Source: National Cyber Security – Produced By Gregory Evans
One difference between a credit card and a debit card is that if there’s an unauthorized charge on your credit card, you just get a little sting. It’s a hassle to straighten out. But no money is taken from you. But if someone gets ahold of your debit card information, the second they use it, depending on the nature of the transaction, your bank account will be drained. And in some cases, you can kiss that money goodbye; you got scorched. More than ever, crooks are using others’ debit card data and sucking dry their bank accounts via ATMs—in an instant. An article on blogs.wsj.com outlines the differences between a credit card and a debit card: Federal law protects you from unauthorized charges made with your credit card number rather than with the actual card. In the event the credit card is in a thief’s hands, you’ll be liable, but only for a maximum of $50, provided you report the problem to the credit card company. However, in many cases a “zero liability” policy may kick in. Debit cards fall under a different federal law than credit cards. Regulation E, the Electronic Fund Transfer Act, says after two days, you […]
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