When you make a purchase with a debit card are you worried about your sensitive information being compromised? It’s hard not to be these days, given the frequency of reports about data breaches and identity theft. Given the focus on credit cards, you might be surprised to learn that consumer experts are equally concerned with fraud involving your “other plastic,” aka your debit/ATM card.

A quick look at debit card fraud statistics:

• In 2021 there were over 68K reports of debit card fraud totaling over $140 million in total loss.
• Nearly 65% of people with credit or debit cards (so about 141 million people) have experienced credit card fraud at least once. (source)
• All types of debit card and credit card fraud are on the rise.

Consumer experts say that fraud is still on the upswing and scammers are finding ways to outwit the chip. So as an active consumer, what should you do to ensure your information is secure?

Consider these three takeaways:

1. Be aware of your surroundings when using an ATM
2. Monitor your checking account for unauthorized transactions, using electronic banking tools.
3. Know what to do should you have a problem.

Beware of Skimmers at Unknown ATMs

Small devices with tiny cameras can be secretly attached to ATMs or retail terminals and illegally record every debit card transaction – these are called “skimmers.” So, watch for anything unusual near the card entry slot when you use retail terminals or ATMs. Of course, sophisticated scammers often place skimmers inside terminals, where they can’t be seen. But if your card doesn’t enter the slot smoothly, that can be a warning sign. And if you do notice this, call the financial institution that owns that ATM immediately, if there is one, to report a potential skimmer.

See the Light

It’s best to use only ATMs that are inside of or adjacent to financial institutions. The “well-lighted” rule goes for other places, such as gas stations. If you’re paying with a debit card, try to use a pump that’s close to the building.

Monitor Your Account

One silver lining with debit card fraud — it’s fairly easy to spot. Consumer advocates suggest you take these steps:

• Use RFCU Online Banking. Check your balance and recent transactions daily, looking for purchases or withdrawals you didn’t make.
• Sign up for alerts. Set up alert notifications in RFCU Online and Mobile Banking for significant activity involving your accounts.
• Switch to e-Statements. If you miss something while monitoring online banking, you might see it while viewing your monthly electronic statement. Signing up for e-Statements also eliminates the possibility of having account information stolen from your postal mailbox.
• Keep several accounts. Checking accounts are great places to keep money for everyday expenses. But consider moving extra cash into savings accounts, Money Markets or Certificates. Doing so could limit the financial damage should you become a debit card fraud victim. Plus, you’ll earn interest on your deposits.

Report Problems Quickly. Please contact us with any questions or to report problems with your account. You can reach us at (800) 562-7328 or (781) 878-0232.