Do you know the Debit Card Is The Least Secure Way To Pay?

Do you know the Debit Card Is The Least Secure Way To Pay

According to the Federal Reserves’ 2019 Federal Reserve Payments Study, the total card payments in 2018 had 131.2 billion transactions and it involves $7.08 trillion.

Even though card payment brings us a lot of conveniences, the simple swipe can also bring us a world of hurt. We may unknowingly offer criminals to access the entire bank account by using the debit card frequently. Why not credit cards? Because debit cards directly withdraw money from your checking or savings account. Although the banks are willing to reinstate the unauthorized cash withdrawn, waiting for a couple of days is unavoidable. Using electronic payment services like Apple Pay, Google Pay, Samsung Pay is the best way to stay safe.

The magnetic stripes on the back of the credit and debit cards are least secure, and it may be able to leave you at the risk of fraud. The reason why the magnetic strips are least secure is that the credit card information stored in the magstripe is static and unencrypted. That’s also the reason why swiping cards are fast and convenient. Lack of encryption makes cards easy for point-of-sale terminals to read and get payments done quickly. By swiping the bank cards, the card readers can get a lot of information such as cardholder’s name, card number, expiration date.
Once a card skimmer is installed in a point-of-sale terminal, criminals can extract these three parts of sensitive information and easily make some unauthorized purchases that ZIP code or CVV number is not required.

To make a conclusion, using credit and debit cards with chip and PIN number are more secure than using the standard cards.
However, it does not guarantee the same issues can be avoided as their less secure stablemates. Using cards with chip and PIN cards still have the same magstripes on them that are so easy to obtain the data from.

 Contact Immediately if you become victim of identity theft.