Debit card fraud protection with the CPP Wallet Care plan

Protect your money - Learn about debit card fraud and ATM fraud prevention. Keep Your debit card safe from fraudulent transactions - Find out how!
Buy Now
Debit card fraud protection with the CPP Wallet Care plan
Buy Now
3 mins
1st-June-2023

Debit card fraud is becoming a growing concern in the constantly evolving digital marketplace. Any person, irrespective of their social status can fall victim to this type of scam. So, it becomes imperative to know in detail about these frauds and stay protected from falling into the traps of scammers.

What is debit card fraud?

Debit card frauds refer to the use of your card by a third party to make unauthorised transactions. Once they acquire the necessary details, it becomes easier to withdraw cash from your account. Nefarious parties can easily get access to these details in numerous ways that you must be aware of.

One of the primary options happens to be through skimming devices for ATM fraud. Besides this, scammers can retrieve your previous debit card statements or even compel you to make a payment to fraudulent websites.

How to avoid debit card fraud?

Avoiding debit card fraud is easy if you adhere to some precautionary measures. These include:

· Properly guarding your card details:

Make sure that you do not write your card details on any piece of paper that is easily accessible to people. Also, refrain from disclosing the debit card PIN to others.

· Verify when making online payments:

Online payments when shopping from top-rated merchandise is common. However, do verify the website's authenticity beforehand. You can also use a UPI instead of a debit card for online transactions to keep its details safe.

· Not saving these details on devices:

People often have a habit of saving card details on their mobiles and laptops. However, if they are lost or stolen, the details can get exposed to a third party.

· Regularly keep a check on transactions:

Periodical review of your bank account ensures that you come across any unknown transactions immediately. This helps you to block your card instantly and keep your money safe.

What are the types of ATM fraud?

There are numerous types of debit card fraud that you can come across. These include:

· Card shimming:

This happens to be one of the most dangerous types of credit card fraud where the scammer inserts an invisible shimmer into a card reader. This makes it easier to access sensitive card details with which they can empty your bank account.

· Card trapping:

In card trapping, fraudsters insert a device in the ATM card reader. There is a hidden camera within this device to capture your card PIN. Also, it prevents you from taking out the card after withdrawing money. If you leave your card in the machine, scammers can easily retrieve money from your account using it.

· Jamming ATM keyboard:

Here, the scammers jam several keys of the ATM card machine to prevent the completion of a transaction. This way, they can retrieve important data to empty your bank account.

· Card skimming:

Skimmers are small devices hidden in the ATM. This helps them to read card information at the time of transactions. This information helps fraudsters in debit card cloning and making unauthorised payments.

· SMS fraud:

In this method, fraudsters might send a suspicious message to you stating that your card has been blocked. Once you enter your details to unblock your card, scammers get access to those details.

· Phishing:

Here, Phishing meaning is when a fraudsters use skimmers to get hold of a card's PINs and passwords to extract money from a cardholder’s account. They call or send email calls to the debit card user posing as a banking or government agency professional. After this, they instruct individuals to click on the payment link. If users follow their instructions, their money will be debited from their account.

How to stay protected from debit card fraud?

There are many hassle-free ways of debit card fraud protection. These include:

· Memorising card details:

Instead of writing down your card details, try to memorise them. It ensures that sensitive information such as PIN and other details is beyond the reach of fraudsters. Also, since it is just a few numbers, you won't face many challenges in memorising them.

· Staying alert:

When withdrawing money from your bank account, it becomes mandatory to stay alert. This is important especially when you are using an ATM or a debit card for online transactions. In case of facing any troubles, contact your bank and report immediately.

· Buying a card protection plan:

You can purchase a pocket insurance plan for debit card protection plan from Bajaj Finance. It offers coverage of up to Rs.2 lakh against different card frauds. Besides this, you can get a 24/7 single-call card-blocking facility. This policy remains valid for one year.

· Keeping a tab on transactions:

Staying updated about the transactions made from your account helps you to identify unauthorised transactions immediately. You can take instant actions like blocking your card. This reduces the financial losses that you will have to bear otherwise.

· Shopping on secured websites:

Shopping on authentic websites ensures that your card details stay protected. The security is extremely tight making it challenging for fraudsters to retrieve card details.

With a little attention and some precaution, you can easily stay protected from debit card fraud. However, if you still have fears, purchase the debit card cover to stay secure! You can get it from Bajaj Finance’s Pocket Insurance plan.

Frequently asked questions

What happens if a fraudster uses my debit card?

Scammers can use your bank details to make unauthorised emails to other websites. Also, they can withdraw all your hard-earned money leaving your bank account empty. So, whenever you witness any discrepancy in the transaction details, make sure to bring it to the bank’s notice as early as possible.

How do people do fraud on debit cards?

Fraudsters usually retrieve debit card details by manipulating the ATM or monitoring your online payments. Also, they can redirect you to websites to get your card information. At times, they can even send you emails where you will be required to sign up using your card details. Then they use this information to withdraw from your bank account.

How do I know if there is a skimmer in the ATM?

To check if an ATM has a skimmer, you need to look at the card reader for any trace of glue around the skimmer. Besides this, you should also check the keypad. If there is any unevenness in the keys, there are chances of the keypad being fake. At times, fraudsters hide the skimmer so well that even a bank employee cannot identify it.

What should I do if I think I’ve experienced debit card fraud?

Taking immediate action against fraud happens to be the primary step. Call and inform your bank immediately so that they can block your bank account. This considerably reduces the financial impact. However, if they don’t, you can also connect to other relevant agencies.

Can someone use my debit card without my PIN?

Yes, skilled fraudsters can use your debit card even if they do not have access to your card's PIN. All they will need is your card number. They can get it from the online transactions you make from a spammy website.

Do banks refund scammed money?

Banks can refund the money you have lost due to debit card fraud. When you face such a situation, contact your bank immediately. If you delay the process, the chances of a refund minimise considerably.

How can I prevent debit card fraud?

To prevent debit card fraud, make sure that you keep your card and PIN secure at all times. Make sure to use your debit card only at trusted merchant sites and be cautious of fraudulent emails, messages, and calls asking for card information. You can also enable transaction alerts for your debit card and regular account statements to monitor for any fraudulent activity.

How do I report debit card fraud?

If you suspect a debit card fraud, contact your bank immediately and report the fraud. You can contact the bank's customer care centre or visit the bank in person to report the incident. Your bank may also have an online form to report fraud. At the earliest possible, block your card to prevent any further losses. If you own a card protection plan, you can contact CPP to report a fraud and block all your payment cards.

How do banks investigate debit card fraud?

Banks investigate debit card fraud by analysing the transaction records and communicating with the merchant and payment networks to determine the source of the fraudulent activity. The bank may also work with law enforcement agencies to track down the perpetrator and hold them accountable for their actions. Based on the findings of the investigation, the bank will either reverse the fraudulent transactions or issue a new card to prevent any further losses for the account holder.

Show More Show Less

Disclaimer

Bajaj Finance Ltd. (BFL) is merely a distributor of third party products from Assistance Services providers such as CPP Assistance Services Pvt Ltd, Bajaj Finserv Health Ltd.(BFHL), AWP Assistance India Pvt. Ltd. (Allianz), Doc Online Health India Pvt Ltd. etc. Issuance of the product is at sole discretion of Assistance Company or Services provider . The product and services or benefits assured under the product shall be governed by respective partner’s product T&C’s and BFL does NOT hold any responsibility for the issuance, quality, serviceability, maintenance and any claims post sale. Your purchase of an assistance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any product. For more details on terms and conditions, inclusions and exclusions please read the product sales brochure carefully before purchase or subscription. All product information such as membership fees, benefits, exclusions, value added services, etc. are authentic and solely based on the information received from the respective value added service provider or Assistance company.

Note – While we have made all efforts and taken utmost care in gathering precise information about the products, features, benefits, etc. However, BFL cannot be held liable for any direct or indirect damage/loss. We request our customers to conduct their research about these products and refer to the respective product’s sales brochures before concluding their sale.