Security and debit card

Since recently I strongly oppose to taking credit or possess a credit cars as my reluctancy toward debt. However, as explained by +Lisa Vaas  in an article, you can loose money more painfully with a debit card.

Here is why:

Unlike with credit card, a payment initiated by data from debit card (name, cars nr, expiration date, cvv)  is directly debited from a current account, to which a debit card is issued. By paying with credit card there is a credit card company acting  allegedly as a buffer.

So to prevent loss of money from my current account, I simply move most of my funds to saving account - which is offered at no additional cost to most current accounts. As I am notified via sms about each and every credit transaction, initiating transfer with ibanking app on my handy is matter of seconds. Prerequisitive here is a safe internet connection. Both my accounts to which I had debit card issued, offer mobile app feature to view who, when and how much charged my current account. This will be shown immediatelly, giving me thus a chance & time to react.

Another way how to minimise risk of having your debit card compromised is to pay cash. I know, it is old fashioned, impractical and less safe in case I got mugged - but guess what: at least another  ( financial) institution cannot track my financial habits (enough of FB &Co cashing out on my online interactions). Also I withdraw only so much as I expect to need. Moreover, in rural areas where I happen to be frequently, merchants apply minimum charge for payment with credit/ debit card or do not accept them at all.

I disclose my financial habits here in order to share my personal  experience. Hopefully, may it contribute to prevent a shocking revelation of having your account wiped empty.

PS: One might be amazed how much personal info we are comfortable to disclose in social networks. For clarification have a look at how  Dave, a clairvoyant, may reveal secrets of your life.