More Debit Cards Compromised in 2017 - Other News

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Credit Card Applications » News » Other » More Debit Cards Compromised in 2017

More Debit Cards Compromised in 2017

More Debit Cards Compromised in 2017
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March
14
The content is accurate at the time of publication and is subject to change.

Last year there was a 10 percent upswing in compromised debit cards in the United States, according to FICO, the Silicon Valley analytic software firm. They also reported that there was an 8 percent increase in debit card compromises at both ATMs and retail devices.

This data is just for card fraud happening in real time at physical devices and does not apply to online card fraud. “The number of compromises and the number of card members impacted set a new record last year,” said TJ Horan, vice president of fraud solutions at FICO.

“While most devices are safe, fraudsters are developing new technology and methods for hacking ATMs. This is why it’s important for consumers to be cautious when withdrawing cash, and also for them to check their account regularly and confirm that all the transactions on their debit card are legitimate,” he added.

FICO’s information was compiled from their card alert service, providing monitoring to a wide range of ATMs, as well as other readers across the US.

Tips for safeguarding debit cards

FICO has come up with some tips to help consumers keep their data safe. If you at the ATM and it look’s different, or your card has trouble sliding into the card reader, they suggest moving on to a different location. It’s better to be safe than sorry. Also, if anyone is lurking nearby, take a pass on that location, too.

If you’re at an ATM and your card gets stuck, give your bank a call ASAP. Why? While it may seem like the machine ate it, a thief may fish it out later. The ATM may have been set up to look like it’s having a technical issue, but it might actually be a trick to get your card data.

If you believe your debit card has been compromised, contact your provider right away and ask for a new card. Anytime you think there may have been an issue, it’s important to get a new card and password.
FICO also suggests keeping track of your transactions. That way you can alert your issuer as soon as a problem occurs. The earlier issues are caught, the better.
Last but not least, make sure your bank has your cell phone number and your address so they can contact you immediately if there is an issue.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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