Debit Cards and ATMs May Leave Consumers Vulnerable
The threat of identity theft is a major concern among consumers. According to USA Today, identity theft reports by consumers jumped by 47% in 2015.
As co-founder of eConsumer Services®, Monica Eaton-Cardone is an expert on the subject of fraud and identity theft prevention. Earlier this week, a piece published by high-profile finance site, The Street, featured advice to consumers on how to avoid being victimized.
“It is vitally important for cardholders to defend themselves against identity theft…Unfortunately, most people are not even aware of the habits and practices which put them at risk.”
Eaton-Cardone suggested a range of practices, procedures and habits for consumers to adopt. These include checking bank statements regularly to spot unauthorized activity, and using debit cards only at ATMs, as opposed to using a debit card to make purchases.
Consumers are responsible for a much greater degree of fraud liability when purchasing with debit as opposed to credit cards, so it is in the consumer’s best interest to pay with credit or cash instead.
Additionally, Monica suggests consumer be wary of skimmers and/or cameras hidden at ATMs:
“Fraudsters will often plant a skimmer near the card reader at ATMs and gas pumps, along with a tiny camera to steal the cardholder’s PIN number.”
Read the full article here.