As online purchasing becomes more popular, many consumers ask if using a debit card online is safe.
It’s a reasonable inquiry, given online scams are on the rise.
This article will look at some of the advantages and disadvantages of using a debit card online, as well as some basic suggestions to help you protect your financial information.
Is Using a Debit Card Online Safe?
Financial experts prefer credit cards for online purchasing since they are easier to dispute and reduce the risk of fraud. With debit cards, you always run the danger of having your whole bank account emptied in a fraudulent transaction.
How to Use a Debit Card on the Internet
1. Review your bank statements regularly
Because time is of the essence for your bank to provide full fraud protection, make it a practice to examine your bank account online at least once a week, if not every day.
2. Safeguard your PIN number
Don’t tell anyone your identification number (PIN), and don’t keep it written down anywhere in your handbag or wallet. At the gas pump, do not enter your PIN. To prevent being seen, use your card in the credit buy feature. Depending on your bank, using your debit card in credit card mode may provide you with additional liability protection.
3. Make use of secure connections
Mobile devices and free Wi-Fi make it simple to complete tasks. However, you never know how safe a public hotspot is. If you need to access financial accounts or enter card numbers, do so while you’re at home or work and your traffic is safe.
The Advantages of Using a Debit Card
Debit cards are useful tools for controlling your spending and managing your finances. They don’t have the annual charge that some credit cards have and don’t allow you to accumulate debt because you aren’t given a credit limit much larger than the amount of money in your checking account. However, there are additional advantages to using credit cards.
The Advantages of Using a Credit Card
Shopping online exposes you to several hazards, most notably the chance of your personal information being stolen. The main issue with utilizing your debit card for purchases is that the criminal now has access to your checking account funds if your information is taken.