Fraud Prevention and Detection: Protect yourself

It started as a fun outing to the mall. I wasn't thinking fraud prevention and detection. I was thinking about who else I needed to shop for on my Christmas list. That is when it happened. Somewhere between paying for my dinner at Red Robin and crossing the street to shop at Target my debit card went missing. Not more than 1 hour later, I noticed transactions online I had not made. Someone had been able to use my debit card as credit. Even though it is a pin debit it can also be run as credit, which is how they got away with a fake signature and unfortunately for me, hundreds of dollars worth of merchandise.
Okay, some would say it was my fault that I had been careless enough to misplace or drop by debit card during Christmas season. I don't think so. Regardless of the fact that I may or may not have dropped my card, should we really have to watch our backs for this stuff? While that may be an entirely different issue, there are many ways that we can protect ourselves that are simple and that can save us a lot of time, money and hassle in the long run.

My first recommendation is for companies to require a PIN number always on a debit, or at least a zip code if it is being swiped in a terminal. When something is run as a credit it doesn't always require anything but a signature and this can be forged. You can also get a card that has your picture on it, which would increase security as well. While stores should require their employees to check signatures, it isn't always easy to tell a forgery. Just today I was able to purchase Starbucks drinks for my boss and coworkers using a credit card other than my own because they don't even require a signature if it is under a certain amount of money. While it was convenient for me today and the baristas at Starbucks happen to know me by name, it is actually not the most secure way of doing business if someone untrustworthy were to get a hold of the card.

Watch your accounts. If you cards have been misplaced or stolen be sure to cancel them immediately. Missing your wallet? Don't take chances - get on that phone and cancel those cards. As soon as you freeze the cards, money cannot be taken out of your account and the fun ends for the thief. Keep track of the transactions that are not yours and file a report right away with your bank and with the police. Don't wait; the sooner you can get the information in to the appropriate people, the sooner the bank can follow up on the problem and the sooner the authorities can hopefully track down the people responsible.

Stolen or misplaced cards can be a huge bummer. Thankfully for me the money was returned by the bank. Unfortunately for me the thieves got away. The police were never able to locate them. Protect yourselves and keep an eye out - don't let yourself fall victim! It will cost you more than the money in your account.

About the Author: Rebecca Beckett is a freelance writer for Innuity If you would like more information about fraud prevention and detection or pin debit