One major inaccuracy
Great article, with one exception. The statement that there is no protection with a debit card is totally wrong. Both Visa® and Mastercard® debit cards have fraud protection that the card issuers (banks) have to comply with.
Visa, for example has a zero consumer liability for fraudulent purchases made on the Visa® network. If fraudulent purchases are made, the card issuer is liable for all of the charges made and the consumer has no loss.
Federal Reserve Regulation E also places a $50 maximum loss for fraudulent activity on all electronic transactions if the customer notifies the bank within 60 days after the charge first shows up on their statement. This, of course, includes debit card transactions.
