Why You Should Never Use Your Debit Card
Scammers are everywhere, and debit cards leave your business exposed. . . .
Skimmers are a popular way for thieves to steal card numbers from gas pumps, ATMs and other machines that accept credit and debit cards. The skimmer is slipped into the card reader slot and once connected, it can not only steal the card number but also PINs and zip codes as they're entered. They're pretty tough to detect, and once a number and PIN is stolen it can be used to create counterfeit cards, make purchases over the phone and carry out other forms of identity theft, like setting up other accounts or loans in your name. . . .
The reason why Abagnale and most IT experts I know avoid debit cards deals with cash flow. If a fraudster can compromise a debit card, that person can access your cash. He or she can drain you and your company's bank account. And then you're stuck chasing. If a criminal makes unauthorized use of your credit card, your cash is still in your account.
In either case, according to the Federal Trade Commission, your liability would be no more than $500 — and more than likely considerably less — depending on when you report the theft. . . .
Read the full article from Entrepreneur magazine here: https://apple.news/Am9EeoNQVTteiFykHKUvs9g
LAWYERLY FINE PRINT:
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