Does Bank Offer Debit Card Fraud and Identity Theft Protection?

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Debit Card Fraud

I opted to use prepaid debit cards instead but it’s drawback is that with many of these prepaid debit cards there’s no real safeguards to protect against people getting ahold of your information and using your card unauthorized and the reason why I say that is because apparently Green Dot has no software or computer programs that would prevent an identity thief from using a customer’s card information to make purchases. Many years ago I used to have an account with a major bank. The bank did have safeguards against fraud and identity theft. Several years ago I went to a Best Buy to make a major purchase. I was buying a laptop for about $1500 and when I got to the register, my bank card was declined.

The cashier told me that the bank probably put a hold on the transaction to prevent suspected fraud and that I would need to call my bank. So I left the store and went to my car and called the bank and I was able to verify my identity and that I was in fact attempting to buy a laptop. They unfreeze my account and I was able to buy the laptop. You know, it was a minor inconvenience to me but at the same time it was a benefit because it protected me from identity theft and what the banking representative told me is that Best Buy has a high incidence of fraudulent activity and that is why they blocked, put the block on my account and I’ve also had several instances where I traveled out of town and out of state. I was unable to use my debit card because my purchases flagged as suspicious activity with the bank.

Software Programs

Most banks use software programs and algorithms to determine unusual purchasing patterns and activities on their customers accounts and they use these programs in order to detect and to prevent fraud and I’m almost certain that had someone got a hold of my information and started using it in a foreign country, the bank would’ve took the same action and froze my account unlike what happened with my Wal-Mart Money Card prepaid debit card and I think I told this story before but I have a relative who somehow her debit card and banking card information was compromised and someone attempted to use a debit card. But the bank that she does business with blocked those transactions because they appeared suspicious and out of the ordinary for her. You know because the banks know the history of all the transactions that have occurred on your account and they know, they are aware of what is normal and abnormal for each of their customers.

Major Drawback

So that lack of identity theft protection and safeguards with the prepaid debit cards is a major drawback and something that you might want to consider it as a consumer of these types of products and services. It says right here that they offer zero liability, zero dollar liability guarantee shows your card be lost or stolen. Bank of America will credit fraudulent charges made with your card back to your account as soon as the next business day and fraud monitoring reviews, how and where your card was being used and is designed to help block potential fraud if abnormal patterns are detected and this is what SunTrust does to ensure the security of their customers accounts. they have secure transmissions and encryption using industry standard protocols encrypts sensitive data for secure transmission. Down here it says that they offer 24/7 account monitoring means, your account activity is protected and secured.

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