Also, I fell that debit cards dont have as much protection as Credit Cards. You cant stop/dispute payment on debit card transaction quite as easily.
Deeming Regulations have been released!!!!
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I haven't necessarily found it to be harder (my bank manager was very intent on how credit cards are safer) but I think some banks make you wait until the dispute is finalized and whatnot, so not having access to your money for a bit is a pain.
I could be wrong but I have never had any problems with fraud with my debit card they've always come through.
Anna
I could be wrong but I have never had any problems with fraud with my debit card they've always come through.
Anna
Agreed. Not only are the protections still greater with a cc, but more importantly: when the card is used fraudulently, on a debit card it's your money that's gone. And you're at the mercy of the bank, and their policies to access it again. On a cc, it's the card issuer's money that's gone - so you still have your own money waiting for it to be resolved.
A friend of mine got screwed years ago when his debit card was hacked. I've never used a debit card since except to withdraw cash. I just put everything on the credit card and pay it off each month. If I use the card for something big like car repairs or vacations I take money from savings to pay it off, which is just what I would do anyway if I was using my bank account.
You have to be a little more disciplined using a CC, but you get flexibility and better protection.
I can't believe how CC companies just eat the fraud and make no effort to go after the perpetrators. How hard can it be? They know where they are when they make a purchase.
They don't eat the fraud. We pay for it in the interest rates...
True, but it is still in their interests to nail fraudsters and they don't.They don't eat the fraud. We pay for it in the interest rates...
Got notified this AM my CC was compromised.
Fraud alert caught it.
Someone made a charge in a New York restaurant for $6.34
Two hours later a charge was made in London UK for $491.20 at a health spa.
Stupid scammers!...
Fraud alert caught it.
Someone made a charge in a New York restaurant for $6.34
Two hours later a charge was made in London UK for $491.20 at a health spa.
Stupid scammers!...
They don't know who they are since they are using someone else's name/info. Also, most cc fraud these days is done online and the only time they can maybe tell who committed the fraud is if they had to provide a driver license or other id at time of purchase. Chances are the other id is fake so what can they do. Banks have gotten pretty savvy about it though.
I am always impressed when they call me at time of a purchase before they approve it. Of course that can be a minor inconvenience when you are actually trying to make a purchase and they put a hold on it.
I am always impressed when they call me at time of a purchase before they approve it. Of course that can be a minor inconvenience when you are actually trying to make a purchase and they put a hold on it.
I think in a lot of cases, the fraud is small enough that pursuing the offended actually costs the credit card more. But that is only PER transaction. If they actually added them up, well, they could remove full time fraud people from the pool and make out, overall.
But, I don't think credit cards think that way. I think they think, "You know what, it's easier to eat this." I mean the cost of pursuing and prosecuting a person for a 6 dollar purchase is prohibitive.
A lot of fraud employees KNOW this. They understand that it is better to keep their purchases under a certain amount, because they know the credit card company doesn't want to sit in small claims court and go over how they want their 6 bucks, or whatever. I mean, the penalties for fraud really don't offer much at that level of fraudulence. That's kind of the problem.
I always look at the "fraud department" as kind of.... a way to dissuade the credit card OWNER from like, putting in a claim (personally). I mean, they collect ALL this information and you just KNOW they will be doing absolutely nothing with it. Etc.
Anna
But, I don't think credit cards think that way. I think they think, "You know what, it's easier to eat this." I mean the cost of pursuing and prosecuting a person for a 6 dollar purchase is prohibitive.
A lot of fraud employees KNOW this. They understand that it is better to keep their purchases under a certain amount, because they know the credit card company doesn't want to sit in small claims court and go over how they want their 6 bucks, or whatever. I mean, the penalties for fraud really don't offer much at that level of fraudulence. That's kind of the problem.
I always look at the "fraud department" as kind of.... a way to dissuade the credit card OWNER from like, putting in a claim (personally). I mean, they collect ALL this information and you just KNOW they will be doing absolutely nothing with it. Etc.
Anna
I think in my case the small $6 charge was a test to see if it's a valid card #, before the number gets sold worldwide.
Little do they know that card has a low credit limit and is always maxed out.
I just transfer money into it as needed.
True that. A couple of years ago, my company checking account was hit with fraud. Apparently, someone got a copy of our check, and used the account number to make fake checks, just a few thousand dollars worth, and deposited them in various accounts. Didn't put my logo on it, and signed the checks with a couple of random names - not even a signator on the account, check numbers nowhere close to what we use, but they cleared anyway. Created a huge mess for me. Had to close the account, deal with Wells Fargo on a bunch of valid checks I'd written to individually verify them. Wells bounced checks that were valid and already on the "approved" list, making me look like a deadbeat to vendors. Took a couple of months to clean up. But they never even tried to go after the perpetrators. I mean, someone had to provide some sort of id (fake or not) to open those accounts, and should be able to be found. Made me absolutely sick.
As a general rule, CC companies do not eat the fraud. When a fraudulent transaction is made, the CC company just puts it back on the merchant. I own/run a business that sells on-line. We minimize fraud by having a human being review all order details, including stuff like who the CC issuer is, and where the the order was placed from (based on IP address) vs where the goods are being shipped to and so on. But we still eat several thousand dollars of CC fraud every year.
That's not necessarily true, but you do have to make sure the debit card issuer states zero-liability. On the all the ones I've seen (maybe not many), they've all had zero liability.. Including my online-only 'checking' account that has .65% interest right now.
And each 3 times fraud has happened [so far], I've had either immediate or next-day use of the stolen funds. After the bank does their 'investigation', the provisional credit becomes final and any fees that were associated with the fraud in any way are refunded at that point (which were always $0 in fees for me), and any interest lost is adjusted for and credited.
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Yes, you're right about confirming their policy. But I wasn't talking about liability - that's different than having your money gone. Policies vary per bank, but most are far better than they were 10 or so years ago (back then, I refused to even have a debit card). Your experience confirms that. But you still had to rely on them to give you access to your money that was removed.
If something for $1K clears your bank account, it's still your money cleared and gone - at least for the moment, until it's caught or you contact them and they deem it appropriate to give you access to that money. So you're still left trusting the bank to give you access to your money. With a cc, your money isn't gone for even a moment, and it's up to the card issuer to collect from you if they don't think it's fraud for any reason. That can be a big difference, especially as inept/uncaring/even crooked as some big banks have become. I've had overdraft protection for many years, but some don't- if your account is empty, you can deal with bouncing checks and a pretty big mess.
A few years ago, my purse/cards/checkbook were stolen. What a nightmare that just wouldn't end. After they gave up on using my ccards, they printed checks with my name/address on a bank I have never used with a phony account number. They wrote themselves checks (from me) on the phony account and talked some businesses into cashing 3rd party checks. Guess who they called when the checks bounced? Me, of course.
Every time I thought the mess was over, they did something new so the nightmare went on for over 2 years.
One thing is for sure. I'm sure those of us that have had fraud committed against us.. Would love to find these SOB's and pulverize them in every way imaginable. UGH! Every time I think of these scum trying to rent vacation homes, get massages, and children's toy (yes, children's toys!) - it just makes my blood boil.
IDK. Sometimes it's good to feel superior to someone. There are times my standards can get pretty low, but I don't think I'd ever be capable of perpetrating fraud.
Notice I did not say UNWILLING, I said INCAPABLE. I have great poker face... Until it turns into "real money.." My Creator did that for me (very kindly) because I am also capable of great cunning... when pushed. But, it always turns out badly for me.
So yeah, I hate them when I'm not all like, "Oh, you fraud-ers! You are going to get yours in the next life or whateves!" Usually when I have just done something morally questionable, the rest of the time, yeah, I hate them.
Anna
Notice I did not say UNWILLING, I said INCAPABLE. I have great poker face... Until it turns into "real money.." My Creator did that for me (very kindly) because I am also capable of great cunning... when pushed. But, it always turns out badly for me.
So yeah, I hate them when I'm not all like, "Oh, you fraud-ers! You are going to get yours in the next life or whateves!" Usually when I have just done something morally questionable, the rest of the time, yeah, I hate them.
Anna
This is when she first got home. She’s settling in nicely now, well onto her way to getting us properly trained. She’s very outgoing and chirps to get our attention. Poor baby doesn’t care much for her diet food, but she has to lose about 3 to 4 pounds. (She’s 18.6 right now).
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