Debit Card Fraud More Damaging than Credit Card Fraud
August 6, 2008
While I was on vacation this week, some thief was busy emptying out my checking account.
I have always loved the convenience of debit cards, but this recent experience has me re-thinking the cost of that convenience.
First, your liability if you are a victim of debit card fraud is greater than if someone steals your credit card or uses your credit card to make unauthorized purchases.
With credit cards, your liability for unauthorized transactions is limited to $50. However, most major credit card issuers have a zero liability policy, so you typically aren’t liable for anything if you are a victim of credit card fraud.