Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 08-03-2013, 02:43 PM   #21
Thinks s/he gets paid by the post
 
Join Date: Jul 2012
Location: Mississippi
Posts: 1,878
Quote:
Originally Posted by Buckeye View Post
I've never paid a deductible on fraudulent charges. Maybe because it's a platinum-level card.
It's not a deductible. I think most never get to that point. It only comes into play if the legal system gets involved where the card issuer refused to resolve the issue. According to this, if the card number is stolen you have zero liability.

Credit card fraud - Wikipedia, the free encyclopedia

In the US, federal law limits the liability of card holders to $50 in the event of theft of the actual credit card, regardless of the amount charged on the card, if reported within 60 days of receiving the statement.[16] In practice many issuers will waive this small payment and simply remove the fraudulent charges from the customer's account if the customer signs an affidavit confirming that the charges are indeed fraudulent. If the physical card is not lost or stolen, but rather just the credit card account number itself is stolen, then Federal Law guarantees card holders have zero liability to the credit card issuer.[17]
__________________

__________________
rbmrtn is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 08-03-2013, 02:55 PM   #22
Thinks s/he gets paid by the post
Rustward's Avatar
 
Join Date: Apr 2006
Posts: 1,572
Quote:
Originally Posted by Ronnieboy View Post
It seems I hear about credit card fraud everyday from co workers, friends, posting on this board. It seems so commonplace now that it is almost accepted as a normal risk to using a credit card.

I'm wondering how so many cards get compromised? I use mine regularly online, but only at regular sites that I visit, amazon, clothes retailer, and such. Used at the local gas stations self pay, used at local restaurants, etc. and not a problem (knock on wood). So how do I protect my info? How do the thieves get it?
It is really really easy to capture tens of thousands of sets of card information in a data center in just a few seconds. If you had ever seen the inside of one (the computer system that processes card authorizations, not the actual data center) you would see how easy it is. Most fourth graders could do it -- but they risk getting caught.

Now, the ones you hear most about are the waiters and hotel desk clerks, but those are onesies and twosies. In a data center (the merchant, processor, or bank) there are literally many thousands available to someone who has access. In a merchant or bank, all stolen cards would have a common merchant or common bank -- pretty easy to figure out, but a processor works with all (almost literally all) merchants and banks, so those might a little tougher to track down.

Watching Gator Boys on TV it looks pretty amazing to see those guys catch alligators with their bare hands. They make it look easy because they know their sh!t. If you know what you are doing and have access, getting credit card information is a cakewalk -- unless you get caught.
__________________

__________________
Rustward is offline   Reply With Quote
Old 08-03-2013, 03:00 PM   #23
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
braumeister's Avatar
 
Join Date: Feb 2010
Location: Northern Kentucky
Posts: 8,597
Quote:
Originally Posted by CJHorne View Post
The waitress brought a credit card machine to the table and had you run your card through it so she did not have to handle it at all.
This is common in many parts of Canada and Europe.
__________________
braumeister is online now   Reply With Quote
Old 08-03-2013, 03:56 PM   #24
Thinks s/he gets paid by the post
JPatrick's Avatar
 
Join Date: Jun 2005
Posts: 2,494
Citibank lets you generate a one time use virtual number for online and phone transactions. If they steal it, they have nothing.
While it may not prevent a theft, you can reduce the damage by catching it early. You can't get ahead of the crook, but you can be hot on his heels if you do a daily check on your account. It takes me less than 30 seconds to sign in, check things out and log out. I do it everyday.
The large transaction alerts I use work OK, but they seem to arrive as much as two days after the transaction.
__________________
JPatrick is offline   Reply With Quote
Old 08-03-2013, 04:02 PM   #25
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,463
Quote:
Originally Posted by mickeyd View Post
My main CC is Discover and they alert me via email whenever I get a single charge over $500. Does PenFed Visa have this feature?
I have this too. But it still is the next day at the earliest that I get an email, and sometimes 2. There is a transaction date and a later posting date. The OP checked his account (by luck) within 2 days. I don't think you can expect to do any better than that unless you check your accounts daily.
__________________
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is online now   Reply With Quote
Old 08-03-2013, 04:27 PM   #26
Full time employment: Posting here.
Accidental Retiree's Avatar
 
Join Date: Feb 2012
Posts: 975
I have 2 CCs with Chase, and I get two types of email notifications: for single charges over $50, and for online purchases/phone purchases of any amount.

These emails arrive usually within minutes of my purchase.
__________________
Chief Retirement Strategist
The AR Group
Accidental Retiree is offline   Reply With Quote
Old 08-03-2013, 04:34 PM   #27
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,463
Quote:
Originally Posted by Accidental Retiree View Post
I have 2 CCs with Chase, and I get two types of email notifications: for single charges over $50, and for online purchases/phone purchases of any amount.

These emails arrive usually within minutes of my purchase.
That's nice. I'll have to look into that option. That means you get the email while the charges are still pending, which is the best time to find out.
__________________
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is online now   Reply With Quote
Old 08-03-2013, 05:57 PM   #28
Thinks s/he gets paid by the post
grasshopper's Avatar
 
Join Date: Oct 2010
Posts: 1,670
Ms G asked me for cash once to make a purchase in a store. I was outside surfing on my tablet bing, got an email from CapOne on a purchase before Ms G got out the door. So sweetie what did you do with the cash I gave you?
__________________
For me experiences are not good or bad, just different
grasshopper is online now   Reply With Quote
Old 08-03-2013, 06:31 PM   #29
Full time employment: Posting here.
Ronnieboy's Avatar
 
Join Date: Feb 2008
Posts: 646
Quote:
Originally Posted by Accidental Retiree View Post
I have 2 CCs with Chase, and I get two types of email notifications: for single charges over $50, and for online purchases/phone purchases of any amount.

These emails arrive usually within minutes of my purchase.
On my Costco American Express it emails me when a pending charge is run without the card present. Might get a couple a day if the dw is on eBay ;(
__________________
I don't want to spend my entire life at work. I deserve more. - Want2retire aka W2R
Ronnieboy is offline   Reply With Quote
Old 08-04-2013, 02:36 AM   #30
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,093
Quote:
Originally Posted by Ronnieboy View Post
On my Costco American Express it emails me when a pending charge is run without the card present. Might get a couple a day if the dw is on eBay ;(
Ditto.


Same with foreign transactions, I get an email within the hour.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is offline   Reply With Quote
Old 08-04-2013, 08:02 AM   #31
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,463
Quote:
Originally Posted by Alan View Post
Ditto.


Same with foreign transactions, I get an email within the hour.
Good to know. I'll set this up for both cases.
__________________

__________________
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 06:37 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.