Keep your debit card provider’s phone number handy in your phone address book. Be sure to add fraud contact information, if applicable. Although fraudsters keep coming up with new ways to access consumer financial information, there are some tried and true ways of protecting your debit card.
What is debit card fraud?
Debit card fraud occurs when an unauthorized person uses someone’s debit card. Last year alone, nearly 70,000 Americans were impacted by debit card fraud. The amount of debit card fraud is projected to soar to over $165 billion in the next decade as scammers get more sophisticated.
Should I use a debit card if I'm a fraud victim?
Under federal law, your liability is limited to $50 if you report the fraud within 60 days. A wise fraud-protection strategy is to use a debit card only when you need to withdraw cash from a bank ATM. That said, a debit card may be your preference for money management.
