Are you excited to read the topic Debit Card Tracking?
A debit card is just another payment transaction card like credit cards, but with its pros and cons. These “bank cards” unlike credit cards are easier to get with relatively minimal formalities but daily expenditure is controlled. You may use it for cash withdrawal from ATMs (Automated Teller Machines) as well as make purchases and could often be benefited from the offer reward programs.
This rectangular piece of plastic is more like a check that you use at the bank and its features lie somewhere between ATM cards and credit cards, though fundamentally both work differently. But they don’t offer much protection to the card owner in case of theft or if it gets lost.
Debit Card Tracking
On losing your debit card, don’t panic, still, your money is definitely on the line, and is exposed to fraud. Unlike credit cards, debit card loss can be riskier as it is directly linked to your account.
There are no exact ways of tracking them as the smart chips and EVMs don’t do the same. Still many third-party applications claim to do the job but that’s a risk that many are not willing to take, especially because money and privacy are at hand. The only authorized and trustworthy partner would be the bank.
What can you do?
• Contact the bank sooner: the more you hold back, the greater could be the losses and harder will be the solution. Reluctance might make you a party to the frauds that might be done with your card.
• A new card shall be issued after the bank deactivates your card.
• If you’re so sure that the card wasn’t stolen but lost, the bank can put your card on temporary hold and let it out when you find them.
• The bank provides a confirmation number for deactivating or holding the card which shall be noted and the written documentation has to be kept safe to claim any losses.
Keeping Your Card Safe
1. Use EMV chip for purchase
2. Use credit cards instead of debit as they have a bigger window of time to take action in case of theft.
3. Use signatures rather than PINs for transactions as the latter could be accessed by data thieves, if so, could attempt stealing.
4. Monitor your statements to notice any suspicious transactions as those who might steal cards would most likely be quick to use them.
5. Make sure that you have disabled any automatic transactions to accounts that are related or linked.
6. Use stronger passwords so that they are hard to crack and your online banking accounts remain safe.
7. Allowing account alerts, provision by banks that lets the account or cardholder know of any suspicious activities via mail or text.
What If You Cannot Track Your Card?
Over the years financial frauds have seen their newest and greatest numbers with debit card thefts and frauds being one of the major ones that keep going because of unawareness and no proper guidance.
With the pandemic hitting the world, more services in financial sectors have been made possible via the internet opening up new possibilities for fraud as well. One of the frauds is CNP (card-not-present), where the fraudster doesn’t have physical access to your card but orchestrated the theft online.
For doing the same they try to get your information via hacking, skimming, or phishing. The other means is to physically steal the card, use fraud mails and skimmers.
Debit proves to be one of the best tools for accessing your cash on the go and can make your daily life at ease and a great piece but does take the right measures to keep them safe. Losing them or being subjected to theft can be cumbersome.
Frequently Asked Questions
1. How long does a new debit card take to arrive?
It generally takes a week for a new debit card to arrive. If you’re in a hurry, you can get the card within a few days through a rush delivery by paying.
2. Can one get a debit card online?
It is possible to get a debit card online if you can manage to open a checking account online. Many financial institutions let you do the same and now that online banking services are available for many of the processes, it’s simple as that.
3. Can children of age 12 have a debit card?
Prepaid debit cards can be accessed by children at any age. Legally minors under the age of 18 aren’t allowed to open a checking account unless they are accompanied by their parents or legal guardian, in the US. But to own a debit card, they must be at least 13 unlike in certain banks that offer cards to children below 13 in adult’s names, usually parents.
4. Difference between credit and debit transactions?
Debit card transactions are done directly from your account and the updates are noted within a short while those made with credit cards could take about 2-3 days. A debit card uses your PIN (personal identification number) to authorize the purchase whereas a credit card uses your signature.
