Ways to protect your debit card from fraud
Debit cards offer the convenience of letting you pay for purchases without carrying cash. You can also use them to pay for your purchase or withdraw cash from your account at any ATM.
The rapid growth of cashless adoption and usage in the Philippines has resulted in a rise in payment card fraud. To combat this, banks are quickly implementing stronger and more effective fraud controls in place.
While banks are doing their part, it is also advisable for customers to be vigilant and proactive in securing their debit cards. When used incorrectly or carelessly, your debit card can be vulnerable to fraud.
As handy as they can be, it’s best for you to know how to protect your card while carrying out transactions.
How to use a debit card safely
Here are simple tips on how to use a debit card securely and protect yourself from fraud.
Always be aware of how your card is being handled- When you’re at the checkout counter paying for your items, always make sure that the cashier punches in the right amount. You can even check your balance first before using your card to know exactly how much is in your account before the transaction. As much as possible, cover your hand when you’re punching in your Personal Identification Number (PIN). Never share your PIN, One-Time Password (OTP), or card verification value with anyone. Additionally, be careful about guarding your data. Don't store your PIN on your smartphone or in a note in your wallet. It will be too easy for fraudsters or even simple thieves to dig the data out and start charging purchases on your card. If your debit card gets stolen, immediately call your bank to cancel or freeze your card.
Use your card only on legitimate ATMs, stores, and restaurants- This tip on how to use a debit card may seem elementary, but many fall prey to skimming devices attached by thieves on ATMs located in convenience stores, train stations, and other public places. These skimming devices can intercept and store your debit card data. As much as possible, only use ATMs at a bank or place surrounded by surveillance cameras. Keep an eye on your card when you’re making store purchases. It is recommended to cover your CVV or the three (3) digits at the back of your card with an opaque tape or sticker to protect it against being copied. You don't want your information compromised by an establishment you don't trust.
Regularly update your contact information- This includes your mobile number, address, email, and other personal details you gave your bank. When you update your information regularly, it allows your bank to quickly notify you of transactions made from your account.
Check your transactions- It also helps to constantly check your transaction history and account balance. If you see any strange activities, report them immediately to your bank. Take note of the customer service number or emergency hotline at the back of your card. You can call it the instant you notice suspicious transactions or if your card gets stolen.
Don't use public hotspots for online transactions with your debit card- Make sure you only use password-protected and private WiFi or internet connection to check your bank account's balance, shop online, and pay bills. This prevents hackers and fraudsters from capturing your account and password information.
Is it safe to use a debit card online?
Today, many customers, especially tech-savvy millennials, prefer buying online and using their debit cards to pay for purchases. But are debit cards safe to use online?
They are if you take the necessary precautions. To echo the tips earlier on the safe use of a debit card, here are the measures to ensure safe online transactions:
- Avoid interacting with suspicious ads or websites asking for your personal information, including your card details. To ensure the website is secure, check if the URL shows "https://" at the address on your browser. Practice safe browsing.
- Monitor your account for unusual activity. You can use Metrobank Online or the Metrobank Mobile App to track. Also, make sure your mobile number and email address is registered so you will be notified of each transaction.
- Be smart with online transactions. Only shop with credible merchants. You will notice that they have the "lock" icon on your browser and have verified and secure checkout payment facility on their website.
In the end, the best way to use a debit card is to apply for one in a bank that puts security on a higher level. With Metrobank, your personal data and payments are always protected as all cards come with a unique ATM PIN, One-Time Password (OTP), and EMV chips for added layers of security.
The Metrobank Mobile App also has multi-factor authentication that includes a combination of password and mobile verification code to secure your app use. It also sends you notifications via email or SMS for every successful transaction. All online transactions made with your debit card should be authorized via OTPs sent to your registered mobile number.
For more information and inquiries on how to use a debit card, don’t hesitate to reach out to us today.
