10 Security Tips for using Debit Cards

Debit cards are now available with everyone  having a Bank account.  These  days banks do not offer plain vanilla ATM cards but a debit card which can be used online for purchasing as well as at POS (Point of Sales) terminals in Shops. So we are using the debit cards almost daily. We are giving these security tips to make your shopping experience good.

After Demonetization move by Central Government, We were compelled to use debit cards  to purchase materials which were earlier purchased by cash.

These are tips to use debit cards safely as debit cards are also prone to fraud and this has happened with many persons in India. Debit card frauds are increasing and thieves are becoming more and more sophisticated.

There have been many cases in past when  the POS machines were tampered for cloning the card and  cameras were installed near them to capture the four digit PIN.

While shopping using  debit cards keep following things in mind.

1. Choose debit card which give cashback in Rupees. Normally debit cards provide 0.5 to 1 per cent cashback .These cashbacks seems very small but for example  when you spend 20000 Rs in month you get   200 Rs back. For expenditure of 40000 Rs you will be netting 400 Rs.(HDFC  platinum card is an example of 1 per cent cashback and there are many more debit cards in market)

2. Try to maintain two saving accounts. Keep one saving Account as master  as a holder of money. Transfer limited money to second account for monthly purchases and  use the second accounts debit card for purchases. The biggest benefit of this exercise is that your main account is safe from debit card frauds. And if fraud happens ,loss will be limited.

3. Don not use Debit card for petty spends at POS machines (Below Rs 500 say).You can define the limit of petty spends and use cash or Mobile wallets for this expenditure. There is no need to  expose debit card for small purchases.

4. if you want to maintain one saving account only then change PIN of debit card after every purchase. Again as an example this facility is available in HDFC net banking  but there are many others also  providing this facility. You cant go to ATM every time to change the PIN so choose any bank which provide this facility online.

Advantage of  doing this is that no one will know your PIN Even if security of POS machine is compromised  you will be safe after changing the PIN.

5. Do not keep large amounts in saving Bank. You can invest in  FD  online(Even for 7 days) or some other method. Debit card fraud can access to saving bank amount only so keep it low.

6. Deny unsolicited help in ATM machines firmly .many frauds happen when ATM is not dispensing cash and a fellow citizen helps you and in process changes the card.

7. Always Cover the key board when entering PIN Number. This will ensure that no one could get PIN by peeping over your shoulder or using camera.

8. Keep the number of debit card helpline handy  and ask them to block  card if you suspect  fraud.

9. Keep your address and mobile number up-to-date with bank. Banks  use mobile number to send PIN .So if you loose the mobile ,immediately update new number in  bank details. Never  Tell OTP to anyone  even if the caller is from Bank.

10.Last but not least do not give correct date of birth and other details on Facebook or other social sites. These details are very crucial in Banking and  are used to authenticate users in case of loss.