Which is Safer: Debit or Credit Cards?
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NORTH JACKSON, Tenn. — Are credit or debit card users in better shape if they were a victim in the Target hacking or any other case of identity theft? Some local shoppers say having a debit card compromised is more scary to them than a credit card breach. But a local banker says there isn’t much difference. Gary Grisham, Chairman and CEO of the Bank of Jackson says both forms of plastic are vulnerable. Grisham said bank workers spent most of Friday calling customers to let them know their cards could be at risk from the Target breach. “It strikes home when you get that phone call. They were interested in what the next step should be,” Grisham said. According to a federal law, you are only liable for $50 in fraudulent credit card charges. For a debit card, it could be $500 or more. Credit card companies often return the money to customer as soon as fake charges are reported. A bank can take up to two weeks to investigate. Banks say you are most likely to have your debit information stolen at ATMs or gas stations and to be sure to cover your hand when putting in your pin number. Grisham says the Bank of Jackson is allowing customers to change their card numbers out of caution. But he says the best advice, no matter if you’re using credit or debit, is to be watchful. The Bank of Jackson says so far they’ve had no actual reports of fraudulent charges as a result of the Target credit card breach.
