Spotting debit card fraud can be straightforward once you know what to look for, but it does require some diligence. That includes regularly reviewing your bank statements for any discrepancies, setting up bank alerts to clue you in if a purchase you did not authorize was made or opting to use your credit card instead. It may be beneficial to use your credit card in place of your debit when available because it usually takes longer to get reimbursed for unauthorized purchases on a debit card.
If you are a victim of debit card fraud there are several steps you should take including the following:
• Alert your card issuer. As soon as possible contact your bank to report the fraudulent activity. The bank will likely cancel your card and issue a new one. Once you receive the new one you’ll have to update any automatic payments you have linked to it.
• Place a fraud watch on your credit report. Speak to your advisor about contacting one of the three credit rating agencies — Equifax, Transunion or Experian — to place a fraud alert on your credit report. This free service will require new lenders to verify it’s you before opening any new accounts in your name. Your advisor only has to contact one credit bureau to have the alert on all three credit reports. The alert can be removed at any time. If you suspect you may be a victim of fraud or that your personal information may be comprised, freezing your credit profile can be a sound next step. This will prevent new credit lines from being opened in your name.
• Report the fraud to the FTC. You can report the fraud to the FTC at identiytheft.gov by completing a report. Law enforcement will use that to investigate the case if warranted.
Unfortunately, debit card fraud is a real threat and is only expected to increase in frequency. But by staying vigilant, you may be able to avoid becoming part of the statistic.
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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.
