Hacking

Hackers typically look for and exploit vulnerabilities in their targets’ online security. They may guess account login credentials using brute force attacks, figure them out by analyzing the victim’s online profile, or fetch the information through an unsecured Wi-Fi network. Once they’re into one account, the hackers can steal other credentials, such as those of the victim’s online bank account.

Phishing

One of the most common and sophisticated hacking methods is phishing. Posing as real people or businesses, the fraudsters send out fake emails or messages designed to manipulate the target into:

• Disclosing personal or financial information
• Following links containing fake payment or login pages
• Downloading attachments containing malware

The messages typically convey a sense of fear or urgency, putting pressure on the victim to take immediate action.

Data Breaches

In the first quarter of 2023, data breaches exposed over six million data records globally, as reported by Statista. Data breaches occur when criminals gain access to confidential data stored by different organizations. Their methods are various:

• Cyberattacks, such as brute force attacks and ransomware
• Exploitation of outdated security patches, misconfigured databases, and other liabilities
• Taking advantage of vulnerabilities in third-party vendors’ and partners’ systems
• Stealing physical devices containing the data
• Insider threats, i.e., authorized individuals who misuse their privileges for malicious purposes

The stolen data can then be sold on the dark web, exploited for illicit purchases, or used to create fake cards, among other things.

What Do I Do if My Debit Card Has Been Used Fraudulently?

If you notice any suspicious charges on your debit card, take the following steps:

1. View the transaction history—Determine how much money has been deducted from your account to understand the scope of the problem. You should write down the location of the transaction and any other helpful details. It is also important to verify that the transaction didn’t come from a family member or another authorized user.
2. Get in touch with the bank immediately—Call or visit the bank to let them know about the fraudulent activity. Most of them offer 24/7 customer support.
3. Cancel the debit card and request a new one—Canceling the card allows you to prevent further unauthorized transactions.
4. Stay on the lookout—Keep tracking your account activity. Inspect any messages you may receive, as the fraudster may have accessed your contact information and might attempt to extract more, such as the new card number.

It’s important to notify your card issuer as soon as you notice any suspicious activity. Consumer debit cards are governed by the Electronic Fund Transfer Act, which entails a specific time frame for dispute resolution. If you report the fraudulent charge within three days, your liability is generally limited to $50. If reported within 60 days, the figure may rise to $500. After that, you may not be able to get a chargeback.

Most banks employ a zero-liability policy, which means they won’t hold users responsible for the fraudulent charges at all. Still, you should reach out to your card issuer to check whether they offer this benefit and if it applies to your case.

Finding the person who stole your debit card information or withdrew money from your ATM card can be a long and challenging process. Typically, you’ll have to involve both the card issuer and law enforcement, and even then, you might not be able to find the perpetrator.

How Do I Protect My Debit Card Information From Getting Stolen?

Canceling the stolen debit card doesn’t guarantee your safety. Once a hacker gets hold of your card information, they can not only transact with it but also use it to access additional information they can potentially misuse. That’s why a proactive approach goes a long way. 

To reduce the risk of debit card info getting stolen and avoid becoming a fraud victim, you should fortify your security measures to the fullest extent by:

1. Monitoring your bank statements and enabling alerts—Check your bank statements regularly and enable transaction alerts to catch fraudulent activity on time
2. Activating multi-factor authentication—Allow two-factor or biometric authentication wherever possible. That way, you’ll have to verify your identity before each transaction, reducing the risk of unauthorized debit card use.
3. Using strong passwords—Set strong and unique passwords for each account to make them more difficult to guess.
4. Avoiding public Wi-Fi networks—Never perform transactions when connected to a public Wi-Fi network to avoid malware infections and data theft. Public Wi-Fi networks are less secure and can be easily targeted by hackers looking to intercept sensitive information.
5. Shopping only on trusted websites—Don’t provide your debit card information on sketchy or unknown websites. Look for the padlock symbol on the left of the address bar to confirm that the connection to the merchant’s site is secure.
6. Buying with virtual cards—Use a virtual card at checkout to mask your real financial information and protect it from unauthorized access. While some banks provide virtual cards to their customers, you may want to consider an independent provider like Privacy, boasting protection, customization, and control features.

Privacy Virtual Cards—An Effective and Convenient Way To Shield Your Financial Data

Don’t let fraudsters access your most sensitive data. Use Privacy, a virtual card service, to secure your funds and bypass the long and exhausting recovery process. 

A Privacy Virtual Card is a randomly generated, unique 16-digit card number with its own expiration date and security code. It’s linked to your debit card or bank account but hides your real card information during online transactions. In case of a data breach, your card and bank data remain protected, as the hackers can only access your virtual card number.

You can shop with your Privacy Virtual Cards at most vendors that accept U.S. debit or credit card payments.

How To Use and Customize Your Privacy Cards

With Privacy, you have full control of your online transactions. Learn how to make the most of the platform in the table below:

‍Privacy makes the checkout experience fast and seamless with a browser extension for Chrome, Firefox, Microsoft Edge, Safari and Safari for iOS. The extension autofills virtual card numbers for you at checkout, saving you from switching between browser tabs or memorizing card numbers.

With the Privacy mobile app for iOS and Android, you can monitor your account activity, generate new virtual cards, and shop safely on the go. Enable real-time alerts to get notified when your cards are used or declined.

How Privacy Keeps Your Data Safe

Privacy is a BBB^®-accredited business, which means it has a proven track record of ethical operations, reliable services, and dedication to customer satisfaction. It’s also PCI and OWASP-compliant, employing sophisticated security measures to protect user information.

Thanks to Privacy’s 1Password integration, you can store all your credentials and virtual card numbers in one centralized dashboard and manage them with ease.

Sign Up for Privacy and Enjoy Safer Shopping

U.S. residents over 18 years old with a checking account at a U.S. bank or credit union are eligible to request a Privacy Card. The company is bank-agnostic and compatible with most local banks.

Follow these four steps to become a Privacy user:

1. Register 
2. Enter the details needed to verify your identity
3. Link a funding source (your debit card or bank account)
4. Request a Privacy Virtual Card
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With the basic plan, which is free for domestic transactions, you can request cards 12 new Single-Use or Merchant-Locked cards a month, plus:

• Pause and close the cards
• Set spending limits
• Access the web extensions and mobile apps

Privacy also offers paid plans:

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