Debit Card Fraud | WaterStone Bank

Remember that WaterStone Bank will not call you directly and ask for your personal information.

If you have any questions or believe you may have fell victim to a scam, please call our Customer Support Center at (414) 761-1000 or your local branch immediately.

With the convenience of using a debit card comes the risk of fraud, and you will want to be mindful of where and when you use it.

Debit card fraud occurs when an unauthorized person uses your card without your permission. This can happen if your debit card is lost or stolen, or even in your possession with physical skimming machines.

Security Tips ATM Skimmer Debit Card

What is skimming?

Skimming is a way that scammers will attempt to steal the information stored on the magnetic strip of your debit card. They do this by attaching a fake card reader to a real one. The most common places that skimming machines can be found are gas stations, ATMs, restaurants/bars, and foreign locations. Skimming occurs when a device is inserted into a card reader such as on an ATM or gas pump, intending to capture your debit card information. Many times, a camera is also used to fraudulently record keystrokes as you use the machine in an effort to obtain the PIN number.

Can you get stolen funds back?

Debit cards have certain circumstances that may cause you to become liable for your lost funds. If your card is stolen or lost, always contact your bank to temporarily freeze your card or immediately re-order a new one. If you choose to not freeze your card, you must contact your bank within 2 days of noticing suspicious activity to not be liable for any fraud.


What is being done to prevent this threat?

Owners of highly targeted machines are taking precautions to prevent scammers from installing skimmers. Card readers are being deeply embedded into the machine, the card reader slots are being re-designed to make it more difficult to attach skimmers, and a jitter function is being implemented to force your card to move back and forth at different speeds while being read, preventing any devices from reading the magnetic strip. Some ATMs are also implementing tap-to-pay functions to reduce skimming fraud. 

Regulation E (also known as the Electronic Funds Transfer Act) is designed to protect consumers from unauthorized electronic transactions. Regulation E specifically applies to fraudulent and accidental errors associated with direct deposits, telephone transfers, point-of-sale transfers, ATM transfers, and debit card transactions. Some transfers such as checks or wire transfers are not covered under Regulation E.

Security Tips Debit Card Tap Using Phone

Steps to prevent debit card fraud:

  • Always use contactless payment methods when possible, such as tapping your card or phone to the reader.
  • Use a credit card instead so that you can promptly initiate a chargeback or dispute.
  • Notify your bank when you travel, to foreign countries especially.
  • Review your bank statements and digital banking transactions frequently.
  • Avoid choosing PIN numbers with personally identifiable information such as your date of birth, address, or SSN.
  • Do not give your PIN to anyone over the phone or online. WaterStone bank does not keep record of your PIN number for your safety.
  • Do not use suspicious ATMs or card readers that appear to have been tampered with.
  • Mark through blank lines on receipts, such as the tip section, to avoid additional charges.

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