Debit card security is making oneself secure from the manifold dangers which lurk in the plastic card era. Debit card security ought to be dealt with, with utmost care as several incidents of debit card security lapse have been reported worldwide.
It is believed that most of the debit card security breach occurs with regard to the PIN(four digit secret code which is card specific and customer specific) number.
Signature based transaction also called offline transaction is more prone to debit card security breach as compared to online(PIN based) debit card transaction.
Incidents of PIN based debit card security breach have also been reported lately.
One should be very alert with their PIN(which should not be disclosed) incase of online transaction and with their signature(which should not be forged) in case of offline transaction.
Debit card security lapse can be avoided if one takes the following precautions:
PIN should not be written on postcards or envelopes which have the cahnces of lying unattended.
PIN should not be disclosed to anyone no matter how trustworthy one is.
PIN should not be disclosed on the internet.
Suitable measures to be taken so that one can ones signature being forged.
If a
debit card security lacuna takes place the consumers are entitled to exercise their rights. The consumers ought to know certain facts to recover from the
debit card security backslide.
What falls within the purview of debit card security fall back:
Any transaction which takes place through an electronic terminal. It may include cash withdrawals, deposits, deduction of charges, at the point of sale or through an ATM(automated teller machine). It also included transaction through non electronic terminal.
Consumer indebtedness:
In the event of an electronic financial fraudulence, if a consumer informs the bank within 2 days of business days, consumer indebtedness is capped to a minimum. Within 60 days of notifying the bank the consumer indebtedness is slightly more.
Informing the bank at the earliest could to some extent minimise the loss due to debit card security breach. A letter to the bank is the best option which could be received and acknowledged.
The bank's role:
The bank is required to investigate the matter within 10 days. The consumer should be informed within 3 days. If the bank fails to complete investigation within 10 days, it is expected to issue a provisional debit card to the consumer