05-11-2014, 08:06 PM
I had fraudulent transactions happen with my bank issued debit card 3 times in the past 3 months. Thankfully I got most of my money returned. Of course if you notice any fraudulent transactions with any of your accounts, immediately close the card or account and decide if you want another card.
I have a feeling that it was the result of a skimmer placed in an ATM or gas station in my area. The one card I never used online and had it in my presence all the time, so it wasn't one of my roommates, and it got compromised. I'm like what the hell!!
Here's what I did to protect myself:
- Permanently get rid of any bank issued debit card. I got a prepaid debit card so I can have a card and still have ATM access but is not attached to my bank account. Far less damage will be done if this card number is compromised. Throw about $80 on to the card per paycheck.
- Keep more cash on hand. I'm not a fan of it, but I see it's just better now.
- If you have a checking account, keep most of the money you have put in the bank into a savings account. This way, if your bank account number is compromised, most likely the purchases are going to be deducted from the checking account. I can instantly transfer money from my checking into my savings through my bank's website and I just keep $1 in my checking account and use it to pay bills online.
- Keep checking/savings account balances as low as possible. This way after you pay your bills and withdrawal the vast majority of your funds any fraudulent transaction will potentially be declined due to lack of funds.
- Keep close watch on your account activity. Check them daily. 5 minutes a day can save you lots of money.
So in a nutshell, yes I'm telling you to keep a lot more cash on hand and if you must have a debit card, get a prepaid one. As with my debit card, if I see any fraudulent transactions, I can just close it via online and don't have to deal with the bank. They will mail me a check as soon as I close it with the remaining funds.
Peace
I have a feeling that it was the result of a skimmer placed in an ATM or gas station in my area. The one card I never used online and had it in my presence all the time, so it wasn't one of my roommates, and it got compromised. I'm like what the hell!!
Here's what I did to protect myself:
- Permanently get rid of any bank issued debit card. I got a prepaid debit card so I can have a card and still have ATM access but is not attached to my bank account. Far less damage will be done if this card number is compromised. Throw about $80 on to the card per paycheck.
- Keep more cash on hand. I'm not a fan of it, but I see it's just better now.
- If you have a checking account, keep most of the money you have put in the bank into a savings account. This way, if your bank account number is compromised, most likely the purchases are going to be deducted from the checking account. I can instantly transfer money from my checking into my savings through my bank's website and I just keep $1 in my checking account and use it to pay bills online.
- Keep checking/savings account balances as low as possible. This way after you pay your bills and withdrawal the vast majority of your funds any fraudulent transaction will potentially be declined due to lack of funds.
- Keep close watch on your account activity. Check them daily. 5 minutes a day can save you lots of money.
So in a nutshell, yes I'm telling you to keep a lot more cash on hand and if you must have a debit card, get a prepaid one. As with my debit card, if I see any fraudulent transactions, I can just close it via online and don't have to deal with the bank. They will mail me a check as soon as I close it with the remaining funds.
Peace