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Credit Card vs. debit card: which is Safer On the Web?

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Credit Card Vs. Debit Card: Which is Safer on the Internet?
When you commit fraud with your credit card the credit card issuer’s cash is at risk. With debit card fraud, your money is taken.
By Kevin Cash

Nov 9, 2022

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If you usually make use of a debit card to pay for online purchases, you might be thinking about reconsidering. If your credit card details are stolen and purchases are made without your permission, you’ll quickly find out that credit and debit cards are treated quite differently.
The main difference is that with a credit card the issuer has to fight to get its money back. When you use a debit card you’ll have to fight to get your money back.
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How do you handle fraud
If your credit card information was stolen and fraudulent transactions were made ensure that you are protected. When it comes to credit card transactions, the most important legislation is known as that of the Fair Credit Billing Act, or FCBA. For debit card transactions, it is the Electronic Funds Transfer Act (EFTA) is in effect. Although these laws provide similar protections, understanding the differences is key to understanding why it’s safer to use one kind of credit card over another.
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Debit card fraud
As per the EFTA guidelines, the liability you could face for fraudulent transactions with debit cards is almost infinite. You have until 60 days in which to file a report of a stolen or stolen card in accordance with the EFTA. After that, you simply have to pay back the amount you were taken or siphoned off by linked account. The exact liability limits under the EFTA are:
The card that was stolen or lost is reported prior to unauthorized transactions: no responsibility.
Lost or stolen card filed within two days Limit of liability $50.
Card stolen or lost not reported within 60 days: $500 liability limit.
After 60 days: no protection.

It’s important to know that if your card is not physically lost or stolen, you have 60 days to report suspicious transactions with zero responsibility. If only your card number is stolen, the 60 days start from the date of the statement in which the fraudulent transaction appears.
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Fraud committed with credit cards
Under the FCBA, your maximum liability for fraudulent transactions on credit cards is $50. If you notify your card stolen or lost before fraudulent transactions take place the liability is not a penny. Credit cards typically offer no responsibility for any fraudulent transactions.
“I’ve experienced having my credit card information stolen and used for fraud a number of instances,” says Tucker Spillane, a 24-year-old credit analyst who hails from New York. “Fortunately my credit card issuer almost always notices it right away … generally because the activity is considered abnormal from my typical spending practices. In addition, they offer insurance against fraud. I’ve never been required to pay a cent.”
The main distinction between a debit card and credit card when it comes to fraud is how you get your money back. When a fraudulent transaction takes place on your credit card, you will not lose any amount. You can report the fraudulent transaction, get a credit on your statement, and it will never impact the bank accounts of your.
If you have a debit card, your bank account balance is affected as soon as the fraudulent transaction takes place. If the transactions are substantial and significant, you may experience a domino effect of financial problems. Fraudulent charges can tie up funds, causing legitimate charges are declined or trigger overdrafts.
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If you don’t have a credit or debit card…
While credit cards are the best bet for spending online but it is possible that you don’t own one. In this situation, there are still ways to protect yourself from fraud.
A low balance in the account that is linked to the debit card that you use to pay for online purchases can reduce the amount of withdrawals that are fraudulent in the event that they happen. While this won’t stop anyone from accessing your account, but it could minimize the damage that is done.
You might also wish to turn off any type of (should you have it) your account you use to purchase. Many banks offer this option (usually on a checking account), which automatically withdraws from an account for savings should the checking account be overdrawn. In the case of fraud, this essentially means the perpetrator has access to two accounts instead of one. If you do have overdraft protection in place, be sure to consult your bank on what and when it’s applicable.
Another option to reduce your risk is using a pre-paid debit card. If someone gains access to the account, they’ll be able to access only to the amount you’ve loaded onto your card.
The final line
From a legal standpoint In general, credit cards offer greater protection against fraud. However, there are ways to replicate some of these protections with the use of a debit card or prepaid card. Making the right choice for you will help protect your cash, whether you’re shopping online or swiping in store.

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