MONEY MATTERS

Credit card fraud is on the rise, but recently cases involving debit cards too are surfacing. You have to be really careful and never disclose your bank account or card information to anybody, even if they claim to be from your bank. But those who are tight-lipped can also be victims, because there are worse tricks the fraudsters use the world over. When you are in a restaurant and you pay your bill with your debit card there is a chance for someone to swipe your card in a skimmer, a portable hand – held electronic device, which allows the thief to copy your bank account information and security codes, and clone your card.
Many people wrongly assume that debit cards are much safer than credit cards. It can actually be worse, because when a debit card is stolen, or cloned, and then misused, there is no grace period while you contest the charges. Your cash has already been electronically zapped from your bank account. And if your bank gives you overdraft facilities, things could be much worse. Financial experts often recommend debit cards as a money– management tool, because you cannot spend more money than you have in your account. But it is because debit cards can also be used for shopping that you have to be more careful.

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