Debit card fraud occurs when a criminal gains access to your debit card number—and in some cases, personal identification number (PIN)—to make unauthorized purchases or withdraw cash from your account.
No one will be able to withdraw money from your personal bank account if all they have is your account number.
A thief with login information for your credit card company can use your credit as if it were their own. This form of identity theft is particularly dangerous as a fraudster can use account information to apply for new credit, take out fraudulent loans, and collect personal data.
On the other hand, you could potentially be held liable for fraudulent purchases made with a debit card. This may include all the money in your bank account if a thief is able to use your debit account number to drain it, and you don't notice the fraud within 60 days of your bank statement being sent to you.
First let's clear up one myth - giving out your bank account number and BSB is fine. "There is no issue in giving out your BSB/account details as it's only possible to deposit funds rather than withdraw funds," an ING spokesperson told Money. "If an unauthorised debit occurs then the debiting institution is liable."
To keep your information safe, we suggest only providing your BSB and account number to people you know and trust (such as family, friends or your employer etc.)
It's generally considered safe to give out your account number and sort code, but you should always use common sense and avoid sharing your bank details with people you don't know or expect payments from.
Report a suspicious charge or debit immediately
Even if you're not sure that PIN information was taken, consider changing your PIN just to be on the safe side. If your physical credit card has not been lost or stolen, you're not responsible for unauthorized charges.
While cybercrimes like credit card information breaches have become common, the fear of becoming a victim of it has been stuck in millions of hearts. The hackers have various techniques to get a hold of your credit card number. But can they actually use the stolen credit card number? The brief answer is “No”.
You should contact your bank straight away and let them know. Keep a record of all conversations you have with the bank and copies of letters to do with the fraud. The bank will investigate, take action to protect your accounts and refer the crime to the police.
Card details – card number, card holder name, date of birth and address - are stolen, often from online databases or through email scams, then sold and used on the internet, or over the phone.
Each of these cards has a card verification value (CVV) printed at the back or front of the card and with access to the cards' CVV, full card number, customer name and expiry date, fraudsters can conveniently wipe out money from customers' bank accounts by using the details to engage in online transactions with other ...
Never give your card details over the phone. Additionally, make sure that when you do share your details, you can trust the recipient has security systems in place to protect your data.
If fraudsters can combine your bank details and other easy-to-find information — such as your Social Security number (SSN), ABA or routing number, checking account number, address, or name — they can easily begin to steal money from your account.
Cardless ATMs—or contactless ATMs—allow you to access your account and withdraw money without a physical card. To use the cardless option at the ATM, you'll typically need your financial institution's app or your card information stored in your digital wallet.
What are cardless ATMs and how do they work? Cardless ATMs provide access to your account and allow you to withdraw cash without the need for a card. Instead, they rely on account verification via text message or a banking app on your smartphone. There are several ways that cardless ATMs can function.
Is it possible for someone to use your debit or credit card with just the card number and the CVV? Yes, this type of fraud is known as "card-not-present" fraud, as the thief does not have possession of the physical card.
Fraudsters can use all kinds of methods to find your personal or banking details. If they get hold of them, they can try to use your bank account to steal your money. Or they could try to scam you at a later date.
Once scammers know your number, they can target you with phishing texts and calls, or trick you into downloading malware and giving up personal information. And once they gain access to your personally identifiable information (PII), it doesn't take much more to access your financial (and other sensitive) accounts.
Identity thieves can retrieve account data from your card's magnetic strip using a device called a skimmer, which they can stash in ATMs and store card readers.
Steal machines
A criminal might decide to steal either an ATM or POS terminal. Cash can be pulled from the ATMs, but both types of machines could store card numbers if misconfigured. A stolen machine is also valuable in order to learn about weaknesses or ways to physically attack it.
Money on the card can be transferred to another debit card or used to make same-day payments to other companies. If the serial number falls into the hands of a scammer, the scammer can drain the money from the card.
Contact your bank immediately so they can protect your account. After you've told your bank about the scam, keep an eye on your bank statements and look out for any unusual transactions. Also check your credit score to see if there are applications for credit you don't recognise.
So it's best to hang up and call them yourself just to be sure. Should I give my banking details to strangers or companies? You should never give out your banking information to a stranger or a company without thinking twice.
Contact your bank immediately to let them know what's happened and ask if you can get a refund. Most banks should reimburse you if you've transferred money to someone because of a scam.