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I’m a fan of cash, too, but I use credit cards more often.
My experience is fraud is under-disclosed but a serious problem. Like shoplifting these days, it has to be built in to the prices of merchandise and credit.
My approach is:
1. Debit card for emergency and ATM, that account never has more than $500 and is not linked to any other account. That’s the limit of my debit card risk.
2. Bank credit card with $1 threshhold for notification via text. I get every charge, even subscriptions like Netflix texted. Easy to know if a bad charge is tried.
3. AMEX for other purchases, but I’m using it so little I may kill it.
4. Checking account is the pay account for all direct debits (electric bill) that can’t go on credit card. I prefer the credit card for the free loan and rebate.
5. Checking account is not linked to any other account (no overdraft protection); balance is kept below bank’s fraud/Internet scam protection limit ($10k).
6. “Savings” account for excess funds that may be needed in a month or two. Transfer from this account to checking as needed. Since this account is not visible to anyone else, it is pretty well secure.
7. $1 notification levels on all bank accounts as well as the credit card.
8. Credit service (I use credit karma) but I only access by typing in the URL (same for any online activity involving spending or holding money). Check as needed to be sure there is nothing going on with my credit (new accounts) and have alerts set up.
9. MFA/2FA on all accounts involving money; try to change passwords 90 days but not very diligent about that. They are very long and complicated though.
10. Mobile devices have password access on, with “hard” passwords. Only use the iPad for most trx to limit exposure if phone is stolen/lost. Plus my old eyes can’t see the phone that well!
11. Don’t store cc info on most sites. Exceptions where very frequently used.
12. Check for skimmers on every gas pump and ATM I use, every time.
Seems like a lot, but easy to maintain once set up.
Banks will soon push for adoption of CBDC to help limit fraud. As always, we will willingly give up liberty to achieve perceived security.
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