Debit card fraud can certainly feel like one of those things that only happens to other people. But last year alone, consumers filed over 76,000 reports of debit card fraud, according to the Federal Trade Commission’s Consumer Sentinel Network.
Card fraud losses are projected to skyrocket to over $400 billion in the next decade as scammers deploy more sophisticated tools and techniques.
This kind of fraud can happen to anyone, but there are steps you can take to protect yourself.
While most debit card fraud happens online, you can still fall victim when swiping your card. Either way, the goal for fraudsters is to get ahold of your debit card information and wipe out your bank account. In order to stay safe, you must first understand the different methods criminals are using to capture your data in the first place.
Skimming, phishing
The Federal Trade Commission (FTC) says over $3.7 billion was lost to email, phone, text and social media fraud in 2024.3
What is skimming? Skimming occurs when devices are installed on ATMs, point-of-sale terminals and fuel pumps to capture data and steal cardholders’ PINs. Scammers then use the information to make fake debit or credit cards.
What can you do?
To prevent your card from being skimmed at a gas station, the FTC advises using a pump close to the store in the line of sight of the attendant. These are less likely to be targeted by skimmers.
Consider covering the keypad when entering your PIN to protect your credentials. Alternatively, you can pay inside instead of at the pump.
If you are at an ATM or point-of-sale terminal it may be worth doing a quick scan for any signs of tampering such as any piece that is loose, damaged, crooked or scratched. If you spot anything unusual, don’t use the machine.
ATMs in well-lit, indoor locations are typically less likely to be targeted by skimmers. Once again, it may help to cover the keypad when inputting your PIN. When possible, use cards with chip technology.
Phishing emails and messages have gotten progressively sophisticated in recent years.
What is phishing? Phishing refers to the use of emails and texts to trick users into giving up financial information. The aim of phishing is to get you to click on a link and either log into your bank account or offer up your debit card information. It has become a common form of fraud.
What can you do? Staying safe online is important in protecting yourself against debit card fraud. Because phishing emails and messages have continuously increased in complexity, it can be difficult to tell if they are fake. One way to limit the risk of falling victim to a phishing scam when you get a text or email is to ask yourself if you know the company or person contacting you and if the number or email address matches what they’ve used to contact you previously. If the answer is no, it could be a telltale sign it’s a scam. If yes, instead of clicking on the link, call the company or go to the website directly to confirm the message’s accuracy.
Hacking is a popular and often invisible way criminals attempt to access to your debit card.
What is hacking? When you bank or shop on public Wi-Fi networks, hackers can use keylogging software to capture everything you type, including your name, debit card account number and PIN. That is why it is important to be careful online by always using secure websites with private Wi-Fi when shopping or banking.
What can you do? To protect yourself, especially when you are on public Wi-Fi, be sure to use strong passwords, turn on two-factor authentication if available and ensure your security software, operating system and internet browser are updated. The same rules apply to your mobile phone. Also, be sure to never enter your card details into an unsecure website or store that information in your browser.
Share your scam story
Local law enforcement officials are concerned about the impact of scams on area residents, particularly the elderly.
Consequently, this newspaper works with police and sheriff’s departments to keep residents updated on schemes. Scam Alerts will appear in future editions as often as possible.
If you have been the target of a scam, feel free to contact us with details (we can keep your name confidential). Send your story to joela@windomnews.com, or call 507-831-3455. By sharing, you could prevent someone from being scammed.
Watch for scam updates on Thursdays at www.windomnews.com.
