MoneyLife

Are Debit Cards Safe and Secure?

By Kaitlyn Wolf
are debit cards safe

Debit cards are a great way to keep your spending in check and avoid spending more than you have. Paying for what you need with a card is also quicker and easier than having to fumble around with cash. The downside is, a debit card raises the possibility of fraud. 

You might be wondering, should I be using a debit card at all if it can make me vulnerable to fraud? The truth is, safe and secure debit cards DO exist! It’s all about finding the right debit card backed by the right institution. You want a debit card that offers protection on the front end and the back end of every purchase.

Keep reading to find out if debit cards are safe and to find a secure debit card today!

What features does a safe debit card have?

Every time you use a debit card, it’s important to make sure purchases are being made securely. Here are the key features of a safe debit card. 

Protection against unauthorized purchases

Debit cards should always have a personal identification number (PIN) for making purchases to keep your card secure. The PIN acts as an extra verification step every time you make a purchase, whether you’re buying a snack or withdrawing cash from an ATM terminal. 

When you set up a RoarMoney℠ account, you’ll have instant access to a virtual debit card you can use right from your phone to make purchases online, by phone, or anywhere that accepts mobile pay after you fund your account. All you have to do is activate your virtual debit card and set a pin by calling the automated activation line at 801-736-2453. 

Only you have access to your virtual RoarMoney debit card and PIN – 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. 

Unauthorized charges on your debit card

Check your bank statements at least once a week, if not every day so you can stay on top of your spending and any unauthorized charges on your debit card. If you notice unfamiliar transactions on your card statements, report them immediately.   

To receive full fraud protection, time is of the essence, the faster you report a lost card or unauthorized charge, the better. Your liability for unauthorized charges is limited under federal law if your debit, credit, or ATM card is lost or stolen, so make it a habit to check your debit card statements consistently.  

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

MoneyLion Debit Mastercards have a Zero Liability policy for purchases you didn’t make. If you see a fraudulent charge, simply 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).

Additionally, your MoneyLion Debit Mastercard includes identity theft monitoring and protection, including dark web monitoring. 

Debit card lock

If your card is ever lost or stolen, a debit card lock is an incredibly useful tool to keep you safe from unauthorized purchases. This feature enables you to pause or freeze all transactions so you won’t have to worry about attempts of fraudulent activity. You can lock and unlock your virtual card and/or your debit card at 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.

Replacing your virtual debit card

If you feel your virtual debit card has been compromised, no need to worry! You can fully “replace” your virtual debit card instantly through the MoneyLion app. All you have to do to obtain a new virtual card number, tap your virtual card within the app, select a “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 won’t 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. Mastercard has you covered! Anytime you find a lower price within 90 days of an eligible 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 $1,00 you could potentially put back in your pocket! 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

Having a debit card that’s secure and reliable will give you total peace of mind knowing you’re always protected. MoneyLion’s RoarMoney account offers instant access to a safe debit card. Whether you’re paying with your virtual card or a physical card, MoneyLion has your back.

Opening a RoarMoney account with MoneyLion is almost effortless with these 6 steps: 

  1. First, download the MoneyLion App onto your smartphone and register for a MoneyLion account. You’ll sign up using a few pieces of personal information, like your name and email address. 
  2. Once you have created an account, we will need to confirm your identity. For this step, we securely gather information from you including your Social Security number, address, and date of birth. 
  3. When your identity has been verified, tap the RoarMoney banner in the app or select RoarMoney product from our listing of products to set up your account in a few simple steps. 
  4. To add funds to your new account, you can link an external bank account and transfer funds or set up a direct deposit. You can also add funds to the new account by visiting one of the 100,000 retail locations — such as Walmart, 7-Eleven, and Dollar General — that offer the Reload@theRegisterTM service from Green Dot®.
  5. Hand your cash to the cashier and swipe your MoneyLion Debit Mastercard®. You should see your cash in your account within 10 minutes. Remember to save your receipt!
  6. Gain instant access to your virtual debit card immediately. You can use your virtual card to make mobile payments, shop online, or pay bills. Also, you’ll receive your MoneyLion Debit Mastercard via mail within 10 business days.   

Protect every purchase with a RoarMoney debit card 

Debit cards are a great way to keep you from overspending and going into a mountain of credit card debt because you can only spend what’s in your account. The safest debit cards provide fraud protection, debit card lock, and price protection. Even with these safety features, remember to make it a habit to check your bank statements for anything that doesn’t belong.

Some cards even go above and beyond fraud protection and offer debit cards rich with special features! When you open a RoarMoney account you’ll have instant access to a safe debit card and a feature-rich account. You can get your paychecks or benefits paid up to 2 days early, earn rewards on daily spending, and use contactless payment, even with your physical debit card.

Head over to MoneyLion today to get a safe and secure debit card in minutes with RoarMoney!

Sign Up
Sign Up

Get paid up to 2 days early

Open a RoarMoney account to bank with no minimums, no hidden fees, no BS! And you'll love the perks like a contactless debit card, early payday, cashback, and fraud protection.

Sign Up