alt Hacker NewsJust by their nature, that is inherently untrue.
If your CC is stolen, you are not out all the cash in your account until the dispute is resolved.
If your debit card is stolen, you lose that cash, making it more difficult to pay whatever other obligations you have that period.
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carlosjobim • yesterday at 5:41 PM
If your debit card is stolen, your bank has to return all money that was used or withdrawn to you. Since it is unauthorized use of your funds. Same for credit cards of course. Such money is returned swiftly.
But the more concerning fraud is when you purchase something and don't receive what you should have received from the merchant. Whether it is due to outright fraud or not. In these cases you will also have your money reimbursed by your credit or debit card.
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In Europe your liability for Card Misuse is capped at 50€ for things that happened before you blocked it.
Also how would someone misuse it? You need a PIN Code for every transaction anyway, and the EMV Chip can't be cloned like Magstripes.
Online Payments need a mandatory 2 Factor Authentication