Over half of Americans prefer using their debit cards over any other form of payment, and this number continues to grow. However, in this age of security breaches, consumers are wondering if using debit cards is safe. We have four facts on how/why debit cards are a safe choice.
- Decrease in Debit Card Fraud
Believe it or not, the number of debit card fraud cases is falling. You can thank that little EMV chip in your debit card for that. The EMV chip makes it harder for scammers to clone debit cards. So much so, that retailers that use EMV-enabled checkout systems found that fraud dropped by 76% in just three years.Keep in mind that fraudsters are working around the EMV chip issue by installing skimmers at ATMS and other terminals. So, protect yourself and be aware of the devices you’re inserting your cards into.
- Debit Network Protection
When you use a Visa or Mastercard debit card, you’re protected. Network-backed dispute and liability practices protect you when you use your debit card. They have well-defined rules and regulations that are put into place if fraud is confirmed. Feel secure knowing that if there are suspicious debit transactions, they will be resolved.
- The Big Picture
Luckily for debit cardholders, credit union card issuers have a lot of leeway when it comes to helping out their members with fraud – especially if having a debit card is just one of several accounts or products the member has with them. A good example is if your credit union checking account is hit by fraud and drained, leaving you unable to pay your credit union auto loan. Chances are a credit union will waive any fees until the fraud is resolved or you’re able to pay. Credit unions like WWFCU will look at the big picture of your membership, not just at the fraud issue.
- Debit Card Evolution
Like a lot of financial products available out there, debit cards continue to evolve. The underlying catalyst for this evolution is based on the three main expectations consumers have of their debit cards: convenience, acceptance and security. Contactless debit cards are an example of this evolution. This not only makes transactions easier, but safer as well. That’s because it avoids the potential skimming devices that can be a byproduct of inserting your cards into POS readers.Another example of debit card evolution are apps like CardNav that let you control when, where and how your cards are being used. This helps members team up with their credit union to fight fraud.
Whichever way you look at it, debit cards continue to be one of the safest forms of payment available. Learn more about WWFCU’s debit card here. We also offer CardNav for free to our cardholding members. If you have any questions, stop by our credit union or call a Member Service Representative at (734) 721-5700.
Courtesy: CO-OP Financial Services