US Senators Mark R Warner and Mark Kirk have proposed a new bill, Consumer Debit Card Protection Act of 2014 (CDCPA), which is designed to provide additional protection for consumers hit by debit card frauds.

Additionally, it is pitching to reduce the liability caps for affected customers as no such protection is available for debit cardholders when compared to credit cardholders, who have capping liability of $50.

According to data compiled by the Federal Reserve System, the number of debit card transactions has surpassed credit cards in 2004, and in 2012 it was almost double than that of credit cards.

Warner said debit card use has just exploded in recent years, especially among young people, and consumer protections must keep pace.

"Debit cards are used in much the same way as credit cards, so it makes no sense for credit card fraud liability to be capped at $50 while debit cardholders can find themselves on the hook for $500 or more," Warner added.

Kirk said in light of the millions of consumers who have had their financial information stolen during one of the recent data breaches, they will continue to take data security and the importance of consumer protections very seriously.

"This legislation ensures that our federal statutes for debit card protections are on par with those of credit cards, and will help consumers keep their wallets safe," Kirk added.