quote:

Originally posted by YooperSigs:
I find it hard to believe that we can shoot a tiny robot to Mars and once there, the robot drives around and sends back live TV to Earth but we cant do anything about credit / debit card fraud.

We can, but nobody wants to go to the trouble and expense to do so. This is true of most things that are broken by design.

I am not one of the ones who say "no debit cards." But it is a good deal more inconvenient to recover your funds if they get hacked. They are probably best used at the point of sale, and never leaving your sight while doing it. That means not giving them to your restaurant server.

This is why I switched to a cash back credit card that I pay once a week. I have had a debit card and credit card hacked and the credit card was much easier...

quote:

Originally posted by YooperSigs:
Apprentice:
My Visa debit card with chip was hacked just last week. And my debit card is hacked regularly no matter how I use it. Or not use it.
Latest outrage:
I saw that someone managed to order online from Best Buy a 400 dollar gaming computer. I tried to stop the transaction but my bank let the charge go through. Then I get an e-mail from Best Buy saying "thanks for shopping with us, Jovon"! Needless to say, I am not Jovon. And I did not drive 400+ miles to the store to pickup the damn computer. Best Buy has a feature where you can order on line for store pickup but allow someone else to pick up the order. So... At this point, it appears that someone at the Best Buy where the pickup was made hacked my Best Buy rewards card account which I have not used or accessed on line. My debit card, email address and phone number are all on this "rewards" account.
Reported fraud to bank. Card cancelled and 400 bucks returned. No desire on their part to take any action to prevent this.
Reported fraud to Best Buy and told them how stupid it was that someone other than the person who ordered the item on line could actually pick up the order. No concern on their part.
Called the local cops to report Jovon to their financial crime detective. He could not even be bothered to return my call.
And there is the situation in a nutshell. Everyone involved in this event has (except me and maybe Jovon) has any interest in preventing this from occurring or getting anyone prosecuted for it. Until that changes, this will continue to go on.
I find it hard to believe that we can shoot a tiny robot to Mars and once there, the robot drives around and sends back live TV to Earth but we cant do anything about credit / debit card fraud.

A couple weeks ago someone tried to make a fraudulent purchase at online mail order only Wayfair. I got a notification and it got stopped, but CapitalOne didn't cancel my card. A couple days later they tried again and bought a couple hundred dollars worth of stuff. If anybody cared all they have to do is beat the purchased items to the delivery address and wait.

I am using a Chase Sapphire Reserve card now instead of Amex; but both can be set to send texts or email notices for transactions exceeding any limit you set; gas station transactions; online transactions, etc.
Currently traveling in New Zealand and get notification within seconds of every transaction--and virtually all spending here has been on the Visa card.

But when available, Apple Pay is the most secure--the vendor does not see your credit card number.

For credit card fraud your maximum exposure is $50. I believe that is not the case with debit cards.

quote:

For credit card fraud your maximum exposure is $50. I believe that is not the case with debit cards.

Debit cards do have limits now under the EFTA, but the amount of cap relies completely on you and your actions.

Link to summary at FTC site

For those of you with debit cards.....

My bank offers an app that lets me control every single thing about my card. For example, I can turn it completely off, or set a spending limit wherever I wish. Let's say to prevent any potential fraud I set the limit to $25. I can stand right in front of a cashier, reset it to $2,000, and it will be accepted.

It sends me a message every time the card has been run, and it's almost instant. Usually less than 3 seconds. I can track all of my spending, and make several other adjustments.

No interest, no fees, etc.

I listen to Frank, he seems like he knows
https://www.cnbc.com/2019/08/2...-frank-abagnale.html

I was really pissed off when the bank no longer offered an ATM card and required that one get a debit card to access the ATM. I have absolutely no interest in a debit card.

Credit cards are fine as long as one uses it like a charge card. Amex still does it, Diner's Club and probably others used to. You don't have to have a charge card, you just need to treat your credit card(s) like a charge card. Don't spend more than you can pay off at the end of the month. If you do that, you can get whatever reward they offer and not pay a penny in interest.

I’m another for Apple Pay/Apple Card.

I used to FREAK when I had to turn over a card at a restaurant or other place where they then leave to ring it up. Since there is nothing on the Apple Card but my name, I have ZERO anxiety now. Oh, and the card is titanium! Who doesn’t want to carry titanium.

As already mentioned, if you get a fraudulent charge, you can instantly text with Apple or the bank to swiftly resolve it.

Also as mentioned, if you do get a fraudulent charge, you just go into Apple’s wallet app and change the ‘card number’ you see in the app if it makes you feel better. The ‘card number’ in the app is used like a card number, but it isn’t the real number(which you never see) so you can instantly change it - regularly if so desired without waiting for a new physical card.

Regular cash back using Apple Pay is 2%, but it is 1% when using the physical card. There are some vendors Apple has a list of where you get 2% with the card. Apple Pay for Apple products from Apple is 3%. Cash back is same day or next, and the cash goes directly to the Apple Cash Card in the app to be used instantly.

My daughter got a fraudulent charge on her Apple Card from the UK, but Apple/Goldman Sachs handled it like it was a small blip. She just instantly changed her number in the app?

quote:

Originally posted by ftttu:
I’m another for Apple Pay/Apple Card.

I used to FREAK when I had to turn over a card at a restaurant or other place where they then leave to ring it up. Since there is nothing on the Apple Card but my name, I have ZERO anxiety now. Oh, and the card is titanium! Who doesn’t want to carry titanium.

I'm sold!

My wife and I are going to go this route.

thanks

quote:

Originally posted by PASig:

quote:

Originally posted by ftttu:
I’m another for Apple Pay/Apple Card.

I used to FREAK when I had to turn over a card at a restaurant or other place where they then leave to ring it up. Since there is nothing on the Apple Card but my name, I have ZERO anxiety now. Oh, and the card is titanium! Who doesn’t want to carry titanium.

I'm sold!

My wife and I are going to go this route.

thanks

You're welcome. Please report back to us how you and your wife like it. Or not, as the case may be.

I have a debit card the only thing it is used for is to swipe inside the bank if I am getting cash or making a deposit. Call me old fashion, but I get my cash from the bank and not the grocery store.

I have a few credit cards, primarily only use two though. My Costco VISA (Citibank) and my Apple Card.

Almost everything goes on the VISA, honestly have no idea what the interest rate is as I’ve never carried a balance. Have a pretty low limit and sometimes need to make multiple payments each month to free space for the next weeks purchases. No annual charge, great app to keep an eye on activity and cash back rewards (over $800 coming next month for 2019). If anything too secure as they have declined online purchases out of caution even though they were legit.

Has only once had a fraud charge hit, and it didn’t even go through (Dominoes pizza for $12 half way across the country). I saw it as a pending charge on the app, called and they cleared it within hours.

Apple Card is great for Apple Pay. Again, no idea what the interest rate is as it doesn’t matter if you don’t carry a balance and no annual fee and it also cash back rewards. No worries about replacing the card if it gets hacked because no number on the card and you can dynamically change the card number on the app in minutes.



As far as why no cares or does anything about CC fraud, here is my take (beware, I just ratcheted down my tinfoil cap...)

Police don’t “care” or make it a priority for a couple of reasons. A) The card holder isn’t the victim, the bank is. B) The banks have no interest in reporting. It cost them labor dollars to do it and that just adds to their loss.

Now, the bank will absolutely tell you to report it to the police because they would love to have a report made for their (the Bank’s) documentation. But it can’t be required (cause some departments won’t take the report from the card holder). The other thing is the banks assume their customers are lying to rip them off. Telling the customers to file a report is a sort of deterrent and they hope it will help keep their customers honest.

Catch 22, if the banks don’t care and won’t spend a nickel to stop it or assist in prosecution should someone actually get caught, why should the cops care? Banks just want to use the PO-PO as a free documentation service.

Now to really get the conspiracy going, here is where the banks benefit from this...

They use “Fraud” as reasoning and justification for all of their high fees, interest rates, etc. to cover their losses, those same losses they don’t give a shit about because it isn’t worth their time or effort to do anything about. Banks make far more in the astronomical fees they charge than they lose in fraud.

$3 if you use a teller instead of an ATM
$35 for an overdraft
Charge 20% or more on credit cards
Charge 5% or more on car and home loans

Yet only pay .1-.3% on basic savings or interest earning checking accounts.

Heck, in many cases, banks don’t even lose the money because they charge it back to the business that accepted the card for the purchase. The business is the one who will end up taking it in the shorts.


Unfortunately though, kinda like insurance, they are a necessary evil.

And as for no one being able to “hack” your cash? Think again cause when the cops show up after you pass the fake $20 bill you didn’t realize you had, they are going to take it from you and you will be $20 poorer with NO chance of it being returned to your “account”