As people get fed up with sneaky credit card fees and abuses, and cut back on their credit card debt, the use of debit cards is on the rise. 

In the first quarter of 2009, debit card transactions were actually higher than credit card transactions.

But many people don't realize that debit cards have a distinct disadvantage over credit cards when it comes to fraud protection. 

Your debit card doesn't offer you the same protection as credit cards.  Credit cards limit your liability to no more than $50 no matter how much was charged, or when. And most credit card companies these days even waive the $50.

But debit cards can be very different. If you call within two business days of discovering that your card was lost or stolen, you have the same $50 liability.

But you could be liable for all bogus withdrawals if you don't tell your bank within 60 days after receiving your account statement. That's one more reason to check your bank statements as soon as you receive them rather than shoving them in a drawer.

If you must use a debit card, make sure you ask your bank or debit card issuer for the specifics on their debit card fraud rules.

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