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Debit card fraud?
- Thread starter JBGoode
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Yup, that’s the one. I mean, I look at how audacious it is when an employee is abducting somebody’s information at a drive-through line when there’s multiple cameras pointing at them and a register. I look scenario identical as trying to burglarize somebody’s home during broad daylight hours when the homeowners are working out in the yard.
Yeah I learned my lesson the hardway as well. Luckily my banks has good fraud detection. I had 2 cards compromised in close proximity in time line. It turned out to be the damn receptionist at my dentist. She got caught after a long period of embezzling from my dentist. And she had appearantly stolen countless customers credit/bank card info. I now only use my CC for everything I purchase. Both online and in physical stores. With excessive amount of alerts for each card for any type of transaction. So far so good, knock on wood. Haven't had any fraud since.
I am entitled to file for restitution now from that girl being sent some court documents to fill if I wish. But since my bank reversed all the charges immediately I have nothing to claim. But she'll be in prison for a while I'm gathering.
Regarding new websites. I google and double check the site to see if any fraud is reported. Sometimes you can kinda tell if the site is not up to snuff in security or good repute.
I am entitled to file for restitution now from that girl being sent some court documents to fill if I wish. But since my bank reversed all the charges immediately I have nothing to claim. But she'll be in prison for a while I'm gathering.
Regarding new websites. I google and double check the site to see if any fraud is reported. Sometimes you can kinda tell if the site is not up to snuff in security or good repute.
If you are making payments on a website and don't want to exposure your credit card, or debit card, you can use privacy.com to generate a virtual card for the exact amount to be charged. Any charges beyond that or from a different vendor (after the initial charge) will be denied. You can also set a specific $ limit and can chose to have the card close after that limit is hit, or leave it open but all charges denied if over the limit. I use this option to charge things for websites that automatically charge your card every year. If I want to renew the next year I just increase the open cards limit as necessary.
Privacy.com is integrated into 1password which makes it even more convenient.
Privacy.com is integrated into 1password which makes it even more convenient.
I looked into privacy.com a while back, as part of a discussion on another website. I ended up having these concerns:
- Privacy.com accounts are funded by linking to a bank account. Giving a company the ability to withdraw funds via ACH can be an enormous risk.
- The virtual cards are debit cards. Consequently, purchases are not covered by the laws governing credit card purchases, disputes, and refunds.
- There is very little public information available about privacy.com. It appears to be a privately owned company that was initially funded with venture capital. Other than that, it is not clear which state or federal agency regulates privacy.com (for anybody who is not a compliance geek, this matters because being regulated as a money transfer company is very different from being regulated as a bank), who owns it, where it is located, or if it is still dependent on VC investments.
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Very true. I debated about it, but then realized that my debit card information is already in my account on other websites, such as my Bank, credit & dark web monitoring services, etc. PayPal and Apple have my bank account information so I can transfer funds to/from them. This is likely even worse than having your debit card in your account. I have lost count of the number of data breaches that have occurred that have leaked my non-financial data. Many of these sites were mandatory, such as a health insurance site.
Years ago I was concerned about my personal information getting out there. I had a 0 tolerance for leaks, much like China's current Covid policy. Now I have lost count of the number of data breaches that have leaked my personal data. Then I realized that it was impossible to stop them without serious inconvenience, so I am now in a "live with endemic Covid" security policy.
The advantages to me of having automatic payments for things like Car/Home/Electric/Insurance etc. far exceeds the risk of a data breech of my debit card number. Even if such a breech happened I have identify theft insurance, which I assume would cover it.
So for some any vulnerability must be avoided. For me I choose ease of use. I want to spend my time on other things rather than worrying about how to get bills payed without risk. My choice.
I went ahead and am going to start using my Amex Bluebird Prepaid card. I have it linked to the accounts and websites I use and I can reload it instantly with whatever the charge is for my transaction. I was in credit card debt, but paid them off after 2 years, so I’m hesitant to get another credit card. Maybe in another year.
I have one credit card. And it never gets used. What’s nice about my card holder, is its region specific in terms if I have any charges that are outside my ZIP Code/region, I’m automatically alerted via Text.
Others have probably mentioned this but two recommendations:
1) Never use your debit card online. Period. If fraud occurs with a debit card, you’re fighting to get your money back. If fraud is committed with your credit card, the bank is fighting to get their money back. Whose money do you think they care about more? With debit cards you can have virtually unlimited liability, though it depends when you report the fraud or cancel the card (successfully, presumably). If you’re lucky your bank may have expanded fraud protection. Most credit cards have zero liability for fraudulent claims, if not a relatively negligible amount.
I would keep your phone records demonstrating your attempt to contact the bank. I’m not sure if the bank would accept this, but it’s good to have none the less.
2) Only buy from reputable buyers online. If you’re unsure how legislate they are, do some research into the company. This of course cannot prevent all fraud but it’s a good start.
3) Once this ordeal is straightened out close your account(s) with this bank and find another one with decent enough customer service to lock your account immediately. Not being able to do so after hours or on a weekend is unacceptable. Having your phone number be the only way to verify your identity is also ridiculous. Even if the system did work, what if your wallet and phone were stolen?
My banks allow for locking accounts/reporting cards stolen via app, online, and 24-hr phone lines.
This is an absolutely necessary and fundamental service to offer. Clearly your bank does not have adequate resources to handle the most basic of operations. Time to move on, that’s a no brained IMO.
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I’ve never dealt with debit card fraud but from what I’ve heard, it’s typically a much more lengthy and difficult process than with credit card companies, which is usually relatively easy. The sooner you report the fraud though, the better, so that works in your favor.
Given this banks customer service thus far, I wish you the best in getting your money returned in a timely and straightforward manner.
1) Never use your debit card online. Period. If fraud occurs with a debit card, you’re fighting to get your money back. If fraud is committed with your credit card, the bank is fighting to get their money back. Whose money do you think they care about more? With debit cards you can have virtually unlimited liability, though it depends when you report the fraud or cancel the card (successfully, presumably). If you’re lucky your bank may have expanded fraud protection. Most credit cards have zero liability for fraudulent claims, if not a relatively negligible amount.
I would keep your phone records demonstrating your attempt to contact the bank. I’m not sure if the bank would accept this, but it’s good to have none the less.
2) Only buy from reputable buyers online. If you’re unsure how legislate they are, do some research into the company. This of course cannot prevent all fraud but it’s a good start.
3) Once this ordeal is straightened out close your account(s) with this bank and find another one with decent enough customer service to lock your account immediately. Not being able to do so after hours or on a weekend is unacceptable. Having your phone number be the only way to verify your identity is also ridiculous. Even if the system did work, what if your wallet and phone were stolen?
My banks allow for locking accounts/reporting cards stolen via app, online, and 24-hr phone lines.
This is an absolutely necessary and fundamental service to offer. Clearly your bank does not have adequate resources to handle the most basic of operations. Time to move on, that’s a no brained IMO.
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I’ve never dealt with debit card fraud but from what I’ve heard, it’s typically a much more lengthy and difficult process than with credit card companies, which is usually relatively easy. The sooner you report the fraud though, the better, so that works in your favor.
Given this banks customer service thus far, I wish you the best in getting your money returned in a timely and straightforward manner.
I’ll apply for another credit card sometime next year. My 2 banks I use have really good fraud protection and I’m able to immediately lock my card, call the fraud hotline anytime, am alerted by text for any transactions and they have locked my card when I use a merchant I have never used before in the past (it’s inconvenient at times, but I’m glad they have that in place).
Yeah, I love card alerts. I have all possible alerts enabled for my one credit card, which I use for everything, and regularly check the activity 2-3 times a week. I also use the virtual credit card and the travel notification features.
For online purchases, I now use my new X1 Card by Thrive - it has:
Single Use Card, Free Trial Card, and Standard Virtual card.
Peace of mind since this Visa Signature has a hefty $21,000 credit line!
BTW, this card is a SOFT PULL only credit card which is the newest fintech bank issuer.....
Single Use Card, Free Trial Card, and Standard Virtual card.
Peace of mind since this Visa Signature has a hefty $21,000 credit line!
BTW, this card is a SOFT PULL only credit card which is the newest fintech bank issuer.....
A few years ago my spouse had a brain-fart (the bf is we discussed never to use debit cards for online purchases) and used our debit card to purchase some goods from a web site I had never heard of. The next day there were about $1000 in unauthorized withdrawals. Long story short, we got all of the money back although it took a while and my spouse only uses amex for online purchases.
What I like about AmEx is the near immediate notification of charges. Many times I get the notification before leaving the cash register.
Unlike another card I once used. Notification would literally come a day or two later. Why bother?
Unlike another card I once used. Notification would literally come a day or two later. Why bother?
A lot of cards provide immediate notifications. It's so important when shopping for a bank or credit card to consider more than just an attractive interest rate.
I remember back in mid zeros I had to update my CCNA certification for my job! I paid for the $100 fee for the test with my bank card! Later that day when at home my bank called me asking if I just bought a plane ticket to Puerto Rico is last hour? I told them No and they seem to think my card was compromised! They issued a new bank card to me with 3 business days so it was close call so I guess paying for the bank insurance plan was worth it!
My tax advisor mentioned something interesting, he said opening credit cards actually will raise your credit score (I believe by 10+), and you don’t even have to put charges on them. He said a method that he uses, is that he’ll open multiple credit cards, and literally put the cards in a drawer and never use them. I disagree with him, however. I don’t think that’s a wise method. For one, credit cards do have an annual fee, so there’s that. And of course, Credit card companies love to solicit through mass marketing, that’s the last thing I would want is more garbage being sent to me.
Me personally? I just pay cash. And the credit card is a last resort option. I do admit, we did score some points off our credit card when we used our airfare for vacation, but we paid it off immediately.
Funny, my mortgage broker told me the opposite as he knows I like to take advantage of sign up bonuses (SUB).
I had to furlough credit cards for the past 6 months while we were searching for a house.
Having to use debit cards for everyday purchases was just weird since I had gotten used to charging everyday expenses (like cellphone bills, utilities, groceries, dining out, etc) and then paying them off at the end of the month.....
In 2 weeks, we will have escrow closing, house loan funded, and will return to credit card applications - mostly home improvement ones.
I got most of my money back today. That was actually faster than I thought it would be. Looks like there is still a $99 charge that hasn’t been put back yet…..
I’m going to apply for the credit card with my job’s credit union after Christmas and make very small purchases and then pay them off once they post. For right now I just transfer whatever the amount is for my transaction to my prepaid Amex card when shopping online and in person. My info got compromised in the T-Mobile data breach, so I’ve been more cautious about not using my debit card.
Your “tax advisor“ doesn't sound too sharp. Resorting to gimmicks like opening credit to artificially reduce credit utilization in order to move a credit score a measly 10 points is cringeworthy. Why not request a credit increase or here’s a novel idea….reduce the utilization by actually reducing the outstanding balance(s).
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Credits union cards are a good choice. The interest rates are usually much lower than commercial bank cards. My data was also compromised in the TMO breach, and it was not fun scrambling fast to update everything, get a new card number, and find a new carrier in a short few days.
With the T-Mobile breach, I know it was millions of people who were affected, but I don’t think it was devastating for the majority of people, but it doesn’t mean your information still isn't ‘out there’ per se. One of the things that I remember MacRumors touched on, I believe, you can actually use credit monitoring for major breaches, and some of the services are even free.
Anyways, I’m not really a believer in having multiple credit cards, unless the exception applies with a company credit card, that’s different. I just feel my theory is, the more lines of credit you have through various cardholders, the more vulnerable you are. But that’s just me.
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In terms of like utility bills, cell phones, it’s all automatically deducted from our account. Even when at the grocery store, I only use the self check out as it is, and even then, I only use Apple Pay.
The next thing to be phased out, should be checks (I’d guesstimate by the end of the decade.) Absolutely useless in most situations today. That, and nothing peeves me off more when I have to stand behind grandma at Kohls when she’s writing out her check that takes 15 minutes. Literally 15 minutes. It’s ridiculous and totally unnecessary. I’m even seeing retailers not even accepting checks for many reasons, especially when some of them end up being worthless and cost the retailer more time and resources.
Rant over. Just had to say that. 😁