Money Mutual is one of thousands of companies that receive complaints of fraudulent activity. Con artists often take advantage of your trust in legitimate companies by impersonating these companies and then asking for your personal information. Whether you’re taking out a payday loan, doing some online banking, and even while using your debit card, it’s important to stay alert. In fact, the most common type of fraud that usually ends in identity theft is debit card fraud. Anytime you throw out statements, or withdraw money from an ATM, you run the risk of becoming a victim. So here are some tips for avoiding debit card fraud:
● Go paperless. Bank account information can easily be stolen from mailboxes and trashcans, and the easiest way to avoid this is to eliminate paper statements altogether. If you still prefer getting bills and statements by mail, be sure to use a paper shredder when disposing of them.
● Get banking alerts. Keeping on top of your bank accounts is imperative. Even if you check your balance regularly, getting banking alerts can help.
● Only use bank ATMs. These have better security, such as cameras and guards, than those at retail stores, malls, and grocery stores.
● Destroy old cards. Just throwing old cards into the trash makes it much easier to steal information, so use a paper shredder.
● Don’t keep all your money in one place. Having more than one checking account will make your life easier if you are ever the victim of fraud. If one account is compromised, you will still have access to cash to pay bills until things get sorted out.
● Avoid phishing scams. Phishing scams usually consist of e-mails that claim to be from a legitimate organization. For example, Money Mutual is often impersonated by phishing scammers as they try to steal information and money. You may receive an e-mail from your bank saying something is wrong with your account that needs to be sorted out immediately. If you click on the link they include in the e-mail, you will usually be prompted to provide some personal information, such as account numbers or online account login information.
● Protect your computer. Hacking, phishing, and other online scams are constantly evolving to get through your computer’s security system. To combat this, regularly update your firewall, anti-virus, and anti-spyware software.
● Use only secure networks. If you’re using your computer in a public place, such as a coffee shop, avoid doing your online banking. Unsecured networks are easier to hack.
If debit card fraud should ever happen to you, contact your bank immediately. The first they’ll do is put a hold on your account, cancel debit cards, etc. They will then investigate your claims, especially if there have been fraudulent charges made. However, it will likely take several weeks before these charges disappear, so be patient. The important thing is to catch the fraud before it turns into identity theft.
