Have you been in a situation where your money suddenly disappears from your bank account or in a situation where a message came to your phone and when you opened it you saw a debit alert that you never initiated? Well, I have been in that situation too but I did my homework to know what I did wrong and why they have access to my money.
It's very painful when you rush to the bank only to be told that you have an insufficient balance because you have some money in account nothing knowing the money has been withdrawn through other means. We are going to put an end to that today.
This guide will reveal everything you should know about your bank account and automated teller machine (ATM), what you can do and what you cant do to be on the safe side. Am sure you will be interested to learn more so keep reading till the end and you won't be disappointed.
However, it might interest you to know that in some situation back can't do anything to help your because the withdrawal processes used are untraceable. When it happened to me, I contacted my bank and after checking they told me that it was an online transaction and they won't be able to trace it, so I hard to block the card and apply for a new ATM card.
What Should You Do If You're a Victim of Fraud?
If you are on this page because you have been defrauded already or noticed that your debit card information has been compromised in one way or the other. Call your bank to block the card immediately before anything and in case you know the contact phone number or email of your bank then check this post All Nigerian Banks Contacts, email, and phone numbers
After blocking your card, you can then request clarifications on how your money got debited without your knowledge.
If you have any money left then transfer it to another bank account that is more secure until you are sure that everything is okay with your compromised account number. That is the first and most important step to take once you notice any fraudulent withdrawals from your bank.
However, If you don't have airtime or means to reach your bank then you can try reporting to them or blocking your card using USSD code which offers easy banking with lots of features. To try this method dial your bank shortcode read the options and follow the required process to block your card. I have already listed all the Nigerian Bank shortcodes (USSD)
you can use to send money, buy data and airtime, etc.
9 Methods to protect your Bank account and ATM card
As they say, prevention is better than cure so it's better that you protect your ATM and bank account than the sorry for the inconveniences that might follow from your bank managers. However, while you might not have full control over hackers and other criminals, you do have power over several factors that can assist you to avoid being a victim.
1. Subscribe to Banking Alerts
Some of us hate this because most Nigerian banks use it as an avenue to make extra money by charging their customers more money than they have used in sending those messages but what can we do, it's important and you need it. If you don't enable it you will not be able to when money comes in or goes out from your account.
You may sign up for banking alerts in addition to checking your balance and recent transactions online every day. When certain activity on your accounts occurs, such as a withdrawal above the amount you designate or a change of address, your bank will notify you through email or text message.
2. Avoid Adding your ATM details on different mobile loan apps
In as much as we have some good mobile loan apps that can be used to borrow money in seconds, we still have hundreds of scammers who just need the details of your ATM debit card.
Though, most loan providers recommend that you add your debit card details to enabled gain access and enabled time to take their money back but the issue is that most time you will not know how the money got missing and no one will agree to know anything about it. It's unsafe to add your ATM details to different mobile loan providers
3. Eliminate paper usage
By opting for paperless bank statements, you can avoid having your bank account information taken from your mailbox. When you're done with your bank statements and debit card receipts, shred them with a paper shredder to greatly lessen the risk of bank account information being taken from your garbage.
4. Avoid using your debit card to make purchases.
Instead of using a debit card, use a credit card, which provides better fraud protection.
5. Use only bank ATMs.
Bank ATMs are more secure (with video cameras) than automated teller machines found in convenience stores, restaurants, and other locations.
6. Throw away old debit cards
Some shredders will handle this for you; otherwise, having an outdated card around puts your information at risk.
7. Don't keep all of your money in a single location.
If your bank account is hacked, you'll need to be able to get cash from somewhere else to pay for basics and keep up with your bills.
8. Be on the Lookout for Phishing Scams
Make sure you know who you're interacting with when checking your email or doing business online. An identity thief may create a phishing website that appears to be from your bank or another company with which you have an account. In truth, the scammer is after your personal information and may even try to gain access to your bank account.
9. Take precautions with your computer and mobile devices
On your PC and mobile devices, use firewall, anti-virus, and anti-spyware software, and keep it up to date.
10. Make Use of a Protected Network
When using your mobile device or computer in a public area or over an unprotected network, avoid making financial transactions online.
Whether you remain above your balance, distribute your funds across numerous accounts, or make purchases on credit cards rather than on debit, everything you can make your job more difficult will assist to protect your account and reduce your chances of being a victim of debit card fraud.