Are Debit Cards Safe?

By Anna Yen

Debit cards have a few advantages over credit cards, the main one being you can’t spend more than you have. Paying for purchases with a card is easier because you don’t have to fumble with cash, but it also raises the possibility of fraud.

If a debit card is stolen or hacked, you might wonder if it has the same protections that a major credit card does. The truth is, you’re only protected if you’re banking with an institution that has debit card protection. Keep reading to find out if your debit card is safe.

What Features Does a Safe Debit Card Have?

When you use a debit card, you’ll want to make sure purchases are done securely.  Here are a few key features of a safe debit card. 

Protects Against Unauthorized Purchases

Debit card transactions often need a personal identification number (PIN) when making a payment. This PIN acts as an extra verification step whether you want to buy a bag of chips or withdraw cash from an ATM terminal. 

When you set up a RoarMoney account, you receive a virtual debit card right away. Only you should have access to your virtual RoarMoney debit card – it is restricted to your RoarMoney app or mobile phone wallet.  Once your physical debit card arrives in the mail, you will have another method to make purchases.

If you notice unfamiliar transactions on your card statement, report them immediately. Logging into your account and checking purchases daily will help you spot any inaccuracies (and make sure that your spending stays in check).  

Your liability for unauthorized charges is limited under federal law if your debit, credit, or ATM card is stolen or lost. The timing is important – the faster you report a loss, the better.  

If you report the loss before any charges are processed, you are not liable for any amount thanks to Mastercard Zero Liability protection.  However, there’s a sliding scale of liability if the card is not reported lost earlier.

MoneyLion debit cards have a Zero Liability policy for purchases you didn’t make. If you see a fraudulent charge, touch the “tap for help” button right on the home screen of your MoneyLion app. The chat will help you file a claim in just a few minutes. You can also reach Mastercard Global Service by calling 1-800-Mastercard (1-800-627-8372).

Your MoneyLion Debit Mastercard also includes identity theft monitoring and protection, including dark web monitoring. 

Debit Card Lock

Debit card lock is an incredibly useful tool that comes in handy if your card is lost or stolen.  This enables you to pause or freeze all transactions, heading off any attempts at fraudulent activity. You can lock and unlock your virtual card and/or your debit card any time with RoarMoney

There are two types of debit card locks.  

  • Customer Lock: You can add or deactivate an account lock on the go, directly from the MoneyLion app. If you don’t have access to the mobile app, you can call 801-252-4427.
  • Internal Lock: If MoneyLion spots activity that seems potentially fraudulent, customer service may put a lock on the account. This protects you against fraudulent activity while transactions are investigated. You’ll be notified of any locks that MoneyLion places. Call 801-252-4427 if you need the lock removed.  

Fraud prevention isn’t the only reason to lock your card. If you’ve lost your card, but you think it’s only temporary, you can lock the card while you search.

You can also fully “replace” your virtual debit card instantly if you feel it has been compromised. To obtain a new virtual card number, tap your virtual card, select replace card, confirm virtual debit card replacement and you’re all set! Remember to activate your new virtual card and to make any necessary changes to recurring bills or payments linked to your virtual card. Replacing your virtual card will not affect your virtual MoneyLion Debit Mastercard.

Debit Card Price Protection

Ah, that sinking feeling – you bought something expensive, only to see it half off elsewhere a week later. If you find a lower price within 90 days of purchase, you can submit a claim to Mastercard to get a refund for the difference, up to $250 per claim and up to four times a year. That’s $1,000 you could potentially get back. More information about your benefits and options is available by calling 1-800-MASTERCARD (627-8372) or here.

How to Get a Safe Debit Card

If you want to carry a debit card and have peace of mind, you need to find one that’s secure and reliable.  

MoneyLion’s RoarMoney account offers instant access to a safe debit card. The feature-rich account allows you to link government benefits or direct deposits. You can get your paychecks or benefits paid up to 2 days early. Other perks include cash back rewards and contactless payment, even with the physical debit card.

Opening a RoarMoney account with MoneyLion is almost effortless. Start by following the steps below. 

  • First, download the MoneyLion App onto your smartphone. Then follow the simple step-by-step instructions on how to open a RoarMoney account.
  • Add funds to the new account. You can visit one of the 90,000 retail locations that provide Reload@theRegisterTM service from Green Dot® to add funds into the account. Alternatively, you may simply link another bank account to the MoneyLion app and then make a quick transfer of funds. Or use Instacash to fund it instantly with 0% APR.
  • Receive a virtual debit card instantly. You can use your virtual card to make mobile payments, shop online, or pay bills. You’ll also receive your MoneyLion Debit Mastercard via mail within 10 business days.   

Shop Securely With RoarMoney Debit Cards

Debit cards can keep you honest during shopping sprees because you can only pay with what’s in your account. That’s probably why they are one of the most popular payment options in the US.

The safest debit cards provide fraud protection, debit card lock, and price protection. Even with safeguards, you should monitor your account daily. For enhanced monitoring, MoneyLion’s Financial Heartbeat offers weekly reports breaking down your buying habits.   

Join MoneyLion and get a safe and secure debit card in just a few minutes.

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