You hear it every time there is a well-publicized data breach. People get all freaked out about using credit, debit cards and make comments about cash being safer. Following the Target breach, I actually heard somebody say ‘Oh, you went to Target? I hope you paid cash.’ Really? I hope they didn’t.

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Let’s bust this myth that cash is somehow safer because of its anonymity. That same anonymity is what makes it such a risk. You lose it, you’re out. It’s stolen, you’re out! Lose your credit card or debit card, you just pick up the phone and report it as such. In some cases, you can even freeze it with the issuer’s app. You’re not liable for unauthorized transactions on your credit or debit card as long as you report it promptly to the issuer. Once you’ve done that, it’s their problem not yours. Yeah, it might be a pain in the neck but you’re not financially obligated. That’s a risk you ought to be comfortable with.