Identity Theft and Your Debit Card -- What You Need to Know
Discover how your identity can be stolen with your debit card
Identity theft can occur in many different ways. One of the most common way identities are stolen is with your debit card. Here's what you need to know to protect your identity and your debit card.
Protect your identity and your debit card
Everyone loves the convenience of debit cards. No longer do you have to carry cash or stand and write a check, holding up the entire checkout line. And then you had to wait days or even months for a check to clear the bank.
With one quick swipe, you can make your purchase and be on your way. The amazing thing is that within hours, the money has been deducted from your account and you don't have to wait until the check happens to clear the bank to have an updated bank balance.
Unfortunately, with conveniences come some problems. These problems are caused by identity thieves who would like nothing better than to steal your identity. One way they do this is with your debit card. Here is how they do it and what you can do to prevent it.
Memorize your PIN number
Never write your PIN number down and put it in your wallet. If your wallet or purse gets stolen, they have your debit card and your PIN number conveniently in one place. If you must write your PIN number down, keep it hidden or locked up in your home. Do not identify the number by writing "PIN number" by it.
Be aware of skimming devices
Skimming or card reading is done with a device that has been added to ATM machines. These devices look like part of the ATM and have a magnetic strip reader and small camera in them. When you swipe your card, it reads all of your personal information from the strip and takes a picture of your PIN number as you enter it.
From that point, the thief can take the information, enter it on another card, withdraw money and make purchases as easily as you can. To avoid this, always use the same ATM machine and become familiar with its appearance so you will notice if any changes have been made. Don't use your debit card if anything appears to be loose on the ATM and notify the bank.
Protect your PIN number in public
You just never know who's watching. When using your debit card in crowded, public places, cover the keypad when entering your PIN number and be aware of your surroundings.
Your debit card is a valuable piece of plastic. A thief can watch you enter your PIN number, assault you and steal your wallet with your debit card in it when you leave the building. From that point, he can go on a spending spree because most banks cover the amount you spend -- they just charge you $30 per overdraft.
Don't let this happen. Keep your PIN number covered at all times.
Prevent your identity from being stolen by protecting your PIN number. Never let anyone see you enter it and be aware of any changes in the ATM you regularly use. By doing these things, you can be reasonably sure thieves can't steal your identity through your debit card and you are protected from identity theft.