At Debut, safeguarding your financial security is not just a priority; it's a proactive commitment. While we’re not a traditional bank, we’ve taken extensive measures to ensure that your funds are protected, secure, and accessible whenever you need them. Here’s a closer look at how Debut keeps your money safe through advanced technologies and robust security practices.
Trust-Based Fund Protection 🏦
Although Debut operates outside the traditional banking system, we understand the importance of trust and security regarding your finances. That’s why your funds are held securely in a trust account with registered banks in New Zealand.
Biometric Authentication: Securing Access 🤳
You might be surprised to learn that an estimated 78% of people use the same passwords for multiple accounts. If this is you, please consider using a complex password, a password manager, and biometrics so you don’t need to remember lengthy passwords. Debut employs biometric authentication methods such as fingerprint scanning and Face ID. These features add an extra layer of security, ensuring that only you can access your account. Whether logging in or confirming a purchase, biometric authentication keeps your sensitive information secure.
Card Limits and Controls 🎛️
Debut’s card limits and controls put you in the driver's seat, making managing your spending easier and safer. You can set daily spending limits, control where your card can be used and even disable online, in-person or overseas transactions with just a few taps. These controls help you manage your budget and protect your account from unauthorised transactions.
Transfer Limits and Account Verification 🚦
To further enhance security, Debut imposes transfer limits on your account. These limits are designed to minimise the risk of fraud while ensuring you can still access your funds when needed. Additionally, any significant withdrawal or account transfer may require verification, adding another layer of protection to your financial transactions.
Card Security: No Numbers on Cards 🫥
Traditional cards often display sensitive information like card numbers, making them vulnerable to theft. Debut takes a different approach by issuing cards without visible numbers. Instead, all your card details are securely stored within the Debut app, accessible only via biometric authentication or your Debut PIN code. This design significantly reduces the risk of your card information being compromised.
Virtual Cards for Extra Protection ⌚️
Debut offers virtual cards that can be generated on demand through the app for even greater security. These digital-only cards are perfect for online purchases or subscription services where you might be hesitant to share your main card details. You can create, pause, or delete these cards as needed, offering flexibility and enhanced protection against fraud.
Transaction Authentication and Real-Time Risk Assessment 🏪
Every transaction you make with Debut is subject to rigorous security checks. Our transaction authentication system and real-time risk assessment technology analyse each transaction for potential fraud, assessing factors such as location, spending patterns, and transaction type. This advanced system identifies and flags any anomalies, significantly reducing the risk of unauthorised activity on your account. This system may also use multi-factor authentication for online transactions when it needs to make sure it’s really you making the purchase. For more details on how this works, check out our article on taking down the scammers here.
Coming Up: Enhanced Security Features 🔭
At Debut, we’re continually looking to new ways to provide you with the best possible security. Here’s a sneak peek at some of the upcoming features designed to keep your money even safer:
- Notifications for Transactions: Soon, you’ll receive instant notifications for every transaction made on your account, allowing you to monitor your spending in real time and quickly identify any suspicious activity.
- Geoblocking Transactions: This feature allows you to limit transactions to only certain geographic regions, adding another layer of security, especially when travelling or if you’re not expecting any international transactions.
- Enhanced Account Transfers: We’re working on improving account transfer processes with additional verification steps and real-time monitoring to ensure that your money moves safely and securely.
Your security is our priority. At Debut, we go beyond traditional banking practices to ensure that your money is not only accessible but also protected by the latest in financial technology. From secure fund storage and biometric authentication to advanced fraud prevention systems, Debut is committed to providing a banking experience that you can trust. Stay tuned for even more features designed to keep your money safe, so you can manage your finances with confidence.
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Please note, Debut is not a registered bank under the Banking (Prudential Supervision) Act. This is about our future intentions. Investments with us are not supervised currently by the Reserve Bank of New Zealand.
