Debit Cards-Safety Tips

This article offers few tips to keep your Debit Card safe.

One more component of EPayments are Debit Cards. Debit Cards are a very recent phenomena in India, and at present the % of Debit Cards habit, in Shopping establishments is very less.
Majority of the Banks offer a Debit cum ATM Card, instead of two Stand-alone cards.
The end result is the same, i.e Debiting the Card Holder’s Account, with the amount transacted. But, when the Debit cum ATM Card, is lost/misplaced, than the wisdom of two separate cards dawns!
Hence, it is a better idea, to persuade your Banker for Stand-alone Debit Card and ATM Card.
What is the basic difference between a Credit Card and a Debit Card? A credit card enables you to use the bank’s money to pay your bills. This sum has to be repaid within a specified time. Alternatively, you are allowed credit on payment of interest on the unpaid balance.
A debit card allows you to pay for your purchases from your bank account. With a swipe of the debit card through the electronic terminal, at say a departmental store, the amount of your bill is deducted immediately from your bank account. It is as good as paperless or electronic cash.
Debit Cards have witnessed exponential growth. According to a latest release by the RBI here are some facts of Debit Cards in India.
• 2 Million debit card customers are added every month
• The Debit Card user base in India now stands at 85 Million
• Debit Card user base has doubled in 2 years
• State bank of India has issued the largest number of debit cards - 30 million
• ICICI bank has issued 20 million debit cards
• Debit Cards double up as ATM cards and are mostly used for the withdrawing money
• The average spend at merchant establishments using debit cards is mere Rs 1,000
• A very small percentage of people actually use debit cards for retail shopping in India. Most Debit Card purchases are for - Petrol, Restaurant and Clothes.
• People still prefer to use Credit Cards for purchase of Air Tickets, Jewellery or White Goods

Do's and Don't s
All of us carry some form of plastic money with us, whether as a debit card, ATM card, smart card or credit card. Here are Ten Do's and eight Don'ts that will help you safeguard your plastic money.
Do--
1. Do--Sign on the card immediately on receipt. Unsigned cards are invitations for misuse.

2. Do--Keep the card in a prominent place in wallet / vault. This will help you to notice if any of your cards is missing. Many times cardholders realise very late that their card is missing.

3. Do--Ensure that the card you got back after the transaction is yours before putting in the wallet. Many times, Card Member's cards get exchanged at crowded merchant location like service station /Super market.

4. Do--Keep all card number, expiry date and contact number of the issuing bank at a secure place for ready reference. It has to be kept in a different place than where you normally keep cards.

5. Do--Inform issuing bank immediately if you lose the card or it is stolen from you. Always follow up with a written intimation.

6. Do--Memorise PIN and destroy the mailer PIN is an important validation of your identity. The use of PIN along with card is considered as your authentic signature. Keep it secret always.

7. Do--Inform change of address to card issuing bank immediately. Inform postal authorities also about the forwarding address.

8. Do--Keep all charge slips till you get statement from bank Check all charge slips against the statement. If there is a mismatch immediately contact the issuing bank.

9. Do--When going for shopping, carry only one Debit Card.

10. Do--Store the Issuing Bank’s customer service email id in your Blackberry.

Do not --
01. Do not -- Throw away the expired card. Always cut the card before disposing. This will ensure that the expired card cannot be used for counterfeit / skimming.

02. Do not -- Reveal your card number / expiry date /personal details to outsiders. Do not reveal personal details and card numbers in response to any suspicious scheme/ caller. This could be a social engineering attack.

03. Do not -- Hand over your card to any one including your friends / family members. Card is meant for your use only. Even when you are requested to hand it over to authorised bank representative, always ensure to cut the card into two before handing over.

04. Do not -- Allow the card to be taken out of your sight in a merchant location. Insist that all verification to be done in your presence.

05. Do not -- Attempt to use your Debit Care for internet transaction or Provide your card number details on the internet.

06. Do not -- Keep the PIN number written anywhere. Do not reveal your PIN to any one. Do not keep the PIN written anywhere especially in the wallet along with the card.

07. Do not -- Expose the card to excessive heat /magnetic field. In a simple case, where the card came into contact with the magnetic lock on the ladies bag, the data on the magnetic stripe of the card got erased.

08. Do not -- Dispose statement /charge slips /bank mail before destroying. Many identity theft cases had taken place through mail sniffing / garbage pilfering techniques. Please shred the statement /charge slips /bank mail before disposing.

09. Do not -- keep all your cards in one location.

10. Do not -- Ever store your PIN Numbers in your mobile.

Safety Tips
• DO sign your card the moment you receive it.
• DO always sign the card with a ballpoint pen.
• The moment you get your debit card, DO note down the card number and the emergency number. Then, should your card ever get misplaced or stolen, having these numbers ready will enable you to report the loss immediately.
• DO keep these two numbers in a place other than the wallet that holds your card. Then, if your pocket gets picked, you won't have to hunt for the emergency number frantically.
• For reasons of security, DO keep with you a photocopy of the front and reverse of your debit card.
• If you are going abroad, DO make a note of the card company's (Visa/MasterCard/ Amex) emergency phone number in the country you are going to.
• DO report a lost or stolen card immediately.
• DO try and memorize the PIN instead of noting it down somewhere.
• DON'T lend your card to anyone. DO be well aware of who has access to your cards. If a member of your family (spouse, child, parent) borrows your card, with or without your knowledge, you are responsible for the transactions they make with it.
• NEVER reveal the card number unnecessarily.
• DON’T give your debit card number over the phone or the Internet. The ICICI Bank Debit Card cannot be used for transactions through the Internet, phone or e-mail.
• At a shop or restaurant, NEVER leave your card unattended.
• DO make sure that the card returned to you at a merchant establishment is your own.
• When using your card at a merchant establishment, only your signature is needed. NEVER reveal any other personal detail about yourself, be it your address or phone number.
• NEVER sign an incomplete sales slip. DO make sure that totalling has been done.
• DO always keep a copy of the bill and the payment slip for a transaction and the ATM receipts for cash withdrawals.
• DO always check your billing statement. DO check the purchases and DO compare them with the bills and receipts in your possession.
• If you are returning or handing over your card to the bank, DO cut it into two and DO make sure you give it to a bank official only. This will ensure that the card can never be used again.

Again, at the cost of repeation, persuade your Banker to offer Stand-alone Debit and ATM Cards.