How to Combat Debit Card Fraud

Losing your debit card or finding out it might have been stolen can be a stressful experience, but acting fast is essential to protect your finances and identity. This guide will walk you through the necessary steps to take if your debit card is lost or stolen, as well as provide tips on when it might be safer to leave your card at home.

Steps to Take if Your Debit Card is Lost or Stolen:

1. Lock Your Card

If you think you might have just misplaced your card, a quick option is to lock and unlock your debit card. This can buy you time if you are in the process of looking for your card while preventing any unwanted purchases.

You can lock and unlock your debit card in seconds at any time within Card Management through the FAIRWINDS mobile app or online.

2. Call Your Financial Institution

If you realize your debit card or card information has been stolen, contact your financial institution as soon as possible. We will order you a new debit card that has a new card number and will mail it directly to your address. The faster you act, the better protected you are from losing money due to unauthorized charges.

3. Review Your Accounts Daily

Be on the lookout for any suspicious or unauthorized charges. If you find some, make a note of the details like purchase amount, merchant, location, and date—and report them to your financial institution immediately.

You can also set up Account Alerts in your FAIRWINDS account online to be immediately notified of account changes, such as balance updates, transactions, and more.

4. Notify Credit Bureaus

If you’re worried about additional information from your debit card being stolen, like your billing address, name, or identity, contact the three major credit bureaus — Equifax, Experian, and TransUnion — to add a “Fraud Alert” to your credit file. This alert lets creditors know to take extra steps to verify your identity before extending credit, helping to prevent further fraud.

You might want to place a credit freeze on your account for added security. A credit freeze restricts access to your credit report, making it more difficult for identity thieves to open new accounts in your name.

5. Request and Review Your Credit Report

You’re entitled to a free credit report from each of the three major credit bureaus every year. Visit annualcreditreport.com to request your reports. Reviewing these reports can help you identify any fraudulent activity, such as new accounts opened in your name.

If you find errors or evidence of fraud on your credit report, dispute them with the credit bureau. This process helps correct your credit file and prevent further issues.

6. Update Your Payment Information

If your lost debit card was used for automatic payments, don’t forget to update your payment details with your new card information. That way, your payments continue without interruption, and you can prevent missed payments or late fees.

Be Aware of Where You Use Your Card

If you want to protect your debit card from fraud, here are a few instances where it might be better to use a form of mobile payment like Apple Pay or a credit card to protect yourself. Remember to pay off your credit card balance as soon as possible to prevent paying interest and building your balance.

Online

If you’ve shopped online from a reputable source and know they are trustworthy, you shouldn’t have an issue shopping online with a debit card. However, to add extra security, use your debit card through a mobile payment app like Apple Pay, Samsung Pay, or Google Pay to encrypt your card number in case a website is ever hacked.

If you do use your debit card online, be extra cautious about phishing scams and fake websites that will try to steal your card information. For more information on red flags and what to look out for, read Popular Scams to Avoid: Phishing, Vishing, and Smishing and 5 Must-Knows for Safe Online Shopping.

Restaurants

Restaurants are among the few places where cards leave your sight when you use them. If you’re weary about letting your card out of sight, ask if the restaurant has mobile payment options. They might be able to bring a portable checkout device to your table for payment. Some restaurants will approve the card for more than your purchase amount in case you plan on leaving a tip. This means the amount of money pending for the purchase could be quite a bit more than the amount of your bill. If this is the case, it could be a few days before you get the cash back in your account.

Future Travel

Some gas stations and hotels will place holds to cover customers who may leave without settling the entire bill. That means that even though you only bought $10 in gas, you could have a temporary bank hold for $50 to $200. The same can go for hotels, where there are sometimes holds or deposits in the hundreds to make sure you don't run up a long-distance bill, empty the mini bar, or trash the room. At hotels, ask about deposits and holds before you present your card.

Following these steps can reduce the risk of your debit card being compromised. Staying vigilant and proactive will help ensure your information remains secure, giving you peace of mind in your daily purchases.