If you have ever received an overdraft notice from the bank, but are certain that you have not taken any money from your account, chances are you fell victim to debit card fraud. As has banking technology has become more advanced, scam artists have unfortunately created new methods to cheat honest people out of their money. However, security measures have been put into place by the banks to minimize debit card fraud.
Messages
Some banks, such as Bank of America and Wells Fargo, instantly send emails and text messages to their customers whenever they detect any conspicuous changes that have been made to an existing account. These changes include alterations in account information and passwords, for example.
Reissuing Debit Cards
Whenever account holders report that their debit card has been stolen from them, the banks will close the customer's current card and issue a new card. This course of action helps to prevent the thief from using the stolen card, because reissued cards have new card account numbers and it provides the holder with a chance to change her PIN number.
New Laws
If your debit card is ever stolen, contact your bank as soon as you find out. According to Consumer Reports, the Electronic Funds Transfer Act states that if you contact the bank within two days of the incident, the bank will only hold you liable for $50 of unauthorized withdrawals from your account. However, if you wait longer than two days to report the incident, the liability rate can go up to $500.
Implementation of New Technology
More and more debit cards are being manufactured with computer microprocessors installed in them. Fine-line printing, ultra-violet ink, and holographs of the bank's logo are attached to them as well. The addition of these new features are making it difficult for criminals who wish to counterfeit or duplicate debit cards.
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