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Which card type carries less risk for the consumer when compromised?

Posted by scarborofun scarborofun
Message 1 of 5 396 Views

Hello, I am thinking that a compromised credit card  will only affect my CC account which has limited funds and is covered by a bank protection, unless I was proven to be negligent.

 

I understand that a debit card is linked to my savings account, in which case the funds at risk are whatever is on the account. So there is possibly more money to be lost in case of a compromised card or unauthorised direct debit.

 

There may also be less protection with a debit card if stolen money can't be recovered and it may be harder to challenge an unauthorised transaction or a payment for faulty or never delivered goods.

 

There could be issues I haven't thought about yet.

 

What is the general perception on which type of card carries less risk for the consumer with web purchases or direct debit?

 

Thanks

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Re: Which card type carries less risk for the consumer when compromised?

Posted by 69996480 69996480
Message 2 of 5 386 Views

Woman SadMan Mad

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Re: Which card type carries less risk for the consumer when compromised?

Posted by MegB MegB
Message 3 of 5 384 Views

Hi @scarborofun our credit and debit cards all fall under the Mastercard/Visa Scheme Rules and Regulations when it comes to disputing transcations, and have the same protections/dispute procedure. 

 

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Re: Which card type carries less risk for the consumer when compromised?

Posted by scarborofun scarborofun
Message 4 of 5 379 Views

Thanks MegB. And I hope this is not a silly assumption: I would be up to the customer to keep the available funds on the linked savings account and the daily withdrawal limits reasonable? If there are guidelines please let me know.

Thanks

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Re: Which card type carries less risk for the consumer when compromised?

Posted by MegB MegB
Message 5 of 5 376 Views

If there are insufficient funds in the account linked to the Debit Mastercard, the transaction will decline. It is up to the owner of the account to ensure there are sufficient funds available. This can be done through online banking or our app. 

 

The daily ATM withdrawal limit is $1000 and the daily EFTPOS transaction limit (when selecting cheque or savings) is $1000.

For any transactions that use the credit option of the Debit Mastercard (PayPass/direct debits/online transactions) the daily limit is the available balance of the account. 

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