Naomi from the Simpler Living blog took an interest in my post on debit cards and identity theft the other day and forwarded me this link from USA Today. It’s an article from Sandra Block that details not only the differences in fraud protection between debit and credit cards, but also how to protect yourself. Here’s how we’re protected by federal law:
- Truth in Lending Act: If you have a credit card and someone makes an authorized purchase, you are only liable for $50.
- Electronic Fund Transfer Act: You only have to pay $50 if you notice the unauthorized activity within two days and notify your financial institution. Notify them within 60 days, and you’re liable for $500. After that, you could lose it all.
I’ve always wondered about debit cards that allow you to sign for purchases or choose “Credit” on the keypad at the grocery store. According to the article, those cards, known as “signature cards,” provided by Master Card or Visa, have zero-liability policies to protect consumers from unauthorized purchases. Here’s some info from Visa’s and Mastercard’s Web sites.
If you use a debit card, here are some tips:
- Make sure no one has access to your pin. Don’t keep it in your purse or wallet or anywhere near your card.
- Don’t respond to e-mails requesting your pin or account info. A real bank would not ask for this through e-mail.
- Watch out for “card skimmers”: Keep an eye out for someone lurking behind you while at the ATM (or entering your PIN at the grocery store), and don’t use a suspicious ATM.
- Monitor your accounts online regularly. The sooner you catch unusual activity, the sooner you can report it.
Read more from USA Today.
Yes, I’m going to bring the whole “We’re moving” thing up again. It’s forcing me to look at all of the stuff we’ve accumulated over the past ten years and make some tough decisions. I hate being wasteful, so every time I think about pitching something I wonder if it’s something that might be useful to someone else. Today, I ran across an interesting post on Wise Bread about swap sites. They list five of their favorite swap sites and provide some tips for optimal swapping. You can swap anything from makeup and baby products to DVDs. Read more.
