When you make a purchase with a debit card, are you worried about your sensitive information being compromised? It’s hard not to be these days, given the frequency of data breaches and identity theft.
The conveniences we rely on come with the need to stay alert. Together, we can help you stay safe by making it easier to spot potential hazards and protect yourself when using your ATM or debit card or online and mobile services.
According to the Payments Journal, in 2020, 25% of consumers reported incidences of debit card fraud (Payments Journal). But don’t let that number fool you. Experts say that fraud is on the upswing. So, what should you do to ensure your information is secure?
Beware of Skimmers at Unknown ATMs
Did you know that someone can steal your debit card information and use it, without the physical card?
Put simply, small devices with tiny cameras can be secretly attached to ATMs or retail terminals and illegally record every debit card transaction. So, watch for anything unusual near the card entry slot when you use retail terminals or ATMs. Of course, sophisticated scammers often place skimmers inside terminals, where they can’t be seen. If your card doesn’t enter the slot smoothly, that can be a warning sign. And if you do notice this, call the financial institution that owns that ATM immediately, if there is one, to report a potential skimmer.
Monitor Your Middlesex Savings Bank Account
One silver lining with debit card fraud is that it is fairly easy to spot. We suggest you take these steps to protect your account:
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Use online banking. Check your balance and recent transactions daily, looking for purchases or withdrawals you didn’t make. The Middlesex MSB SafeCard app helps you control your debit card so you can both protect your purchases and control spending.
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Sign up for alerts. At Middlesex Savings Bank, we’re always on the lookout for unusual activity in your account. We’ll contact you by email or text if we see anything that looks suspicious.
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Switch to e-Statements. If you miss something while monitoring online banking, you might see it while viewing your monthly electronic statement. Signing up for e-Statements also eliminates the possibility of having account information stolen from your postal mailbox.
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Keep several accounts. Checking accounts are great places to keep money for everyday expenses. But consider moving extra cash into savings accounts, Individual Retirement Accounts (IRAs) or Certificates of Deposit (CDs). Doing so could limit the financial damage should you become a debit card fraud victim. Plus, you may earn interest on other deposits.
Middlesex uses Fraud Alert to continuously monitor debit card activity. If suspicious charges appear on your debit card, our Fraud Alert Service may phone you directly on our behalf to confirm the charges. Learn more about debit and ATM safeguards.
Report Problems Quickly
If you notice problems with your account, contact us immediately. Our security center can help you stay safe by making it easier to spot potential hazards and protect yourself when using your ATM or debit card or online and mobile services.
As a reminder, Middlesex Savings Bank will never call, text or email you and ask for your online banking credentials. If you receive a request that fits this description, please contact us immediately.
At Middlesex Savings Bank, we are serious about protecting your identity and financial information. If you suspect fraud on your account, please contact us immediately or submit a form directly on our website. If you have any questions about online banking security measures, please call our Information Center at 1-877-463-6287 or visit one of our branches.