Is it true?

Not quite! Credit cards and debit cards - which in Italy we commonly call bancomat, after the best-known payment circuit - work in different ways, and knowing these differences can help you choose the right tool at the right moment.

If you choose a bancomat (debit card), you are spending the money already available in your current account at the time of the payment.

If you choose a credit card, you are spending money that the bank is lending you and that you will have to repay later, either in one single instalment or in several monthly payments.

A debit card is a safe choice if you want to spend only the money you already have and avoid the risk of going into debt.

A credit card can be useful for larger purchases or if you want to spread the cost over time, but you must be sure that you can repay the borrowed amount when it is charged to your account. Also be aware that, if you choose to repay in instalments, interest charges may apply.

For your security, regardless of the type of card, we recommend that you:

• activate payment notifications, so you know immediately when your card is used;
• check your statements regularly, so you can quickly spot any suspicious transactions;
• block the card immediately in case of theft or loss;
• memorise your PIN, keep it separate from the card, and never share it with anyone.

To find out more, read here and consult our information sheets on payment cards.

No, your savings are not protected from inflation if you leave them in a current account; to protect them, you need to make them grow through investments. Why? Inflation is the general increase in prices over time. This rise reduces the real value - or purchasing power - of your savings. In other words, with the same amount of money, you will gradually be able to buy fewer goods and services. To offset this loss, your savings need to grow in nominal value over time. In a current account, they do not grow or grow very little: the interest rate paid by the bank is usually very low, often close to zero, and in any case lower than the inflation rate. If you invest wisely, however, your savings' yield (or rate of return) will be higher than the inflation rate. This way, you can more than compensate for inflation's negative effect.

False. Scammers can send requests that appear to come from the phone number, email address or social media profile of people or organisations we trust, such as our bank. They can also send messages from genuine numbers, email addresses and profiles if they have taken control of them through a cyberattack.

This trick is known as spoofing (from the English word "spoof", meaning "imitation"), and today it is more dangerous than ever. Criminals can even reproduce the voices of real people using artificial intelligence, attempting to deceive us with phone calls or voice messages in which the speaker sounds like a loved one or our boss.

To protect yourself from spoofing, do not act immediately on what you are asked to do (for example, making a credit transfer or sharing your card PIN). If it is a phone call, hang up, and contact the person or organisation straight away to check whether they really contacted you. Do this using phone numbers or email addresses that you know are genuine (for example, for banks and other companies, those listed on their official websites). Do not use phone numbers, email addresses or links provided by the person who contacted you.

To learn more, read our information sheet on online scams and watch our video on spoofing.

Not at all! Current account portability makes this much easier. You have the right to transfer all or some of your payment services - as well as any positive balance - to another account at a different provider. You can choose whether to keep your old account open or close it.

The transfer follows a simplified process and must be completed within 12 working days.

To find out more, see Switching your bank accounts with portability.

Not necessarily. If you've invested in variable-rate or short-term products – such as Treasury bills – or if you have savings ready to invest, then rising interest rates could work in your favour. You may receive higher returns.

But if you already own fixed-rate products like fixed-rate bonds, an increase in interest rates usually means those investments lose value. That's because new bonds on the market offer better returns, making older ones less attractive - and their prices fall as a result.

For more details, see Before investing.

Not anymore. In the past, you had to sign the receipt, and the signature on the card plus an ID check helped confirm your identity. But times have changed. Today, secure payments are based on a system called 'strong customer authentication', which requires two types of proof of identity. Since 2020, a signature is no longer considered valid authentication.

The three types of authentication are:

1. something that identifies you (like a fingerprint);
2. something you have (like your credit card);
3. something you know (such as a PIN or password).

For more details, read the page dedicated to credit card.

No, you can do without.

The ABF is an alternative dispute resolution system for disputes between customers and banks or other financial institutions. It provides quick decisions and is designed to be user-friendly.

You can submit a claim yourself online – it's simple and straightforward. You don't need legal assistance or help from a professional. Consult the plain-language guide to the ABF.

Not at all - you can do it yourself!

The Central Credit Register (Centrale dei rischi - CR), run by the Bank of Italy, is a database that holds information about the debts of households and businesses towards banks and other financial institutions.

Access to CR data is allowed to:

• individuals whose data are recorded, or someone authorised by law to act on their behalf;
• legal entities - such as companies, associations or institutions – through their legal representative or another authorised person.

Access is free of charge for those concerned. Banca d'Italia usually replies within 30 days of receiving the request. You'll find a simple guide here!

No. The CR is a database that records the loans received by households and businesses from banks and financial institutions. It contains information on all loans above a certain threshold, including those for which repayments are fully up to date. Why is this the case? When a bank (or a financial institution) receives a loan application, the law requires it to assess whether the applicant is able to repay the amount requested: a bank would risk failing if too many customers were unable to repay their loans. As part of this assessment, the bank consults the data held in the CR. Being listed in the CR is therefore an advantage: having a track record of regular repayments increases the likelihood of having your loan request approved, and often on more favourable terms.

To find out more, read our information sheet on the CR and on Credit Information Systems (SICs).