Payroll Builder Timeclock- Online Payroll Service Articles: debit card fraud

Monday, January 7, 2013

4 risky places to swipe your debit card

Would you give a thief direct access to your checking account?

With our technology, it's just about that easy for them to get your info!

No? Unfortunately, you may be doing just that by regularly using your debit card. Debit cards may look identical to credit cards, but there's one key difference. With credit cards, users who spot fraudulent charges on their bill can simply decline the charges and not pay the bill. On the other hand, debit cards draw money directly from your checking account, rather than from an intermediary such as a credit card company.

Because of that, even clear-cut cases of fraud where victims are protected from liability by consumer protection laws can cause significant hardship, says Frank Abagnale, a secure-document consultant in Washington, D.C.

He cites the example of the The TJX Companies Inc.'s T.J. Maxx data breach that exposed the payment information of thousands of customers in 2007. The incident resulted in $150 million in fraud losses, and much of it was pulled directly from customers' bank accounts. While credit card users got their accounts straightened out and new cards in the mail within a few days, the case created major problems for debit card holders who waited an average of two to three months to get reimbursed, Abagnale says.

While debit card fraud is always a possibility, being careful where you use it can help keep your checking account balance out of the hands of criminals.

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How to handle debit and credit card fraud

Whether through online phishing attacks or security breaches at major institutions, being a victim of plastic card fraud is increasingly common. Here's how to report suspicious activities if it ever happens to you.

Mobile banking may make it easy for you to complete purchases online and in store, but modern technology can also make you more susceptible to frauds and scams. Even when you think you’re being careful, the smallest decisions can put you and your money in danger. If you believe you have been a victim of fraud, here’s our tips on how to go about reporting suspicious activities, and what you can do to prevent it from happening.

Debit or Credit?

It’s important to determine whether it’s your debit or credit account that has been compromised. With credit card transactions, it’s much easier to dispute a charge because companies can check with the merchant to see how and when the charges were made. If the credit was not yet processed, you may still have a chance of retrieving the money.

Debit cards, however, are a whole other story. Since it works much like cash, once a transaction has bee completed, it’s considered paid for unless you argue with a merchant on a refund. Imagine trying to refund cash in a store without a receipt or telling the cashier someone stole your money and bought something here with it. The chances of getting that money back are quite slim.

Thankfully, most banks have a zero liability program for debit cards if you report fraudulent activity sooner than later. By reporting it within two days of the transaction, you may be liable for up to $50 for the charges. If reported before 60 days, the charge bumps up to $500. It’s an annoying price to pay, but if you’ve been scammed out of more than thousands of dollars, it’s still worth it to get anything back at all.