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With the rampant credit card theft, its disadvantages are becoming more than its advantages.
Cash..Advantages:It is flexible. Can be used among peers, can be used in secret trades, most places accept cash Disadvantages: It can be stolen physically, if it is stolen, it can be spent by anybody, Difficult to use. Check...Advantages: It is safe from physical theft because only the person who the check is written for can cash in the money. Disadvantages...Many places don't accept checks Debit Cards...Advantages:Easy to use. Except for very small businesses, they are accepted. Disadvantages: There is the risk of a big loss of your money due to theft. Can be used for distant purchases. Credit Cards...Advantages: Safe form of payment, can be used long distances Disadvantages: There is the possibility of spending more than you can pay. Least widely available form of payment.
Higher chance of financial theft (apex)
The advantages of using the imprest system are versatility, accountability, practicality, limitation of theft, ease of use and limitation of expenditure
Advantages: There is no need to carry personal identification.The person has to be present. This makes identification theft and fraud much less likely.
Collection costs can absorb up to one-third of revenues, and revenue theft is considered to be comparatively easy.
Disadvantages of using an ATM are getting mugged and identity theft.
you do not need the internet.
Advantages: you don't have to own a computer or pay for your own Internet connection Disadvantages: There are so many security risks when you use an Internet cafe. There may be a key logger installed on the computer. The owner of the cafe may be monitoring/filtering your Internet traffic. You are much more susceptible to ID theft. You have no control over what programs are/are not on the machine.
yes they will chase you
According to the feedback from my credit institution, they found out that either method (swipe vs chip reader) are equally prone to theft. So the great idea didn't work against the crooks.
You should have reported the theft as soon as possible. Regardless of theft, you are responsible for the payments. Hopefully, you had theft insurance to make the payoff for you.