PULSE Issues Tips for ATM & Debit Card Safety Awareness Month
HOUSTON--(BUSINESS WIRE)--May. 22, 2012--
How people choose their ATM and debit card personal identification
numbers (PINs) could predict how easily their accounts may be struck by
fraud, according to a recent security study. That’s one reason why
PULSE, one of the nation’s leading debit/ATM networks, recognizes ATM &
Debit Card Safety Awareness Month each June.
“It’s no secret that weak PINs such as a birthday or repeating or
sequential numbers contribute to card fraud,” said Eric Lillard,
Director of Fraud Operations at PULSE. He cited a recent study by the
Cambridge University Computer Laboratory in West Cambridge, U.K.,
showing that one out of every 11 wallets could contain cards with easily
discovered PINs.
PULSE recommends that financial institutions help fight fraud by
blacklisting the most easily guessed PINs and discouraging the use of
birthdays, which are frequently found elsewhere in a stolen wallet, such
as on a driver’s license.
“While financial institutions continue to combat card fraud and identity
theft by investing in fraud mitigation, consumers can have a significant
and direct impact on protecting their accounts,” Lillard said. “ATM &
Debit Card Safety Awareness Month is a great time to change those PINs
and take other steps to guard financial information and reduce the risk
of becoming a victim of fraud.”
In 2011, PULSE processed more than 3.8 billion debit transactions, 16
percent more than in the previous year. As debit use continues to grow
as a preferred payment method, so does the need to remain ever vigilant
about possible debit card fraud.
About one in four cases of identity and financial fraud in 2011 involved
debit or credit cards, according to the Identity Theft Resource Center.
In addition, a Javelin Strategy & Research study found that one in 20
U.S. adults experienced an unauthorized card transaction during the past
12 months.
By following these tips, consumers can reduce their risks, while still
realizing the benefits of debit cards and ATMs, as well as social media
and smartphones:
Monitor your financial account statements
Many experts recommend reviewing accounts online daily so that any
suspicious activity is spotted quickly. Switch from postal delivery of
statements to online access or ensure that mailed statements are sent to
locked boxes and not left available to fraudsters.
Protect your wallet, purse and PIN
Carry only what you need and avoid carrying items with private
information such as your Social Security number. Don’t share your PIN
with anyone. That means don’t write it down and don’t give it to a clerk
or anyone else to enter for you.
Be extra alert at ATMs
Don’t use an ATM if it is in an unlit or hidden area. Block the keypad
while entering your PIN so you can’t be observed. If an ATM looks phony
or has a suspicious card reader that is loose or not part of the main
body of the machine, do not use it.
Protect your online shopping
Update computer anti-virus software, anti-spyware and firewalls. New
attacks come frequently, and your software provider will frequently send
updates to stop them. Use only secure sites and network connections when
shopping online.
Protect personal information online
Limit social media access to friends only and don’t “friend” people you
don’t know. Fraudsters use personal information such as birth dates,
family and pet names, high schools and birth cities to “verify” your
identity.
Guard unauthorized use of mobile phones
Keep smartphone operating systems up-to-date. Use a password to gain
access to your phone. Install apps that will enable remote deletion of
your phone’s data if the phone or other device is lost or stolen.
Keep your financial house up-to-date
Follow your financial institution’s guidance on closing accounts,
especially if you are a victim of fraud. Review your credit report
annually (free by logging on to www.annualcreditreport.com
or calling 877-322-8228, and free anytime if you are a victim of
identity theft).
For more information about ATM and debit card safety, go to www.pulsenetwork.com/safety.
Also, visit www.debitsavvy.org,
a PULSE-sponsored consumer debit awareness website, for recommendations
on protecting personal finances when using debit cards, including tips
for fraud and identity theft protection. Follow DebitSavvy on Twitter
@DebitSavvy.
About PULSE
PULSE, a Discover Financial Services (NYSE: DFS) company, is a leading
debit/ATM network, serving more than 6,300 financial institutions across
the United States. This includes 4,300 issuers with which PULSE has
direct relationships and more than 2,000 additional issuers through
agreements PULSE has with other debit networks. PULSE links cardholders
with ATMs and POS terminals at retail locations nationwide. Through its
global ATM network, PULSE provides worldwide cash access for Diners Club
and Discover cardholders through more than 800,000 ATM locations in more
than 100 countries. The company also is a source of electronic payments
research and is committed to providing its participants with education
on emerging products, services and trends in the payments industry. For
more information, visit www.pulsenetwork.com
or follow PULSE on Twitter @PULSENetwork.
Source: PULSE
PULSE
Patty Sendelbach, 832-214-0395
patty.sendelbach@pulsenetwork.com
or
DPK
Public Relations
Daniel Keeney, 832-467-2904
dkeeney@dpkpr.com