Protect Your Plastic
Many major credit cards, such as Visa and MasterCard advertise a zero liability policy in case a crook ever uses your debit card to empty your account. Some banks will offer this kind of protection only on special signature debit accounts. Major credit card companies are required to limit your liability to a maximum of $50, and could go as low as zero if you report your card immediately if you find that it is missing. No matter what, the best practice is to report any missing credit, debit, or ATM cards as soon as possible. Unfortunately, if you take too long to notify a debit card loss, it could end up costing you big time.
Of course, the best option is to avoid losing those cards in the first place, but the unexpected can always occur. The wise choice is to be prepared and know how to protect your plastic, in all its forms, from fraud.
Many people consider PIN transactions, such as those carried out with debit or ATM cards, to be especially safe. Unfortunately, there have been major data breaches where large collections of card numbers including PINs floated into wicked hands. PINs may still be safer than purchases based on signatures alone, but part of the responsibility lies with you to protect your numbers, your cards, and any related information.
The following are some important steps that you can take to protect your plastic – and yourself - from loss, damage, or theft.
1. Know what’s in your wallet. Too many times a person doesn’t notice that they have lost a card because they aren’t certain if it may be in their other purse, pants, or wallet. Keep track of your cards.
2. Take a few minutes to write down the name, account number, and phone number of each of your debit, ATM, and credit card issuers. Then, keep this document in a secure place where only you have access. If you do not have such a secure place within easy access, it may be a good idea not to write down your account number or expiration dates, at least not in the same location.
3. Never write down your Personal Identification Numbers (PINs). Instead, choose private code names or numbers that you can memorize, but that others can not easily guess.
4. Check your wallet or purse often and report lost or stolen cards immediately. If you do call about a missing card, you should also follow up in writing.
5. Sign your cards as soon as you receive them.
6. Keep all of your receipts. This way you can make certain that you know what you’ve spent and where so you can spot any problems.
7. Check your statements carefully each month. Make sure the amount of your purchases corresponds with your receipts accurately.
8. Keep your PIN numbers private. Any time that you use your debit or ATM card, always shield the screen and keyboard.
9. Keep track of when any new or replacement cards and all of your statements should arrive. Call the issuer if they’re late.
10. Protect your cards from damage such as excessive heat or magnetic objects which could deactivate them.
You should take your card security as seriously as you do your personal security. Keep in mind that you can’t always count on others to protect you. In many places, security simply isn’t good enough, especially on Internet shopping sites. While only a tiny percentage of hacked data turns into identity theft it is still something you should protect yourself against. And you should keep in mind that most instances of card theft and fraud still happens the old-fashioned way, with cards that are lost or stolen individually, maybe even by someone you know.