You might not think that crooks can attack a debit card in the same way a credit card can, but more and more Americans are turning to a debit card to pay for their purchases, resulting in fewer checks and less cash used at checkout. Of course, nothing will ever completely replace the old dollar bill, but credit cards and debit cards will soon outnumber the president’s face on America’s cash registers.
As the utility of Americans relies more on the use of debit cards, so does the concern over identity theft. Identity theft has been a problem in this country since the dawn of banking. We see in movies and I read in books that even in the old days of the west people claim to be the owner of an account. when they were not. But we seem to be hearing more and more about identity theft now. Could it be done that is more expedient? Perhaps it is because we are better informed. Either way, it’s a dangerous situation and as Americans gain more credibility than identity thieves, they increase.
Unfortunately, despite the fact that debit cards work the same as credit in many cases, debit cards may lack the same guarantees. Also, where identity thieves used to target the databases of large companies that hold substantial amounts of credit card data, we now see these thieves target smaller companies where the money and resources may not be there to provide security where needed. That’s why it’s important to know the difference between debit and credit cards. In case your information is accessed through data theft, credit card mode is more secure than a debit card.
You see, your debit card is managed by your bank and usually banks can’t do anything until after they’ve run into legitimate charges. Even if you close your account immediately and open a new one, it’s a waiting game. So you have to litigate the charges with the suit while we do the new system. This whole process can be painful because in money transfer, you have to order new checks (if you use them). wait for a card Still, opening a bank account still has to be kept because of the litigation transaction.
Debit card identity theft can cost you hundreds if not thousands of dollars if the theft is not proven. It is more difficult for an unauthorized person to verify transactions with a debit card than a check, because your bank returns are usually held on microfilm, whether they are returned to you in the mail or not. In a debit transaction card, the merchant may have a card slip to prove the transaction, but only if your card has a visa or With the Mastercard logo on it so you can choose credit, some merchants don’t have a slide where you sign. All you need is a receipt.
Just make sure you use your debit card in familiar places and be careful where you use your card for online transactions. Internet identity theft has become a gateway to financial computers by accessing the financial information we keep on our computers. It’s a wise thing to keep absolutely no financial information regardless of how well we think we have our computers protected from outside predators.
You’ll also want to make sure that when you’re on the cash register, you choose the credit option so that you can receive a credit card with your signature on it. The merchant will keep a copy of it. This way, the merchant has a copy of the specific business document if it is to be discussed. Unless the thief knows your pin number on the credit card, they will have no choice but to use it as a credit option, which forces them to sign something.
With these security differences between credit and debit in mind, choose wisely how and where you want to use your debit card. Most banks now offer a debit card with a Visa or Mastercard logo for the consumer to use as a credit function. It also allows the paper to be used in more places, and as read above, allows for better memory retention. However, since databases are hacked all the time and we all have some financial information stored on some computer, pay attention to your signatures, because you never know when you could be next on the list of thieves.
