Debit cards are viewed as an easy way to access the funds in a person’s checking and savings account. The problem that subsequently surfaces, however, is that should the card or PIN be stolen, overdraft issues become irrevocable. Many of these problems can be prevented by keeping careful track of one’s debit card and the amount of money that is currently in the account. Easier said than done.
Despite vigilant habits around keeping track of one’s card, numbers can still be stolen after or while the card is being used at a merchant site or via online shopping environments. Generally speaking, it is a good idea to use a credit card versus a debit card online because it is a simpler process to get fraudulent purchases removed from a credit card than to replace money that was stolen from a checking account.
Additionally, it is always wise to not let anyone see the PIN associated with the debit card as this can lead to problems with a debit card as well. If someone does learn the PIN, the consumer must contact the bank to find out if it can be changed. Further stop gaps to falling victim to fraud involve reviewing the bank statement every month, and report any fraudulent charges as soon as possible.
A San Diego, California company has taken the subject of debit card fraud into their own hands by aiming to eliminate it altogether. IFAN Financial (OTC: IFAN) builds shareholder value by developing and testing technology that connects to your mobile device or computer, which enables the consumer to transfer funds without having to reveal their associated account numbers.
IFAN centers its time and resources on exploring market opportunities to build its product portfolio to meet the growing demands for consumer/merchant security, convenience and expediency within the mobile commerce market. The company’s products in development are expected to integrate social media dynamics, banking and e-commerce with the pervasiveness of today’s mobile culture.
For more information on the company, visit http://ifanfinancial.com
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