Given the rising prevalence of payment card fraud, the Nilson Report predicts that resulting losses will exceed $397 billion over the next decade. This alarming trend is compounded by the continuous advancement of technology and new fraud types.
Today, criminals don’t need your physical card to get hold of your financial information. Their techniques and devices for stealing card data have become so subtle that victims typically remain unaware of the crime until they detect an unauthorized charge.
This article will focus on debit card fraud, answering commonly asked questions like:
How can someone use my debit card without having it?
What do I do if my debit card has been used fraudulently?
How do I protect my debit card information?
How Can Someone Use My Debit Card Without Having It?
Whether or not someone can use your debit card without actually having your card depends on the type of transaction and the card information they have. For example, they cannot withdraw money using your ATM card without the card and the PIN, even if they know the card number and expiration date.
However, card-not-present (CNP) transactions such as online and over-the-phone purchases only require the hacker to know your card details to perform transactions successfully. These transactions don’t use the same protections as in-store or ATM transactions, allowing someone to use your debit card without your PIN or signature.
While most online retailers ask for a card’s CVV code during online transactions, this security measure is not a requirement. Someone can still use your debit card without a CVV if they find a merchant that doesn’t implement the additional security step.
Someone who got your debit card info can also try to add it to mobile wallets and payment apps. If successful, they can use your debit card for in-store purchases even though you still have it.
How Can a Criminal Get Hold of My Debit Card Information?
Criminals can leverage a variety of methods to access your debit card information and use it fraudulently. The first step in protecting yourself against theft is awareness, which is why it’s essential you know how debit card information is stolen.
Below, you can read about how someone can get your debit card numbers.
Breaking Into Mailboxes
Sometimes, criminals steal bank statements and other documents from the mailboxand use the information to impersonate the victim. They may attempt to change the account data, such as the mailing address, or apply for new cards.
Skimming requires the presence of a plastic card, but only briefly. It occurs when criminals steal card information from unsuspecting victims using skimmers, small devices designed to capture a card’s magnetic stripe or chip data.
Familiarize yourself with how debit card information is stolen through different common skimming methods:
Don’t let fraudsters access your most sensitive data. Use Privacy, a virtual card service, to secure your funds and bypass the long and exhausting recovery process.
A Privacy Virtual Card is a randomly generated, unique 16-digit card number with its own expiration date and security code. It’s linked to your debit card or bank account but hides your real card information during online transactions. In case of a data breach, your card and bank data remain protected, as the hackers can only access your virtual card number.
You can shop with your Privacy Virtual Cards at most vendors that accept U.S. debit or credit card payments.
How To Use and Customize Your Privacy Cards
With Privacy, you have full control of your online transactions. Learn how to make the most of the platform in the table below:
Measure You Can Take
How It Protects You
Create a Single-Use Card
A Single-Use Card can be used only once. It closes minutes after the transaction, becoming useless to potential thieves. It’s ideal for purchases on new or unfamiliar websites.
Generate a Merchant-Locked Card
A Merchant-Locked Card can be used multiple times, but only at a particular vendor. It’s useful for subscriptions and other recurring payments. Even if it ends up in the wrong hands, this card can’t be used anywhere else, enhancing the security of your online purchases.
Create a Category-Locked Card
A Category-Locked Card can be used for multiple transactions but only from a specific merchant category, such as groceries or travel. It aids budgeting and reduces the risk of misuse, as a vendor outside the predefined category can’t charge your card.
Close, pause, and unpause the card
You can close or pause your Privacy Card anytime without affecting your real card and bank account. The feature enables you to avoid hidden or unexpected subscription charges, as Privacy declines all charges to a paused or closed virtual card.
Set spending limits
Privacy’s adjustable spending limits give you more control of your budget. They allow you to avoid overspending and overcharging by sneaky merchants.
Privacy makes the checkout experience fast and seamless with a browser extension for Chrome, Firefox, Microsoft Edge, Safari and Safari for iOS. The extension autofills virtual card numbers for you at checkout, saving you from switching between browser tabs or memorizing card numbers.
With the Privacy mobile app for iOS and Android, you can monitor your account activity, generate new virtual cards, and shop safely on the go. Enable real-time alerts to get notified when your cards are used or declined.
How Privacy Keeps Your Data Safe
Privacy is a BBB®-accredited business, which means it has a proven track record of ethical operations, reliable services, and dedication to customer satisfaction. It’s also PCI and OWASP-compliant, employing sophisticated security measures to protect user information.
Thanks to Privacy’s 1Password integration, you can store all your credentials and virtual card numbers in one centralized dashboard and manage them with ease.
Sign Up for Privacy and Enjoy Safer Shopping
U.S. residents over 18 years old with a checking account at a U.S. bank or credit union are eligible to request a Privacy Card. The company is bank-agnostic and compatible with most local banks.
