Credit card or bank card breach victims

[braumeister]

Very few instances in the last ten years, so either I'm being much more careful or they're getting better at detecting fraud. Probably a combination.

Had a great experience a few years ago with a card. I used my Schwab debit card to get cash from an ATM in Scotland and had it denied. This was at an ATM inside a bank. Called Schwab and tried several different things while on the phone with them, and they finally decided that the chip in my card must have malfunctioned.

I was leaving that city the next day to take a train to London, and much to my surprise, they offered to Fedex a new card to me at the place I would be staying at in London. That worked like a charm. Schwab bank gives great customer service!

 

[JoeWras]

They are getting better. In my first instance around 2011, I had to help them document it and then sign a big old legal mumbo jumbo note.

In my last one (2017), they caught and denied most of the charges. The few that came through were auto-reversed after a few hours with no action on my part except to verbally verify they were bogus.

The ones that were denied were ALSO at a gas station. From what I understand, thieves will buy things like detergent and cartons of cigarettes. These things are easily fenced.

 

[braumeister]

The ones that were denied were ALSO at a gas station. From what I understand, thieves will buy things like detergent and cartons of cigarettes. These things are easily fenced.

My favorite was quite a few years ago when we were visiting Arizona. I had used a credit card at a restaurant, and it appeared that the server copied the numbers on it. He then used it a day or two later to buy two extremely expensive first class airfares and then turned them in for a refund a few hours later. The amazing part was that he was given his refund in cash!

The credit card fraud person I talked with told me all this, and said it was pretty clear that the counter person at the airport was a confederate who probably split the money with the fraudster. I never found out if they pursued legal action against them, but it was a pretty cool story.

 

[Sunset]

We all have had (or have heard) of CC or debit cards being scammed.....
Another solution is "delayed" password reset. I encountered this recently with an account I use for crypto [-]trading[/-] gambling. For whatever reason, my password didn't load correctly and I was locked out. I requested a reset and was put in a 24 hour penalty box. I could do NOTHING for this period of time...no if, ands, or buts. Seems like that would be pretty effective with the scammers who wouldn't bother to keep up with the reset clock; I think they would just move on.

Suppose a scammer gets into your account, then drain it, then purposefully makes bad login attempts.
Now it's frozen for 24 hours.
You can't even reset the account from their password to yours, so they have more time to transfer around the money.

 

[audreyh1]

Suppose a scammer gets into your account, then drain it, then purposefully makes bad login attempts.
Now it's frozen for 24 hours.
You can't even reset the account from their password to yours, so they have more time to transfer around the money.

You can still call the bank and report the funny business.

 

[JustCurious]

A friend of mine thinks someone got a hold of one of those credit card offers that come in the mail. I always rip those up, but the mailman could have taken it or it could have been delivered to the wrong box. I wish it was illegal for companies to send those offers.

You can opt out of unsolicited credit card offers in the mail. I did that years ago and I don't get them anymore.

 

[Dtail]

We usually get a couple of CC's hacked during the year and BOA always reimburses us for the full amount. We never use a debit card except for ATM purposes.
My sister had her brokerage account hacked and they got full reimbursement, but it was an involved process.

 

[rk911]

https://www.consumer.ftc.gov/articles/0262-stopping-unsolicited-mail-phone-calls-and-email

 

[rk911]

what a timely discussion. a few minutes ago I received two text alerts indicating two purchases...$190 and $189...from something called 'Homework Mechanics' (anyone know what that is? nothing found online). I immediately called our card's security dept. they blocked the purchase, canceled the card and are transferring the history, etc. to a new account. we should have the new cards by Tuesday.

lessons rammed home? two. first, always...always...always set up transaction alerts on your card(s)...and pay attention to them. all of our cards and our bank accounts are set to alert us via text message for any transaction >$1. i set up those alerts years ago...very happy I did.

second, have a backup card available to use while the compromised card is being replaced. the second is not nearly as important as the first.

if you haven't set up alerts on your cards and accounts do it now!

 

[JoeWras]

what a timely discussion. a few minutes ago I received two text alerts indicating two purchases...$190 and $189...from something called 'Homework Mechanics' (anyone know what that is? nothing found online). I immediately called our card's security dept. they blocked the purchase, canceled the card and are transferring the history, etc. to a new account. we should have the new cards by Tuesday.

lessons rammed home? two. first, always...always...always set up transaction alerts on your card(s)...and pay attention to them. all of our cards and our bank accounts are set to alert us via text message for any transaction >$1. i set up those alerts years ago...very happy I did.

second, have a backup card available to use while the compromised card is being replaced. the second is not nearly as important as the first.

if you haven't set up alerts on your cards and accounts do it now!

Alerts are very useful. I like text alerts, personally.

Guess what? My last Fall my credit union removed them! I recently just got an email requesting me to replace it with something called "CardNav."

This is a phone app. So now you get phone notifications instead. Apparently, the app also allows you to turn the card off or on too.

Anyone use this yet? I think it is mostly credit unions. I'll install it an give it a try. Not sure how I feel about yet another app, but it is kind of the way the world is turning.

 

[JoeWras]

OK, I just installed this phone app, CardNav.

It has one interesting feature. You can link the phone app location to the card, so that in-store transactions must match the phone app ping location. Optional.

I don't know, I have to start using this thing to see if it works.

 

[audreyh1]

agreed but even that is not a 100% ironclad guarantee. credit providers do not have to pull a credit report in order to issue credit...or so i'm told. this is why we have near-instantaneous alerts on all of our bank accounts and credit cards for any transaction...in or out...that is >=$1.

If someone gets credit in your name, they will be opening different accounts. None of your alerts will notify you of this.

 

[braumeister]

OK, I just installed this phone app, CardNav.

It has one interesting feature. You can link the phone app location to the card, so that in-store transactions must match the phone app ping location. Optional.

I don't know, I have to start using this thing to see if it works.

Looks pretty good, and they say they don't collect any personal information so that's good. Apparently connected with many credit unions, don't know about banks, etc.

Haven't found any recent reviews of it.

 

[gauss]

If someone gets credit in your name, they will be opening different accounts. None of your alerts will notify you of this.

+1 to that

And this is why I always recommend to folks to place the "statutory" security freezes at the credit bureaus on their name.

This way, the chances that new credit will be opened in your name fall drastically.

-gauss

 

[brett]

Our credit card has been hacked several times over the last ten years.

Not a big deal. The credit card issuer cancelled the card, absorbed the loss, and sent us a new card within the week.

The biggest hassle was updating the auto pay information that was attached to our cards.

 

[rk911]

If someone gets credit in your name, they will be opening different accounts. None of your alerts will notify you of this.

which is why our credit is locked with the four different credit reporting agencies. but even that is not 100%.

 

[braumeister]

which is why our credit is locked with the four different credit reporting agencies. but even that is not 100%.

Great start, now keep going. Mine is frozen with five.
Equifax, Experian, TransUnion, Innovis, and ChexSystems

It's free now, so why not?
Very easy to unthaw for a day when needed, like when getting a new credit card.

 

[RobbieB]

The credit freeze thing works. My own bank will not issue me a card and neither will Home Depot.

 

[Sunset]

Our credit card has been hacked several times over the last ten years.

Not a big deal. The credit card issuer cancelled the card, absorbed the loss, and sent us a new card within the week.

The biggest hassle was updating the auto pay information that was attached to our cards.

Because of a smart forum member here, I took the advice and put all my auto pay onto 1 credit card that is rarely used (should be in a drawer to be the best protection).

Then I use other credit cards to buy stuff, and be exposed to fraud.

Sure I miss out on the possible maximization of rewards, but save myself the hassle of card replacement.

 

[audreyh1]

which is why our credit is locked with the four different credit reporting agencies. but even that is not 100%.

I was simply pointing out that copious alerts set up with your current accounts will not help protect you from any new credit fraud that somehow bypasses your frozen credit at the agencies.

 

[Sunset]

I just got a pre-approved letter from Amex for a CC in the name of a former company I worked at.
No employees had a company card there, and only the actual owners possibly had business cards.
I have no idea why they think the company is at my home.

I shredded it.