How to avoid debit card disasters
Debit cards have been a revelation for those of us who make it a hard and fast rule to spend only what you have; it has enabled us so-called tight wads who are reluctant to spend other people’s money to purchase online and still be in control of our spending. The great thing about debit cards is that you can still safeguard yourself or at least minimize the cost to you in the event of a site hacking; after all with a debit card, only whatever is on the card can be spent.
There are some horror stories with the use of debit cards, but these should never have happened; I have come up with a few rules to protect yourself against fraud;
RULE ONE: Do not link your debit card to your everyday account
Someone I know did this, and he found $3,000 disappear from his everyday account. He bought stuff off the internet and the site which he bought from had his debit card details. Unfortunately the debit card was linked to his everyday account. He talked it over with his bank and proved that he did not purchase anything worth 3k from the site. THe bank reimbursed him 3k.
The explanation as to how this could have occurred is that the website was hacked, exposing the card details of those who had registered with the site.
RULE TWO: Do not use your debit card as a savings account
You are leaving your savings exposed if you do; exposed to card fraud. (See rule one). Best if you use an ordinary savings account.
RULE THREE: Have an account which is not connected to the internet
This is to protect yourself against internet fraud. If you have an account which is not on the internet then you are not going to be scammed.
RULE FOUR: Do not put too much money in your debit card
This is basic common sense. Only what you have in your account can be taken in the event of internet fraud.
RULE FIVE
Destroy old debit cards and don’t just dump them with your rubbish where any Job Bloggs may find it.
RULE SIX
Be aware of your surroundings if using a public computer or wifi, you do not know who is sitting at the computer next to you.
RULE SEVEN
Do not rely on your debit card as your only source of funds. Always have other options available to you.
RULE EIGHT
Have at least one bank account which is not connected to internet banking
RULE NINE
Don’t make supermarket purchases with your debit card; use your ordinary bankcard as it offers greater protection.
RULE TEN
Learn to recognize phishing scams on the internet as it may save you a lot of money and heartbreak in the future.
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