Debit Card Security

One might think that debit and credit cards are equally safe. This is not true, but the common belief lives on because banks fail to inform their clients, mainly because they make a lot of money from credit card use. Although banks do not talk about it, the use of debit card involves more risks than the use of credit cards due to several reasons.
People who use debit cards usually use them to withdraw cash from a cash machine, or to pay for different services, including buying goods from a store or from the internet. Not all these transactions are secure, so the first use of debit card users should never forget is that they should only use their card with merchants they trust. This is the first and most important rule, because in case of debit cards the bank cannot protect the owner from fraud. If a person’s debit card was stolen, the thief can withdraw money from the person’s account until the account remains empty. In this case the bank will not refund all the stolen money, like in the case of credit cards, but there is a voluntarily limited debt card liability of $50. This means that the person might get back only $50 if he does not announces the bank within 48 hours from the theft.
Debit cards are also less secure because they can be used in two ways: with the PIN code or with a signature. The usage depends on the situation: when a person wants to withdraw funds from an ATM machine, he must use the PIN code, but when he is paying for goods at a merchant, he can choose between the two options. Whenever a person uses his debit card at a merchant, he should say that it is a credit card. Then, he will not have to enter his PIN code, his signature will be enough. Using this method the bank will not charge the person for the transaction, but it will charge the merchant. Also, it there is proof that the person was in the shop, since the shop assistant has his signature on the receipt. Whenever it is possible, the owner should sign the receipt, because this is the only way the bank is able to trace in case of fraud that the debit card was used by its owner and not by another person.
There are other security issues concerned debit card usages. For instance, when a person wants to withdraw cash from an ATM machine, he should be very careful and pay attention to many things. He should never withdraw cash if he sees suspicious people around, and he should pay attention that nobody sees his PIN code. Also it is very important to take the receipts; this is to make sure no one will see how much money is available or how much the person had withdrawn from the account. Another security issue comes up when someone pays by debit card on the internet. One should never enter his card number in the required field unless he sees that the page is secure. This is shown either by a padlock on the right lower corner, or the address starts with ‘https’ instead of the common ‘http’. These are the signs which show that a certain website is secure, otherwise the person has not proof the he had for the product he wanted. The last, but still very important rule is to never give the card number through email or telephone, because it is not entirely safe, a third party might have access to it.
The last safety measure is to keep track of the transactions. This can be done by keeping all the receipts, or by retrieving account information online, in case it is possible. This is the easiest way to notice if someone else has access to the owner’s bank account. Another good method is to double check the monthly statements sent by the bank, and call if there are any suspect fees or charges.
All in all, credit cards are a lot safer than debit cards, because banks offer lots of extra features and advantages to credit card owners. Also, it is more rare to encounter credit card fraud, and even if it happens, banks offer assistance and the owner will surely get his money back. As a last conclusion, while debit cards bring serious money to banks, people should use them as credit cards and always sign the receipt; this will help them a lot in case of fraud.