Why your debit card is the least secure way to pay for goods

Discussion in 'other security issues & news' started by mood, Dec 26, 2019.

  1. mood

    mood Updates Team

    Joined:
    Oct 27, 2012
    Posts:
    24,072
    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
     
  2. roger_m

    roger_m Registered Member

    Joined:
    Jan 25, 2009
    Posts:
    7,463
    My debit card has a chip. I insert the card to make payments and never swipe it.
     
  3. plat1098

    plat1098 Registered Member

    Joined:
    Dec 19, 2018
    Posts:
    303
    Location:
    Brooklyn, NY
    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 :gack: ).
     
  4. Rasheed187

    Rasheed187 Registered Member

    Joined:
    Jul 10, 2004
    Posts:
    12,397
    Location:
    The Netherlands
    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.
     
  5. reasonablePrivacy

    reasonablePrivacy Registered Member

    Joined:
    Oct 7, 2017
    Posts:
    1,034
    Location:
    Member state of European Union
    What if credit/debit card with magstrip gets stolen?

    I heard that in USA they don't use contactless cards.
     
  6. itman

    itman Registered Member

    Joined:
    Jun 22, 2010
    Posts:
    7,859
    Location:
    U.S.A.
  7. itman

    itman Registered Member

    Joined:
    Jun 22, 2010
    Posts:
    7,859
    Location:
    U.S.A.
  8. reasonablePrivacy

    reasonablePrivacy Registered Member

    Joined:
    Oct 7, 2017
    Posts:
    1,034
    Location:
    Member state of European Union
  9. itman

    itman Registered Member

    Joined:
    Jun 22, 2010
    Posts:
    7,859
    Location:
    U.S.A.
  10. itman

    itman Registered Member

    Joined:
    Jun 22, 2010
    Posts:
    7,859
    Location:
    U.S.A.
    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.
     
    Last edited: Dec 27, 2019
  11. reasonablePrivacy

    reasonablePrivacy Registered Member

    Joined:
    Oct 7, 2017
    Posts:
    1,034
    Location:
    Member state of European Union
  12. roger_m

    roger_m Registered Member

    Joined:
    Jan 25, 2009
    Posts:
    7,463
    I have disabled contactless payment for my card.
     
  13. stapp

    stapp Global Moderator

    Joined:
    Jan 12, 2006
    Posts:
    13,174
    Location:
    UK
    In UK contactless debit cards have a limit you can use them for of £30 ($39)
     
  14. roger_m

    roger_m Registered Member

    Joined:
    Jan 25, 2009
    Posts:
    7,463
    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.
     
  15. Minimalist

    Minimalist Registered Member

    Joined:
    Jan 6, 2014
    Posts:
    12,733
    Location:
    Slovenia, EU
    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.
     
  16. itman

    itman Registered Member

    Joined:
    Jun 22, 2010
    Posts:
    7,859
    Location:
    U.S.A.
    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.
     
  17. Infected

    Infected Registered Member

    Joined:
    Feb 9, 2015
    Posts:
    982
    I can use my debit as credit also. Is credit safer than debit?
     
  18. Rasheed187

    Rasheed187 Registered Member

    Joined:
    Jul 10, 2004
    Posts:
    12,397
    Location:
    The Netherlands
    Then it gets replaced probably free of charge, costs a lot less than a smartphone. :D

    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.
     
  19. itman

    itman Registered Member

    Joined:
    Jun 22, 2010
    Posts:
    7,859
    Location:
    U.S.A.
    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.
     
Loading...
  1. This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
    By continuing to use this site, you are consenting to our use of cookies.