[Regorp]

Originally Posted by mtdjed

Had a Fraudulent charge to one of my Credit Cards recently. Wasn't a high amount but was from Bogota Columbia. May have been missed except that I haven't used the card recently, so it stood out. Long story short, Credit Card Company, reversed the charge and opened a dispute and I canceled the card.

Point of thread is to reemphasize the need to guard access to your card.

How many times have you handed your credit card to a waiter to pay your bill? How many times have you ordered something by mail by credit card , given card number and then provided the sacred 3 digit number on back? These actions put you at risk. Probably far worse if you do the same with your debit card.

Consider all of our recent immigrants that are simply allowed entry with no background checks and then given work permits.

Put it together and use caution. Not saying that all immigrants are responsible, but we are surely increasing the odds.

Just this month both my wife and I had fraudulent alerts on our debit cards. Our bank had jumped right on it, closed the cards, and issued new ones. One charge was in Indonesia! Only store we both used them was Aldi's.

[Nana2Teddy]

Originally Posted by JRcorvette

Credit cards are still the Safest way to pay for things (other then cash). You are fully protected. Paying by check is actually quite dangerous because it has all your banking information on the check. A really scary thing is that somehow?? People are hacking into your Bank Account using Zelle even if you never had or used Zelle. It just happened to us and it was not a very pleasant experience !

This is why I have Venmo linked to a bank acct that only has a small balance, and is not our main bank (credit union).

[charlie1]

Originally Posted by retiredguy123

It would be very simple for banks to require restaurants to have a credit card machine on the table. It makes me wonder if the banks really want to prevent fraud.

So I was employed by a large credit card issuer. Let me tell you, they would love to FORCE the merchants to adopt new equipment and systems that are more secure. Our company budgetted close to 2% of credit card sales to loss, i.e. to cover fraudulent transactions, card replacements, etc. This is one reason the credit card fees are so high (3% average). Anyway, there have been lots of solutions presented but it required changes in software, equipment, and procedures for the merchant. An example, when I was there, we tried extremely hard to get PIN and Chip technology implemented on credit cards. The merchant would do the CHIP only as long as they had several years to still use the magnetic stripe but would not even consider the PIN. This was the standard in Europe at the time and helped immensely. So, the credit card company started to implement only the chip in the cards. This added no or very little additional security. Here we are 10+ years later and most merchants still have not gone the next steps. Some still require card swipes and do not use the chip! All the merchants did was complain about the fees and would do very little to reduce fraud! Don't put ALL the blame on the credit card companies, there is a lot to go around with all parties involved!

[Parshooter]

Originally Posted by Stu from NYC

We have had 4 hacks of our sams m/c in past 18 months. Each time they remove the charge and reissue the card.

As a result reoccuring charges never go on that card as it is a pain to change cc numbers with our vendors.

Restaurants could be wear it happens as American restaurants refuse to bring the machine to you so the charge is done in the back and little control over it.

AGREE!!! US restaurants should be forced to bring the CC machines to the table...like the rest of the world generally does!! Never like my card leaving my sight.....

[charlieo1126@gmail.com]

Originally Posted by Stu from NYC

We have had 4 hacks of our sams m/c in past 18 months. Each time they remove the charge and reissue the card.

As a result reoccuring charges never go on that card as it is a pain to change cc numbers with our vendors.

Restaurants could be wear it happens as American restaurants refuse to bring the machine to you so the charge is done in the back and little control over it.

I agree my Direct TV ,Wi-Fi , pest services ,cell phone and some different international and Boston globe newspapers on backup card that never leaves the house

[Michael G.]

Also remember when replacing your charge card, get a new number.
Sometimes the card is replaced with the same number.

[Zenmama18]

Originally Posted by charlie1

Really not concerned as the credit cards cover all fraud if it is reported on time. I have alerts set up on all my cards that text me when they are used. At first was somewhat annoying before I had a smart watch that vibrates and allows me to turn of the text notification noise on my phone. Luckily, the only problems I have had the bank caught and rejected preauthorization. They immediately sent out a new card and had within a couple of days. To me, credit cards are by FAR the safest way to pay for anything! Even cash, as I have known people to be pick pocketed or robbed of thier cash.

My CC got hit for approx $800 last month. Seems to happen once every few years. The bank sent a text to verify a purchase which turned out to be fraudulent. The reversed the bogus charges that day and I got a new card sent out.

[Stu from NYC]

Originally Posted by charlie1

So I was employed by a large credit card issuer. Let me tell you, they would love to FORCE the merchants to adopt new equipment and systems that are more secure. Our company budgetted close to 2% of credit card sales to loss, i.e. to cover fraudulent transactions, card replacements, etc. This is one reason the credit card fees are so high (3% average). Anyway, there have been lots of solutions presented but it required changes in software, equipment, and procedures for the merchant. An example, when I was there, we tried extremely hard to get PIN and Chip technology implemented on credit cards. The merchant would do the CHIP only as long as they had several years to still use the magnetic stripe but would not even consider the PIN. This was the standard in Europe at the time and helped immensely. So, the credit card company started to implement only the chip in the cards. This added no or very little additional security. Here we are 10+ years later and most merchants still have not gone the next steps. Some still require card swipes and do not use the chip! All the merchants did was complain about the fees and would do very little to reduce fraud! Don't put ALL the blame on the credit card companies, there is a lot to go around with all parties involved!

Wonder what would happen if fraud charges traced back to restaurants employees would be charged back to that restaurant?

[DAVES]

Originally Posted by charlie1

So I was employed by a large credit card issuer. Let me tell you, they would love to FORCE the merchants to adopt new equipment and systems that are more secure. Our company budgetted close to 2% of credit card sales to loss, i.e. to cover fraudulent transactions, card replacements, etc. This is one reason the credit card fees are so high (3% average). Anyway, there have been lots of solutions presented but it required changes in software, equipment, and procedures for the merchant. An example, when I was there, we tried extremely hard to get PIN and Chip technology implemented on credit cards. The merchant would do the CHIP only as long as they had several years to still use the magnetic stripe but would not even consider the PIN. This was the standard in Europe at the time and helped immensely. So, the credit card company started to implement only the chip in the cards. This added no or very little additional security. Here we are 10+ years later and most merchants still have not gone the next steps. Some still require card swipes and do not use the chip! All the merchants did was complain about the fees and would do very little to reduce fraud! Don't put ALL the blame on the credit card companies, there is a lot to go around with all parties involved!

"Budgeted 2% to loss." That is accounting, interest on credit cards is like 20%. Losses due to fraud, based on experience the credit card companies decide it is cheaper to accept the losses rather than pursue CRIMINALS.
No one has mentioned it. The reason why the credit card companies notify the card holder of suspicious charges is because the risk is with the credit card issuer-not the card holder.
Like any other business, if it was not profitable there would not be so many issuing cards.

[PugMom]

Originally Posted by mtdjed

Had a Fraudulent charge to one of my Credit Cards recently. Wasn't a high amount but was from Bogota Columbia. May have been missed except that I haven't used the card recently, so it stood out. Long story short, Credit Card Company, reversed the charge and opened a dispute and I canceled the card.

Point of thread is to reemphasize the need to guard access to your card.

How many times have you handed your credit card to a waiter to pay your bill? How many times have you ordered something by mail by credit card , given card number and then provided the sacred 3 digit number on back? These actions put you at risk. Probably far worse if you do the same with your debit card.

Consider all of our recent immigrants that are simply allowed entry with no background checks and then given work permits.

Put it together and use caution. Not saying that all immigrants are responsible, but we are surely increasing the odds.

this goes on & on. i got a VPN & so far appear to be safe. thx for posting

[PugMom]

Originally Posted by retiredguy123

I always pay cash in a restaurant. Almost every online purchase I make is from Amazon, if not, I use a different credit card. I always get an instant email alert whenever I make a credit card purchase. This can be set up as an alert on the credit card website. I never use a bank debit card for any purchase, except that I have a special non-bank debit card with about $100 on it for risky purchases.

i'm back to cash now, too. i use it whenever possible

[PugMom]

Originally Posted by retiredguy123

It would be very simple for banks to require restaurants to have a credit card machine on the table. It makes me wonder if the banks really want to prevent fraud.

i understand why you feel that way. these zelle accounts belong to the major banks, yet the fraud continues.

[Gpsma]

Originally Posted by PugMom

i'm back to cash now, too. i use it whenever possible

Seems most Villages are returning to the financial stone age too because of unreasonble fear and ignorance.