Hacked Debit Card? Here’s What To Do.

If your debit card has been hacked, you should immediately contact your debit card issuer, place a credit freeze, update your bank account’s password and report the fraud. Getting your debit card hacked is stressful, especially as society moves away from paying in cash. Some signs that your debit card has been hacked include the following:

Continue reading to learn how hackers obtain your debit card information and what you should do if your debit card has been hacked to protect your finances and identity.

How did hackers get my debit card information?

You may be wondering how hackers stole your debit card information in the first place. There are several ways a cybercriminal could have gotten your debit card information:

• Your debit card account was compromised, meaning it was accessed by someone else without your permission due to a data breach, malware infection or other cyber attacks.
• Your card was skimmed after a cybercriminal scanned your debit card’s chip when you used a card reader to complete a purchase.
• You fell for a phishing scam, such as clicking on a spoofed link, and entered your debit card information on what you thought was a legitimate website.
• A company you have an account with suffered a data breach, and a cybercriminal found your debit card information on the dark web.

What to do if your debit card is hacked

If your debit card has been hacked, there are several steps you should take as quickly as possible to prevent your private information from being used to commit fraud or identity theft.

1. Contact your debit card issuer

You should notify your debit card issuer immediately if you believe your card has been hacked. Call your debit card issuer and explain the type of fraudulent activity you have noticed on your debit card account. After sharing as much information with them as possible about the fraud, your bank will most likely cancel your existing debit card and mail you a new one. To contact your debit card issuer, call the phone number on the back of your debit card.

2. Place a freeze on your credit report

A credit freeze stops creditors from accessing your credit report and from approving new loans or lines of credit in your name. This is a necessary step in protecting your finances and identity if a cybercriminal is using your debit card information to impersonate you. By placing a freeze on your credit, a cybercriminal cannot use your debit card information because they will not be able to verify your identity. To place a credit freeze, you need to contact each of the three credit bureaus: Experian, TransUnion and Equifax.

3. Change your bank account’s password

If you know a cybercriminal has access to your debit card account, you need to update your bank account’s password to a more secure one. Your bank account should have a strong password containing at least 16 characters, including a combination of uppercase and lowercase letters, numbers and symbols. It’s important that your bank account password doesn’t contain any personal information, such as your child’s birthdate or your pet’s name, because a cybercriminal can research information about you online.

In addition to making the password to your bank account stronger, you should also enable Multi-Factor Authentication (MFA), which is an additional security measure that requires an extra form of authentication to access an account. Some examples of MFA include a PIN, a code from an authenticator app, your fingerprint or facial recognition. For your bank account, you should set up some form of MFA to prevent a cybercriminal with your username and password from accessing your account. With MFA enabled, someone would need your username, password and extra form of authentication to access your bank account.

4. Report the fraud to the Federal Trade Commission

The Federal Trade Commission (FTC) uses your report of fraudulent activity on your debit card to create cases against scammers and share your report with law enforcement, who will investigate further. Reporting fraud to the FTC is crucial not only for notifying law enforcement about fraudulent activity but also in seeking justice for cybercrimes committed against you. With the help of your report, the FTC and law enforcement may be able to develop a case strong enough to sue a cybercriminal and stop them from committing fraud or identity theft against others.

Will I get my money back if my debit card is hacked?

The sooner you report fraudulent activity to your debit card issuer and the FTC, the higher your chances of recovering any lost money. If you report any fraudulent activity or transactions to your bank within two business days, you likely will not be responsible for the unauthorized charges made on your debit card. However, whether or not you can get your money back can depend on your bank’s policies and the amount of money lost. When compared to credit cards, debit cards usually offer limited protection against fraud, so there is no guarantee that you will get your money back if your debit card information has been hacked.

Stay protected against debit card fraud

Keep your debit card protected against fraud by following these simple techniques:

A convenient way to secure your bank account with a strong password is by using Keeper Password Manager. You can update any weak or reused passwords to strong and unique ones with Keeper’s built-in password generator. Then, you can store all your passwords and private information securely in a digital vault.

Start your 30-day free trial of Keeper Password Manager today to secure your bank account information and more with strong passwords.