7 Rules to Keep Online Debit Card Transactions Safe

To manage our expenses, many of us stop using credit cards and instead spend only what we have by using debit cards. During challenging financial times, everyone advises monitoring your spending and sticking to your budget, which becomes even more challenging in an inflationary economy like this year. One strategy is to limit spending to funds available in your checking account. Here are some rules that will help you keep your online debit card transactions safe.

Utilize Digital Wallets

Many smartphones come with a digital wallet feature. You can make payments using your smartphone or smartwatch at physical stores or online, supported by adding credit or debit card details. Instead of using your card number, digital wallets send merchants a unique, random transaction ID.

Your account details are securely encrypted in the digital wallet and can be accessed only with a password or, on most devices, through fingerprint or facial recognition. If your card information is lost or stolen, banks can instantly issue a new card to your phone, eliminating the wait for a physical card to arrive by mail.

Enable Fraud Alerts to Monitor Your Accounts

Enabling alerts can assist you in overseeing your accounts and detecting fraudulent activities. You can usually configure these alerts on the card issuer’s website or through their app. Opt for automated notifications for suspicious activity on your account wherever available. It’s advisable to register for both text and email alerts. If someone gains unauthorized access to your account, they might intercept alerts sent via SMS or phone calls. This applies to business owners too, always invest in a credit card scanning SDK to protect your customer’s data and personal information. This tool can scan credit and debit card information with high accuracy, ensuring the safety of your business.

Prioritize Credit Card Safety from the Beginning

To ensure you’re protected against viruses, follow these essential steps. It’s crucial to realize the severe impact malware, a type of harmful software that can expose your personal and financial details, can have on your computer.

  • Protect your devices: When shopping online, confirm that your computer’s firewall is active. Ensure your devices have installed antivirus, spyware, and threat protection software.
  • Stay updated with your provider: Keep up with updates. As cybercriminals develop new hacking techniques, antivirus companies update their products to counter these new threats.
  • Change your passwords frequently: Refresh them every three months, avoiding obvious choices like your cat’s name or birthday. Utilize one of the many free password management tools to create complex passwords with varied capitalization and symbols.
  • Keep your account details confidential: Never share your login credentials with others, either over the phone or in places where conversations can be overheard.

Travel Safely

Informing your card issuer about your travel plans can be beneficial when heading outside your regular area. Financial institutions often combat fraud by rejecting transactions that deviate significantly from your normal spending habits.

Notifying them in advance can help maintain access to your cards.  Before you travel, it’s wise to make a copy of all the cards in your wallet. This ensures you have emergency contact numbers and a complete list of your cards readily available.

Freeze Your Account

Certain cards offer the option to freeze your account for additional security. While this feature is active, recurring payments and rewards and any transactions made before the freeze continue to process. However, new purchases are blocked until you reactivate the account.

Typically, this feature can be easily enabled or disabled online or via the card issuer’s app, eliminating the need for direct communication with a representative.

Keep Your Card Information and PIN Secure

Scammers are eager to get your card details. These include your:

  • Expiration date
  • Card number
  • CVV

They often pose as your bank through phone calls, emails, or texts to request this information. They can appear quite convincing, but remember, your bank or any legitimate organization will never ask for these details out of the blue. If someone calls claiming they need your account or current debit card number to issue a new debit card, be wary. It’s likely a scam.

Safeguard your Personal Identification Number. Memorize it and keep it private. Never write it down or store it in your wallet or phone. Your PIN is the gateway to your money. Keeping it secret helps prevent unauthorized access to your account.

Stick to Buying from Reputable Online Retailers

When searching online for a specific product, purchasing options are often found in the search results. Buy from familiar and trusted retailers. Especially if a deal seems too good to be true, it might be a phishing scam aiming to steal your payment details. Here are other tips for safe online shopping:

  • Ensure the site is secure by checking for a lock symbol next to the URL.
  • Opt for credit cards over debit cards for online purchases.
  • Always shop using a secure WiFi connection to avoid exposure to hackers; public WiFi networks can leave you vulnerable.

Endnote

Using a debit card for every purchase is convenient, but it can quickly become inconvenient if someone gains access to your checking account. By staying vigilant and adopting new habits, you can significantly reduce the risk of a negative debit card experience.