Reporting Debit Card Fraud – Steps And Information

Debit card fraud is on the rise worldwide

Although credit cards are a favorite target amongst identity thieves, debit cards are not exempt from their eyes. Losing your debit card can cause a lot of problems, just the same as when you lose your credit card. If you lose your debit card, it’s still possible that your card will be swiped by the person who has it and has the potential to deplete your funds.

There are so many reports of debit cards being stolen but what is more alarming is that there are those who report mysterious withdrawals. It appears that PINs are no longer a deterrent amongst thieves. So what do you do if your debit card is stolen, and how do you go about reporting debit card fraud?

Reporting Debit Card Fraud To Your Bank

The first step you should take is to call your bank’s customer care to report your problem. After doing this, you will have to monitor your account on a daily basis to ensure that everything is still there. This will also enable you to track unauthorized transactions if ever there are any. Cancelling your debit card is also a good idea – in fact, you will like have to cancel it once you find out it’s missing. Canceling the card and getting the bank to issue you with a new one will stop fraudulent activity on your card.

Once you are connected to an bank agent, make sure that you give him or her the date and exact time of the transaction and how much was spent. Informing them about the location and the merchant will also be vital. You should remember these details and file a police report, too, in order to prove your case to the bank.

Report to Other Creditors, Automatic Payments

You should also notify anyone else concerned, i.e., your creditors, those institutions that have automated withdrawals from your account, etc. This means you would have to submit to your creditors an alternative mode of payment.

Inform the Local Authorities

Another important thing to do, as mentioned earlier is to contact the authorities. Reporting this kind of fraud is important because it will help the authorities deal with these kinds of criminals even if it will take time before they arrest the perpetrator. However, if you were able to trace the exact location of where the thief used your debit card, it will be easier for the cops to arrest the criminal.

With so many identity theft cases that still need to be solved, you must provide all information that the police need so that no other person will be victimized by these individuals.

Check Other Accounts For Fraud

Apart from dealing with creditors and the bank, victims of identity theft also have to spend a lot of time in repairing their credit score. After you detect that fraudulent activity has occurred on one account, you should also take a look at your credit report in order to look for fraud on other accounts.

Identity Theft – A Growing Problem

According to authorities, there are about 11 million victims of identity theft in the United States alone every single year. This number has grows almost every year. It is important to note that most victims of this crime only find out after a few months, and since it takes time before victims find out, thieves have enough time to run from authorities or cover their tracks.