PULSE EFT Association Encourages Electronic Payment Security Practices

“Consumers are using their debit cards more often today than ever, and in an increasing number of ways,” said Cindy Ballard, executive vice president of PULSE. “We want to encourage cardholders to be well informed when it comes to card safety measures.”

“While fraud historically has occurred most often in isolated instances at ATMs or at the point of sale, most in the industry agree that the nature of fraud is shifting,” Ballard said. “In some cases, we’re starting to see fraud that is larger in scale and more organized.”

“Debit card use is projected to increase again this year, and it is important that consumers understand various steps they can take to reduce their chances of becoming a victim,” Ballard said. “Practicing these simple precautions can dramatically increase the safety and security of debit card use.”

PULSE offers the following recommendations:

ATM/Debit Card Security

• Treat your card like cash. Keep it in a safe place.
• Report a lost or stolen card to your financial institution immediately.
• Never disclose information about your card in response to an unsolicited e-mail or request.
• Keep your personal identification number (PIN) a secret. Do not disclose it over the phone to anyone – not even your financial institution.
• Carefully review your account statements and, if available, frequently visit your online banking Web site to look for unauthorized transactions.

Financial Fraud Prevention

• Remove mail promptly from your mailbox.
• Shred all personal and financial documents and destroy unused credit, ATM and debit cards before disposing of them.
• Match receipts to monthly billing statements.
• Memorize PINs, passwords and Social Security numbers, and only record them in secure locations.
• Use longer, more complex PINs and passwords, change them periodically and use a different one for each card or Web site.
• Notify financial institutions of address changes in advance.
• Immediately report any unauthorized account activity or phishing scams.
• Look closely at ATMs to detect any suspicious alterations before using them.

Identity Protection

• Do not let your debit card out of your sight when purchasing goods and services.
• Utilize anti-virus software, anti-spyware and a firewall on your personal computer, and keep them up to date.
• Review account statements regularly to verify all transactions. Frequently log into your online accounts and review all activity.
• If you have given out personal or financial information in response to a fraudulent request, report the incident to your account provider(s) as soon as possible.
• Review your credit report every year. (Consumers are entitled to one free credit report each year. To request a report, call 877-322-8228 or log on to www.annualcreditreport.com.)

A comprehensive listing of ATM/debit safety tips is available at www.pulse-eft.com/public/atmdebitsafety/csafety.html, and a brochure containing fraud/identity theft prevention tips is available at www.pulse-eft.com/public/atmdebitsafety/idtheft.html.