January 3rd, 2019

How Can I Protect Myself from Debit Card Fraud?

Imagine opening your bank statement and seeing debit card transactions you never made on your checking account. While the realization that your debit card has been compromised begins to sink in, you also notice that these unauthorized transactions have caused your account to become overdrawn.   You had no idea about any of this.  As your mind races, you quickly realize you need to call the bank, dispute the charges, and figure out what other information of yours was compromised.  Your stomach drops as you think about how inconvenient getting everything straightened out will be and you wonder how this could have been prevented.

Now imagine a different scenario in which you receive a text message alerting you that a debit card transaction has been made.  You quickly realize this was not a transaction you initiated and that someone has unauthorized access to your debit card.  Immediately you call the bank to make them aware of the situation and dispute the charge.  You experience a tremendous sense of relief when the bank’s customer service representative informs you that they’ll research the dispute and reverse the charge.  In the meantime, they’ll cancel the card so no additional fraud can take place.  They also offer to send you a new card in the mail or direct you to the nearest branch office where you can have a new one issued instantly.

Unfortunately, bank services that provide convenience, such as debit cards, can also be exploited by fraudsters.  One of the best ways to protect yourself is to detect fraud early by keeping close track of your checking account.  At ENB we offer debit card alerts that allow you to effortlessly monitor the activity on your account. You can choose to receive alerts by text message, email or both.  The following are the types of transactions you can monitor.

  • Online activity. This alert will be sent when your card is used online for any purchase.  It protects you from a common type of card fraud.
  • Dollar amount.  Alerts are sent for any transaction over a specific amount. You set the dollar threshold for receiving an alert and can choose any amount that is $25 or more.
  • Declined transaction. If your card is used and the transaction is declined, an alert will be sent.  This often happens when the transaction overdraws your account or exceeds the daily spending limit of your card.
  • International transaction. A lot of times stolen card numbers are used to purchase materials from foreign merchants to test if the number is valid.

The best defense against fraud is a good offense. ENB Debit Alerts are an easy and free way to catch fraud before it causes you a lot of hassle. Register your ENB debit cards at epnb.com/DebitCardAlerts