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Five Ways Cardholders Can Help Combat Debit Card Fraud

posted on Tuesday, November 19, 2024 in SHAZAM Blog

Financial institutions are steadily increasing their resources to assist in the fight against fraud. While many tools and services are created to mitigate fraud, cardholders can also be on the lookout for fraudulent activity. Here are some simple tips to share with cardholders so they can proactively monitor their accounts and help protect themselves against fraud.

1. Review transactions regularly.

Don’t wait for monthly statements to review transactions and track your accounts. Make it a habit to review transactions regularly. Keep in mind, fraudsters often test the waters with small transaction amounts before taking the plunge with a large one. Don’t ignore low-dollar charges.

2. Use mobile banking apps.

Mobile banking apps such as Brella^® and SHAZAM Digital Banking allow you to receive fraud alerts 24/7. Mobile banking also offers you the convenience of shutting your card off if you suspect fraud or your card is lost or stolen. You can also submit travel notices through mobile banking apps without needing to contact your financial institution.

3. Stay cyber aware.

Cyber criminals use fake emails, spoofed websites and other phishing attacks to trick victims into sharing personal or sensitive information. To spot potential fraudulent email, look for slight variations in email addresses. For example, an extra letter added to a coworker’s name might be easy to miss. This is a common tactic used to trick victims into sharing confidential information. Website spoofing is similar. Scammers create fraudulent websites that mimic a trusted company and use it to steal information.

4. Protect your personal information.

Using a pattern when updating passwords makes it easier for fraudsters to hack into your accounts. Along with creating strong passwords, protect personal information that is commonly used for password recovery questions. Avoid social media challenges that collect personal information, such as your favorite vacation place, model of your first car or childhood heroes. Social media challenges can be a fun way to get to know more about friends or pass the time, but to a fraudster, the info you provide can inadvertently help them with their fraudulent schemes.

5. Embrace multi-factor authentication technology.

Multifactor authentication processes, such as Visa Secure^®and Mastercard Identity Check^®, take only a few seconds to ensure the cardholder is the one attempting the transaction, making it more difficult for fraudsters. It can be frustrating to be asked to take additional steps to complete a transaction, but keep in mind the extra time taken is ultimately for your benefit. If you need assistance navigating the multifactor authentication process, reach out to your financial institution.

Silence the scammers

One last tip, help cardholders combat fraud by reminding them not to share their account number, debit card number or social security number, even if they receive a call, text or email from someone claiming to be from your financial institution or SHAZAM. A trusted financial partner won’t ask for any sensitive information on an outbound contact. When in doubt, cardholders should hang up and call your financial institution or SHAZAM directly.

SHAZAM, Inc. and ITS, Inc. provide this blog for general informational purposes only. Our blog may be shared by a direct link wherein the content remains as originally presented and has not been altered. SHAZAM, Inc. and ITS, Inc. assume no responsibility for errors or omissions in the contents on the blog. By using this blog, reader agrees that the information published does not constitute nor is a substitute for legal advice which should only be sought from a qualified, licensed attorney.