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Press Release |
Contact: |
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Jean Ann Fox Ed Mierzwinski |
If you received a replacement ATM card in the last year or so, and it carries a Visa or Mastercard logo, your card is probably an "unsecure" debit card. Many banks have mailed their customers dual purpose cards as if they were simply replacement ATM cards. These dual purpose cards work as traditional PIN-based cards and as the "unsecure" variety. While you may have used the card only with the PIN security feature, a thief who finds the card or card number can use it without a PIN and wipe out your account balance.
Most banks, it appears, still offer the traditional debit card that can only be used with your secret PIN number. Unfortunately, you may have to ask specifically for the safer card because banks are pushing the "unsecure" variety. (If your bank refuses to give you a traditional PIN-only card, consider switching banks. AND PLEASE LET US KNOW!)
Avoid using the "unsecure" feature. Consider using alternative payment methods instead, including credit card, check or cash. (A credit card, which offers comparable cash management benefits if paid off each month, poses a far lower risk of financial loss to the consumer when unauthorized charges are made against the account.)
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