrated the theft online.
To protect your personal information, it is important to take the following precautions: -Do not leave your debit card unattended in a public place. -Keep your PIN number and card secure at all times. -Report any unauthorized transactions immediately. ..
- How do I get a new debit card? To get a new debit card, you will need to go to your bank and ask for one. You can also order the card online or by calling your bank.
Many financial institutions now offer online banking services, which makes it simple to do your banking online. This allows you to save time and money by doing your transactions through a computer instead of having to go into a physical bank.
Prepaid debit cards can be accessed by children at any age. Legally minors under the age of 18 aren’t allowed to open a checking account unless they are accompanied by their parents or legal guardian, in the US. But to own a debit card, they must be at least 13 unlike in certain banks that offer cards to children below 13 in adult’s names, usually parents.
