Do you give any thought to protecting your hard earned money when making purchases by cash, check, debit, or credit cards? Do you know what your security risks are when using different methods of payment?
Recently, I read an article from the Better Business Bureau which gave advice and warnings regarding your method of payment as you go about your everyday living. Choosing the right option at the right time can help protect you from unauthorized charges, card skimming scams and business bankruptcies.
The BBB recommends using a credit card instead of a debit card for online shopping, gas, dining and drinking, or anywhere your card or number is either stored in computer systems or out of your sight. Card skimmers that can be slipped over an actual card reader at a gas pump can easily capture your debit or credit card number as well as your pin and clean out your bank account easily. Most credit card issuers now have zero liability for their customers but debit cards have very limited liability and most likely you have to cover most of your lost funds.
They also caution consumers against using cash and checks when using service businesses because there is little protection if they go out of business or are scamming.
Regardless of your payment methods be sure you are aware of the potential security risks. For more information and to check out businesses, go to www.bbb.org. Knowledge is power and can protect your investments.