Weak PINs, Habits Increase Risk of Financial Fraud
22 Maggio 2012 - 3:00PM
Business Wire
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.
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