(Chelsea Update would like to thank John Mann, president & CEO of Chelsea State Bank for this column.)
It’s almost daily these days that we read or hear about fraudulent activities connected to our technological conveniences. One of those conveniences more vulnerable to fraud is the use of debit cards when traveling.
That’s why Chelsea State Bank is taking debit card security a step further.
To keep our customers’ accounts secure when they are traveling and using their debit cards, we will now ask that they let us know prior to their departure – for both international travel and when going out of their state of residence within the U.S.
One of the most troublesome aspects of debit card usage today happens when people are away from home and out-of-state. Debit cards electronically transfer money out of a bank account the instant the card is swiped. So when a debit card is stolen and compromised, the money in a checking or savings account is gone.
As a traveler, you will always want to be familiar with your destinations – both to get the most enjoyment out of your visit and to avoid danger. Most U.S. citizens who go abroad meet no vast differences in safety or crime. The same is true for travel in the United States.
However, no place in the world is without risk. Using a simple precaution of notifying your bank before you travel will improve your chances of preventing fraud in any of your transactions while out of the country, or out of your home state.
When traveling with a debit card, you will always want to protect it as if it were cash. There are many deceitful methods of obtaining account information, from unscrupulous employees, to hackers gaining access to your data from a retailer’s unsecure computer.
When your debit card is compromised, your money is not only missing, but also payments you’ve scheduled or checks you’ve mailed may bounce. And it can take time both for the fraud to be resolved, and the money restored to your account.
How to Detect Debit Card Fraud
No special skills are required to detect debit card fraud. The easiest way to spot problems early is to sign up for online banking. Check your balance and recent transactions regularly. The sooner you detect fraud, the easier it will be to limit its impact on your finances and your life.
Chelsea State Bank monitors unusual activity with all debit cards we issue. Our fraud detection programs continuously track debit card transactions for any suspicious activity. If we suspect that a transaction is fraudulent, we will shut down the card immediately and contact our customers. If you see unfamiliar transactions, call your bank right away. Help us protect your debit card.
One scenario that can present unique problems is with both international and out-of-state card POS (Point of Sale) transactions. It’s important to have access to your debit card anywhere, but it’s equally important to make sure it is secure.
If you have both credit and debit cards, it is actually safer to use your credit card for larger expenses like hotel charges. Make sure you tell your credit card companies of your travel plans, too.
To avoid having your debit card blocked while traveling, give your bank a call. This call will make sure you will have use of your debit card without interruption.
