Credit Or Debit Card Scams: Which Can Be More Dangerous For You?
Posted: May 14, 2017
Good things never arrive alone, and in the same way the cashless status that you enjoy with a credit or Debit Card have its own risks. If you are still not taking such scams seriously, then it is high time to understand the risk associated with this type of payment modes. The biggest risk is of compromising your personal details, which can ultimately lead to loss of thousands of dollars.
This is a very common issue with a Credit Card, where a crook can obtain information such as expiry dates, card number, or three number pin printed on the backside, and can also make a clone. Losing your card physically is an even bigger danger, as the thief can use it to drain all your money without much effort.
Obtaining the expiry date and the number enables a fraudster to use your money for shopping online, and they can also prepare a fake Credit Card by meddling with payment terminals and obtaining your confidential information. If you think that a Credit Card makes it easy to shop online, then, on the flip side the same technology makes it easy for scammers to obtain information. Nowadays, cyber attacks targeting personal details are also on the rise.
Cyber thieves now sell credit as well as Debit Card numbers, which they have procured from different sources including restaurants, retailers, businesses, and even banks. The places where you use your debit or Credit Card like restaurants or shops are also on the target of cheats, who try to hack into the systems used in such places and draw out personal details of consumers.
Small businesses are also on the radar of swindlers due to the inadequate security practices they put to use in making their transactions. Now, if you think that a Debit Card saves you from the above mentioned frauds, then be alert, as scams related to this mode of payment are also on the rise. In fact, a Debit Card scam can be more dangerous and heavy on your pocket as compared to a Credit Card con. In case of the latter type, holders generally get refund of unauthorized transactions, but this is not possible with all types of payment methods.
Even if the amount is refunded, Debit Card holders do not have an access to the money that is lost, until the amount is completely refunded back to the account. Issuing companies and banks usually now make use of high tech security systems and techniques for preventing Credit Card frauds, but this is not the same for the other kind. This ultimately means that you have to be more careful while using the latter type to avoid the high risks related to it.
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