Card fraud continues to increase year-over-year. In fact, card breaches are now the top source of fraud in the financial industry with 48% of consumers having experienced card fraud at some point. As card fraud increases, criminals continue to develop new methods for targeting cardholders. Here are 5 steps you can take to reduce your risk of card fraud.
- Use a Chip Card
In addition to the traditional magnetic strip on cards, a Chip Card also has an embedded microchip. The embedded microchip provides an additional layer of security. Every time you use it at a chip-enabled ATM or terminal, the embedded microchip creates a unique, one-time code specific to your card and that transaction. This unique transaction better protects you from financial criminals.
- Sign Up for Mobile Alerts
Mobile channels offer the quickest way to deliver important and secure alerts to cardholders. You can choose to receive event alerts for things like deposits, low balance alerts, debits, or even specific transaction amounts – all straight to your cell phone via text message or email.
You can also sign up for real-time transaction notifications. If an unauthorized transaction occurs, you will be notified immediately.
- Turn Your Card On/Off Remotely
Some mobile banking apps allow you to remotely turn cards off. The moment you receive notification of an unauthorized transaction, you can turn your card off to prevent further damage.
Our MobiMoney app lets you to manage your debit card from your cell phone by allowing you to:
- Turn cards on/off with a single touch
- View instant alert notifications
- View transaction history
- Check account balances
- Set and control debit card usage to specific merchant types, locations, users, and transaction types
- Beware Card Skimming Devices
Before using your card at a gas station or ATM, inspect the machine for card skimmers. Look and feel for anything out of place. Further, be sure to shield the keypad when entering your PIN, even if you don’t see anyone around. The safest ATMs are in well-lit areas near bank branches.
- Know Who to Contact
In the event that you lose your card or believe your information may have been compromised, it’s important to contact the right person as soon as possible. The quicker you get ahead of the issue, the lesser the risk.
Powell Valley National Bank offers 3 debit card help numbers for your convenience:
- 24/7 Help Desk: 1-866-664-9364
- Fraud Department: (800) 889-5280 opt 1
- Report a lost or stolen card: (800) 528-2273
Additionally, if your card is lost/stolen or if your information is compromised, stop by any Powell Valley National Bank office and we will print you a new card on the spot.
If you have questions about preventing card fraud, please contact us.
For more tips on protecting yourself from fraud, check out these articles: