debit-card-sec

Debit card security: Things you should know to protect your account

Debit cards are becoming more and more popular these days. However, many people worry about debit card security.

Debit cards can be linked to a large amount of money in an account, unlike credit cards which have a capped credit limit. The thought of debit card fraud can be worrisome, which is why most debit cards contain security features to prevent debit card fraud.

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Rates last updated August 23rd, 2019
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
HSBC Everyday Global Account
Visa
$0
$0
Special offer: $100 bonus for new HSBC customers.
Earn 2% cashback on tap and pay purchases under $100.
Enjoy no foreign ATM or transaction fees and the flexibility to hold up to 10 currencies. Apple Pay and Google Pay available. T&C's apply to $100 bonus and 2% cashback offers.
Suncorp Everyday Options Account
Visa
$0
$0
Monthly account keeping fee waived for life.
$0 account keeping fee: Applies to all new accounts opened from 3 December 2018.
Save for your individual goals by linking to interest-earning sub accounts. Google and Apple Pay available.
UBank USaver Ultra Transaction Account
Visa
$0
$0
Earn up to 2.41% p.a. interest on your linked savings account. No foreign ATM or transaction fees.
$0 monthly account fee.
You must open the UBank USaver savings account in order to get this account. Enjoy access to ATMs in Australia and overseas for free and a 0% foreign transaction fee for online purchases. Manage your spending with a built-in sweep facility that automatically moves money between your linked accounts based on the limits you set. Make contactless payments with Apple Pay and Google Pay.
Suncorp Everyday Basics Account
Visa
$0
$0
A simple everyday account with low fees.
$0 monthly account fee.
Enjoy no monthly account keeping fees as well as the option to pay using Google and Apple Pay. Free ATM withdrawals at 3000+ Suncorp and rediATMs.
ING Orange Everyday Account
Visa
$0
$0
No fees for any ATM in Australia or overseas.
$0 monthly account fees.
Enjoy $0 ATM withdrawal fees when you deposit $1000 and make 5+ card purchases per month. Get a competitive ongoing variable rate when linked with the ING Savings Maximiser.
NAB Classic Banking
Visa
$0
$0
Enjoy convenient, unlimited access to your money.
$0 monthly account fee.
Tap and pay with your NAB Visa Debit card or your phone using Apple Pay, Google Pay, Samsung Pay or NAB Pay for Android. Temporarily block your card at the touch of a button if you lose it.
MyState Bank Glide Account
Visa
$0
$0
Simplify your everyday banking with these sleek digital features.
$0 monthly account fee.
Choose the way you pay with access to Google, Samsung and Apple Pay plus Fitbit Pay and Garmin Pay. Send and receive money in less than 60 seconds with PayID.
CUA Everyday Account
Visa
$0
$0
Enjoy flexible payment options and access to a wide network of ATMs.
$0 monthly account fee.
Access to Google, Samsung and Apple Pay. Enjoy fee-free cash withdrawals from 10,000+ ATMs across Australia. Deposit $1,000+ into this each month and receive bonus interest on a linked CUA eSaver Reward Account.
Bank of Melbourne Complete Freedom
Visa
$0
$2,000
Special offer: $50 cash bonus for new customers who open an account online (T&Cs apply).
$5 account fee waived each month the deposit condition is met.
Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you're a student. Access ATMs overseas via Westpac's Global ATM Alliance.
St.George Complete Freedom Account
Visa
$0
$2,000
Special offer: $40 cash bonus for new customers who open an account online (T&Cs apply).
$5 account fee waived each month the deposit condition is met.
Monthly account fee waived if you deposit at least $2,000 a month. No account fees for students and customers under 21.
Westpac Choice
Mastercard
$0
$2,000
Special offer: $50 cash bonus for new customers (T&Cs apply).
$5 account fee waived each month the deposit condition is met.
Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you meet other eligibility criteria. Access more than 50,000 ATMs globally for free via the Global ATM Alliance.
Citi Global Currency Account
Mastercard
$0
$0
Hold up to 10 currencies.
$0 monthly account fee.
Enjoy one linked debit card to hold up to 10 currencies and receive foreign currencies for free. Earn up to 1.75% p.a. interest on your AUD balance.

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What are the types of debit card fraud?

There are a number of forms of debit card fraud, ranging from impersonation to creation of false details. However, the two type of debit card fraud that affects users the most are impersonation and theft.

Theft is a straight forward form of debit card fraud - the user's card is stolen and used by the fraudster. Impersonation is similar to theft but instead of really using the customer's debit card, the fraudster "impersonates" the card - often an identical card is issued, or the card number and details are used for purchases and cash withdrawals.

How can I prevent debit card fraud?

To prevent debit card fraud, most card issuers use the "chip and pin" system. This system was first introduced in the UK market and experts estimate that it reduces debit card fraud by up to 80%. This system is gradually being introduced in Australia and by 2015, all cards whether debit cards or credit cards, will be using this system.

The chip and pin system requires the user to enter a PIN number during transactions, instead of signing. The PIN is mailed to the user separately, a few days after he or she receives the card - there is a few days difference in mailing the PIN, so that the mail cannot be easily intercepted. Users can further increase their debit card security by altering the PIN number to some other number that they prefer. Due to the use of a PIN number, fraudsters need to know both the card details and the pin, which makes impersonation or theft more difficult, thereby reducing debit card fraud.

Most banks also use algorithms to spot any possible card fraud. These algorithms note any sudden, unusual expenses or steep increase in expenses. They also note whether the card is used in two locations quite far from each other, within a very short period of time. These algorithms automatically spot anomalies, which causes the bank to contact the cardholder to verify the transactions.

Most card issuers, including Visa and Mastercard offer a zero liability guarantee, which means that cardholders are not liable for any unauthorised transactions, if those transactions are noted in time - so one of the final steps to enhanced debit card security is to always read your card statement carefully and notify your bank of any suspicious activity.

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