Why your debit card is the least secure way to pay for goods December 24, 2019 https://in.finance.yahoo.com/news/debit-card-secure-safety-181632813.html
My debit card doesn't have a chip, sadly. So I keep the bare minimum in its account in the event there is some real "swiping" going on. A while back, my credit card was stolen out of a locked drawer. Since then, I've adapted very well to life without one. I guess I'm one of the very, very few who doesn't want a CC. Only if/when required, then it's simple to get one. Cash is still king (though folks simply hate handling physical money and wear rubber gloves when doing cashier work. Since I live in a crummy area, I can understand, I've been the recipient of some real funny money myself ).
Yes exactly, what are these guys talking about? What if your smartphone gets stolen? And I don't even have to insert my cart, since it's wireless.
What if credit/debit card with magstrip gets stolen? I heard that in USA they don't use contactless cards.
Unfortunately, chip technology has not noticeably reduced credit card fraud activities: https://fortune.com/2018/11/05/credit-card-chips-fail-to-halt-fraud-survey-says/
I may be wrong, but page is about mobile devices, not contactless debit cards. In Europe there are physical contactless cards, that can be used without smartphone.
One of the most frequently horror stories I read about is where the bank account linked to the debit card has been drained of all available funds. The theft involves use of the pin number associated with the card being used by thieves at ATMs to make withdrawals until all funds are depleted. The associated bank's usual reply to the fraud is you must have allowed someone to use your card with you giving them your pin number. It goes downhill from there. Never ever swipe a debit card for payment at an insecure card reader location. The most infamous locations be card readers at gas station pumps since these are the most targeted for card skimmer devices. However it only takes seconds to attach one of these skimmers with most being hardly detectable when installed. So in reality, no magnetic stripe card reader is truly secure.
This is it. It's popular since 2013 I think. Actually Banks forced it to clients. Some clients didn't want card with RFID, but several banks just didn't offered any card without RFID.
With my bank, you need to enter a PIN for purchases over $100. I never use contactless payment, so I disabled the option in my banking app.
In Slovenia we have to enter pin for all purchases over 25 EUR or when successive contactless payments sum is over 120 EUR (AFAIK this second limit is set by each bank). Also most of them offer SMS notification each time your debit card is used.
I view PIN use as a double edged sword. Whereas use of one is mandatory in most instances for a debit card when used via a card reader, use of a PIN is optional for most credit cards. This is one option I never opted into for the reason I posted previously. Banks will revert to burden of misuse on the cardholder when multiple fraudulent PIN based transactions occur.
Then it gets replaced probably free of charge, costs a lot less than a smartphone. But from a security point of view it's the same thing, because those crooks still need to know your PIN in order to make transactions. However, I don't trust mobile phones, I only bank online on desktops and laptops from home. I have zero interest in stuff like Apple Pay, my debitcard works just fine.
As a rule, credit is safer than debit because your liability exposure with credit is less than with debit. Add to this that your debit card is linked in most cases to your demand deposit account (DDA) i.e. checking account.
