Various Fraud Scams
Debit Card Fraud
Important tips to help prevent becoming a victim of debit card fraud.
Convenience can sometimes come at a cost. In today’s digital era, fraudulent activity on debit cards occurs far more often than it should. For this reason, it is important to understand how debit cards can become compromised and how to be proactive in protecting our ourselves.
Crimes from mail theft and obtaining unauthorized access to sensitive data (such as a debit card number or bank PIN) are enabling scammers to steal funds from client bank accounts or make expensive purchases using their debit cards. There have been instances where cards are duplicated, or counterfeit debit cards are created, leaving the client unaware they have been victimized.
What You Need to Know
Clients will receive a call from our card member services if we believe suspicious transactions are being conducted and your prompt response is necessary in order to prevent any unauthorized transactions from posting.
Below are several tips that will help clients to avoid becoming victims of debit card fraud.
1. Check bank activity regularly
Enroll in online banking or mobile banking in order to check account balances and recent transactions. Any unfamiliar charges to your bank account should be reported to the bank immediately.
2. Safeguard debit cards via mobile banking application
- Establish transaction controls for dollar amount limits
- Turn them “on” and “off” when not in use
- Add merchant categories (and geographic locations)
- Create alerts for when the debit card is used, approved, or exceeds the transactions controls that were set.
3. Cover your pin when making transactions
Whether using an ATM, paying at a register or using a handheld card machine, it’s a wise precaution to cover your pin.
4. Guarding and storing data
Secure your wallet or purse in a safe place. If stolen, immediately call the bank to cancel your debit card. Additionally, a debit card number or PIN should not be stored on any smartphone.
5. Keep debit cards safe when shopping online
Clients should ensure that the webpage has “https” in the address bar (the “s” means secure), be vigilant of phishing scams, and avoid responding with any personal information unless you initiated the contact.
Digital Banking: Preventing Unauthorized Transaction Activity
In proactively safeguarding our exposure to unauthorized Real-Time & Peer-to-Peer payments; such as, Zelle®, it’s important for us to understand how fraud and scams are defined since the consumer protections available by the bank may differ for each scenario. A simple way to distinguish between a fraud and a scam is to classify them as authorized transactions vs. unauthorized transactions. The descriptions of each transaction are outlined below.
|Someone who gains access to a client’s account and makes a payment via Zelle, Bill Pay, or External Transfers without their permission is considered to be digital banking fraud.
Since the client did not authorize the payment, they may be able to get their funds returned after a timely reporting of the incident to their financial institution.
|A client is deceived or persuaded into authorizing a payment for a service they were promised but not fulfilled, this would be defined as a scam.
Due to the payment being authorized, the client may not be able to get their funds returned.
Take the precautions below to avoid being victimized while using the Zelle network to send or receive money.
1. Only send money to those you trust
Zelle is a great way to pay friends and family, but it shouldn’t be used to pay strangers. Since Zelle does not offer a protection program for authorized payments, you should only use Zelle to pay people you know and trust.
2. Treat Real-Time & Peer-to-Peer Payments like cash
Clients should always confirm they have the recipient’s correct U.S. mobile number or email address to ensure funds are sent to the correct individual.
3. Report all unauthorized transactions immediately
If you have fallen victim to a scam or had unauthorized transactions through your online banking platform, immediately call the Contact Center at 1-855-SNB-7500 (1-855-762-7500).