Financial Education Resources

Most people in the United States prefer to use debit cards versus checks as a payment method. Using a debit card seems to be faster and more efficient than writing a check, but is it safer?

Let’s compare the safety and security of both payment methods.

Checks

Some consumers continue to utilize checks to make their daily purchases. They firmly believe that checks are much safer because debit cards are too susceptible to fraud and identity theft. However, it’s the opposite when comparing the two forms of payment.

Checks contain very specific, vital information about the accountholder, including:

1. Full Name
2. Address
3. Phone Number
4. Bank’s Name
5. Account Number
6. Bank’s Routing Number
7. Signature

This valuable information could be used by a criminal who seeks to steal your identity or gain access to your account. When you put your check in the hands of a stranger, whether it’s at the grocery store or the utility company, you have become susceptible to fraud. All they need to do is make a copy of your check and they have everything they need. Once an account number has been compromised, the account must be closed and a new one opened to prevent continuing fraud.  This can be time-consuming and inconvenient for the accountholder. 

Debit Cards

Debit cards are generally considered safer than checks because they offer more security features and protection against fraud. They are also more convenient than checks because no matter where you go, most merchants accept debit cards as a form of payment.

One of the primary benefits of using a debit card is that the card is easy to replace. At Centennial Bank, this process is streamlined with Instant Issue Debit Cards, which enables staff at all Centennial Bank locations to print debit cards.

The Centennial Bank Visa Debit Card features the latest contactless technology, making every transaction safer and easier. Simply locate the contactless symbol at local merchants, tap the contactless card on the terminal, and wait for your payment to be processed within seconds. To further minimize the risk of debit card information being exposed, add your Centennial Bank debit card to your digital wallet to easily make purchases.

Centennial Bank also offers a service which empowers customers to take a proactive approach to safeguarding their finances, Card Controls. With Card Controls, online and mobile banking users can set debit card alerts, spending limits, turn cards on and off, submit travel notices, and more. If a customer believes that their card information has been stolen, they can turn off their debit card within this platform, preventing any future fraudulent charges. To learn more, visit our website: https://www.mycentennial.bank/services/personal-services/cardcontrols.html.

The Bottom Line

Unfortunately, no payment method is fraud-proof. There will always be times when one payment method is preferable to another. Debit cards are better for everyday purchases like groceries or gas, while checks may be better for larger purchases that require a paper trail.

No matter the payment method, it’s important to stay ahead of hackers by being cautious about how and where you share your information. It is also important to regularly monitor your transactions. Login to Centennial Bank Online Banking or the mobile app to monitor your transactions with ease.

Prevent Fraud

Checks

Ways to prevent Check Fraud:

• Keep checks safe by storing your checkbook in a secure place and avoid carrying checks with you unless necessary.
• Order checks securely by ordering directly from your bank or a trusted check printer.
• Never sign a check until all fields are completed.
• Regularly review your bank statements to ensure all transactions are accurate.
• Utilize payment services like BillPay.
• If you are writing a check, use a black gel pen. This makes it much more difficult for thieves to wash the check and alter it for their gain.
• If you are mailing a check, use a secure mailbox inside a USPS facility instead of dropping it in a curbside mailbox or leaving it in your outgoing residential mail.
• Don’t share or post your bank information anywhere.

Debit Cards

• Check your account balance frequently.
• Choose your ATM wisely. Beware of stand-alone ATM’s inside gas stations and stores, as scammers have easier, unmonitored access to add spyware, cameras or card readers to gain access to your card information.

• Only make online purchases on secure websites. If a website address begins with https://, that is an indicator that you have a secure connection.
• Keep your debit card in a secure location when you aren’t using it. Don’t leave it unattended or in plain view of any onlookers.
• Add your debit card to your digital wallet and pay for purchases via this medium instead of presenting your physical debit card.
• Don’t let your card leave your sight. Whether you are presenting your card for payment in the drive-thru of a restaurant or to your waiter inside a restaurant, it is important to not lose sight of your card. This creates the opportunity for someone to take a picture of your card or store your card information for later use.
• Utilize security features offered by your bank. At Centennial Bank, we offer Card Controls which allows you to set alerts, turn your card on and off, set spending limits, and so much more.

What if Debit Card or Check Fraud Happens to You?

Sometimes, even when you’re cautious, you can fall prey to debit card fraud. Once this happens, it’s important to act fast.

The first step to take if you notice suspicious activity on your debit card is to login to the Centennial Bank mobile app and turn your card off. Call your bank immediately so you can begin the process of getting your money back. At Centennial Bank, we can close your debit card and issue a new one onsite.

Give Yourself Extra Protection

Taking extra steps to protect your debit card information can save you from the frustration of debit card fraud. Simple practices like inspecting a card reader or covering your card when you are using it in a public setting are effective methods for protecting your debit card information. If you receive a data breach notification, change your pin immediately. Finally, monitor your accounts often.