PSA! Check your bank transactions for this week!!! Fraud Warning

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Forums › Finance and wealth management › PSA! Check your bank transactions for this week!!! Fraud Warning

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Rikkitic

Awrrr
17239 posts

Uber Geek

Lifetime subscriber

#2421384 15-Feb-2020 12:20

I use a debit card by choice and make sure to keep minimum funds on it as a security device. It works for me because I don't make a lot of payments. I anticipate my needs and ensure there is sufficient balance. If the card ever gets hacked, I can never lose more than a few hundred dollars at most, and usually not even that. If I needed more than this, I would have both a credit card and a debit card, and only use the credit card where I felt reasonably confident about the company, though these days that is no guarantee of anything.

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NPCtom

418 posts

Ultimate Geek

#2421416 15-Feb-2020 14:26

freitasm:

The difference between a credit card and a debit card is that with credit card the companies will refund you for fraudulent transactions... With debit, banks will "try" but you never know if you will ever see the money back.

One is insurance, the other is... well you get it.

I thought under VISA's Zero Liability programme covers all transactions processed through the VISA network including debit & credit cards?

boosacnoodle

651 posts

Ultimate Geek

#2421504 15-Feb-2020 19:40

Rikkitic:

I use a debit card by choice and make sure to keep minimum funds on it as a security device. It works for me because I don't make a lot of payments. I anticipate my needs and ensure there is sufficient balance. If the card ever gets hacked, I can never lose more than a few hundred dollars at most, and usually not even that. If I needed more than this, I would have both a credit card and a debit card, and only use the credit card where I felt reasonably confident about the company, though these days that is no guarantee of anything.

Wrong. Debit cards can go into overdraft, even if you haven't asked for one (unless you specifically opt-out by calling them).

Rikkitic

Awrrr
17239 posts

Uber Geek

Lifetime subscriber

#2421509 15-Feb-2020 20:05

If so, don't banks have any obligation to tell you this? Anyway, it's news to me. I will check it. Thanks.

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ANglEAUT

1942 posts

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Trusted

Lifetime subscriber

#2421608 15-Feb-2020 23:21

lNomNoml: ... So going forward using a credit card instead of a debit card is best? ...

As with all other things in life, it depends . . .

CC > DC

Use other peoples money when purchasing online
Have strong protection mechanisms in place to claw back money in case of fraud
"Earn rewards on CC purchases" - This is in quotation marks because the banks & retailers are still scoring more than you

DC > CC

Only spend your own money that you already have
Don't get sucked into a debt black hole
Don't get the online version to prevent purchases on the internet. Saves you spending money 👍 & avoids a whole bunch of breaches 👌
No 2.x% surcharge for your purchases

Take your pick.

Please keep this GZ community vibrant by contributing in a constructive & respectful manner.

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