Why Swiping Your Debit Card Has Increased Risk

Why Swiping Your Debit Card Has Increased Risk

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credit cards
Does the convenience of debit cards outweigh the risk involved?

Banks lose millions each year due to credit and debit card fraud. It’s why many have instituted services and precautions that alert you — almost immediately — at the merest sign of fraudulent activity on your account.

Companies advise to alert their fraud departments if you leave the state or country, others say that you should use cash if at all possible when going abroad, so as not to increase the risk or spread of your card and its information.

But Bankrate.com has released a list of risky places to swipe your card in an effort to stem the tide of fraudulent activity that’s shaken the banking industry.

Its advice? Stay away from outdoor ATMs.

“Any transaction you do outdoors at an open ATM is going to be higher risk exposure,” says security specialist Chris McGoey. “If the public has access to it, then someone has the ability to add skimming devices to it, position cameras on it and position themselves in a way where they could surveil it.”

The piece also warns against the dangers of using your card on the Web and (not surprisingly) at gas stations. For more information, read more at Bankrate.