Using Your Debit Card to Take Cash Out of an ATM? You Better Read This…

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May 24, 2015
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Credit Cards, Identity Theft, WebQuest, Debit Cards, Current Events, Financial Scams

From WSJ:

“Criminals are stealing card data from U.S. automated teller machines at the highest rate in two decades, preying on ATMs while merchants crack down on fraud at the checkout counter.”

Why does this matter?

If fraudulent transactions are made on your credit-card account, there is no immediate financial hit while you straighten things out, notes Greg McBride, chief financial analyst at website Bankrate.com. By contrast, if a thief is able to withdraw dollars from your bank account, “the horse is out of the barn,” he says. The money is gone from your account until you are able to get it restored.

You might ask students to do a WebQuest to find 5 ways that they can protect themselves from increasing fraud at the ATM.

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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