Debit card safety: How fraud savvy are you?

Shielding my PIN with my hand or body and checking my statements regularly is the best way to protect myself against debit card fraud.

True. Shielding your PIN is the best way to protect yourself, because without the PIN – the key security feature - a fraudster will have more difficulty accessing your bank account. If you detect anything unusual on your financial statements, contact your financial institution immediately.

It is O.K. to share my PIN with family members.

False. Your PIN is the key security feature. Only you should know your PIN. Never disclose your PIN to anyone, not even friends or family and if you suspect somebody knows your PIN, change it immediately.

I don’t need to shield my PIN because a fraudster can’t access my bank account if they don’t have my debit card.

False. Fraudsters use hidden equipment such as pinhole cameras and card reading devices to obtain your magnetic stripe information and PIN, which is then encoded onto a counterfeit card and used to withdraw your funds without your knowledge. Shielding your PIN during every transaction will make it more difficult for a fraudster to capture your PIN, and without it, they will not be able to steal money from your bank account.

If I am a victim of debit card fraud, I will be reimbursed by my financial institution.

True. Cardholders are protected. In the instance of fraud, cardholders will not suffer financial losses due to circumstances beyond their control.

A chip card is a payment card embedded with a microchip that will provide increased security against card skimming.

True. A chip card is a new generation of payment card technology that will put the power of a computer onto the debit card and provide increased protection against debit card skimming. Chip cards and terminals are currently entering the marketplace.