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Debit, Credit, or PayPal…Which is Safest?
Net Admin • July 17, 2017
Back in December 2013 mammoth retailer Target was cyber attacked and over 70 million cards were compromised. This was an astounding breach and a reminder to be aware of any identity theft and bank account safety at all times. With that, we began to wonder–is another form of payment better than another?
Here are a few tips on the best ways to use payment conveniences and still protect your money:
Debit Cards: While they are convenient and can be used without additional fees (except for getting cash from certain ATM machines) debit cards are still not without risk. If a thief gets a hole of your data, your entire bank balance is placed in jeopardy. Even if you account is covered for fraud, you can still be short of cash during the bank investigation. It’s best to use your debit card only for getting cash, and only directly from your bank’s ATM machine. Most security pros advise not using debit cards for online purchases.
Credit Cards: If you pay your balance monthly and keep from borrowing more than your budget, credit cards are great for purchases both online and off. All credit cards cover fraudulent activity and since they aren’t connected to your bank account, you won’t be without cash should a thief get a hold of your card data.
PayPal: Popularly used for online purchases, PayPal offers a way to access your debit card or bank account without the risk of getting cleaned out due to fraud by creating a buffer between the web and your bank account. There are no fees or interest when using PayPal to purchase items, and the account can be connected to debit, credit or electronic funds transfer directly from your bank account.
Whichever method you choose….the very best way to protect yourself from fraud and identity theft is to check your account transactions carefully at least once a month (once a week is better). Notify your bank if you see anything suspicious.
Sources: PayPal, CNN
Brett is a native to Colorado, being born and raised in the Denver Metro Area. Growing up, he learned the value of financial responsibility and gravitated toward an industry that allows him to counsel and coach clients about financial goals as it relates to Real Estate. Brett joined the lending industry in 2003. Throughout his career he has helped many families achieve their goals and dreams of home ownership. From First Time Home Buyers to Real Estate Investors, Brett has the knowledge and experience to tailor loans to your unique and specific situation. Working with Brett and Prosper Mortgage Group, LLC, you can rest assured your loan is in great hands with professionals that deal with this daily. Customer service, honesty, and integrity have set him apart from his competition while keeping his focus on the Clients’ best interest, determining the best possible loan for each individual situation, & helping them achieve their goals and dreams of homeownership! Through these principals, Brett has built a very successful career basing much of his business on the referrals of past clients as well as the Real Estate Professionals that he works with. Brett relies on personal responsibility, accountability, and mental toughness in his daily life and is a huge advocate of the 75 Hard / Live Hard program as well as personal development. NMLS 253202 CO MLO 100015587 Prosper Mortgage Group, LLC NMLS 2490880 Equal Housing Lender Inside Westminster is proudly sponsored by: Prosper Mortgage Group—helping you Own Your Future. NMLS #2490880 | Equal Housing Lender I 303.668.5891 I www.prospermortgagegroup.com Westminster Chamber 303.961.5975 www.westminsterchamber.biz
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