Answer: Before your stolen debit card is used. [Hmmm...but with cloned cards, you won't know someone has stolen your number UNTIL they use it.]

Questions:

• Do you know anyone who has had their debit card stolen? What happened?
• Since there is a thriving market in cloned debit cards, what can you do to protect yourself if your account is hacked? 
• If you don't tell the bank about your card being stolen and your account is drained, is the bank required to pay you back after 60 days after your monthly statement is mailed to you? 

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (FTC):

Good tips here on how to protect yourself (from Magnify Money):

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Here's a fun FinCap Friday Kahoot [10 minutes] that delves deeper into the dark underworld of debit card hacks. 

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.