User uShare Login | Register
Login
Register

Along with posting photos, videos, and stories, your uShare account lets you post Classified Ads, recipes on What's For Dinner, and Announcements.


53° View Weather Current Conditions Sioux Falls Change Location
Set Weather Options

RADAR LOCATION

TEMPERATURE LOCATION

Share your Photos, Videos, and Stories on uShare! Click here to get started.

News

[0] My Saved Articles
Back to all news

Business

Find local businesses
on the KELO Pages!

 

Which Is Safer, Debit Or Credit?

January 1, 2014, 10:00 PM by Angela Kennecke

Which Is Safer, Debit Or Credit?
SIOUX FALLS, SD -

You know by now if you shopped at Target between Thanksgiving and December 15, you may have had your credit or debit card information stolen, including your PIN. Those numbers immediately went up for sale on black market website.

Which is safer for you to use when something like this can happen, your credit or debit card? 

The good news is, thanks to a couple of federal laws, your bank account won't be drained because your liability is capped for both credit and debit card fraud. Still many people are more worried about using a debit card tied to their bank account. But do you really need to be? The answer, as many are learning with the Target data breach is: yes. 

While your liability is capped at $50 on a credit card; all major credit cards have zero liability policies and that means you won't even have to pay that. 

Debit card liability on the other hand is capped at $50 unless you don't report the fraud within two days, and then your liability jumps to $500.

If you never report the fraud you can lose all of the money in your checking account. And if you're missing money from your account due to fraud, your other transactions may not clear and you could be paying overdraft charges or late fees on other bills that are past due.

It's wise to be vigilant about checking your bank account for fraud on a regular basis. The whole debacle may speed up the transition form the old magnetic stripe to a computer chip which is now used in Europe. The magnetic stripe stores account data using the same technology as cassette tapes, making it easy for thieves to copy.

Banks ultimately pay the price for fraud on their customers' debit cards and that has some bankers calling on lawmakers to shift the risk of a security breach onto the retailers whose systems are compromised.

Follow Angela on Facebook.

Previous Story

Next Story


Comments







 
Find Local Businesses on KELO Pages!

View business

You may also like

Millions Of Android Phones At Risk For Heartbleed

4/15/2014 4:10 PM

If you've got an Android phone, your device could be susceptible to the Heartbleed security problem.

Full Story
Shrimp Prices Soar

4/16/2014 11:00 AM

The next time you order shrimp scampi of the menu, you may be in for sticker shock. 

Full Story
Headliners For JazzFest Announced

4/17/2014 10:54 AM

Plans are in place for JazzFest 2014 in Sioux Falls.

Full Story
Key Unlocks Gas Pumps For ID Thieves

4/14/2014 10:10 PM

Drivers who've fueled up in Rapid City are being warned that their debit and credit card numbers may have been stolen after "numerous" s...

Full Story | Watch
Eric Church Concert Near-Sellout Within Minutes

4/18/2014 5:55 PM

The first ticket sale to an event at the new Denny Sanford PREMIER Center proved to be a boon at the box office Friday

Full Story | Watch


Events

 
 
KELOLAND TV: 501 S. Phillips Avenue, Sioux Falls, SD 57104
Phone: 605.336.1100 · Breaking News call: 1-800-888-5356
Web Site Design and Custom Programming By: Lawrence & Schiller© 2014 KELO-TV -- KELOLAND.COM -- ALL RIGHTS RESERVED