Credit vs. debit — is there a time to use one over the other when it comes to protecting your money from thieves?
The greatest difference between credit and debit is whose money can get stolen.
You’re protected by federal law for both types, but identity theft expert Carrie Kerskie recommends using a credit card.
With a credit card, it’s not your money that’s initially compromised, it’s the company’s.
Suspected fraudulent activity should be reported immediately. Call the credit card company within 60 days of the transaction. For debit cards, call your bank within 30 to 60 days.
“Follow up in writing. Especially if it’s a significant dollar amount,” Kerskie said. “The law mandates that the credit card only has to do something if they receive written notification.”
Another tip is to regularly monitor bank accounts and credit card activity.