First time this has happened to me, Someone stole my debit card number and swiped their "cloned card" at Best Buy for a new PS4 and Controller, Leaving me out $449 for a few days while Wells Fargo refunds me my money. Am I just thinking of an episode of Cscriminalmindslawandorder or can people easily skim my information to make copies of my card, if so how do you protect against something like that? And yes the first thing I did was get my debit card cancelled.
I do not use or carry a debit card. I don't see where a debit card offers me any advantage over cash or credit. As it is, my credit card info gets stolen a couple times a year. The industry isn't willing to take commonsense measures to reduce fraud, and so it will continue.
Yes they can do that.
They can even skim it just by being in proximity of it depending on the type of card--get a rfid wallet if that is a concern--but more likely you had it stolen either from a breach or a skimmer. The breach may not even be known yet, it probably is not the bank but the point of purchase that was breached.
Otherwise watch out on gas pumps and atm's for a skimmer. Pull on the card reader, they're usually not very well attached since they're only there for a short time. Do a google search for that one.
Really, just keeping an eye on your account every few days is the best defense. You can't, and realistically don't want to stop all of the fraud.
They don't even need to get near your car. They can randomly generate the card number. You need the first 6 digits which identifies the bank, then you use a luhn check sum to make a valid number. They usually then take that number and test it online somewhere. If it works, they imediately go buy something physical at a store. It's not specifically targeting you, you were just unlucky in that they randomly picked your number, sort of like winning and unlucky lottery. It's when they get the v-code or your pin number that you've truly been hacked.
1988RedT2 wrote: The industry isn't willing to take commonsense measures to reduce fraud, and so it will continue.
Like what?
I'll add that external skimmers are installed with a high quality tape. You really have to pull.
Also, gas pump skimmers are often internal, installed between the card reader hardware and the rest of the pump. That's why you should increasingly be seeing security seals on the front panels of gas pumps.
Unfortunately, I haven't seen these seals being maintained at a high enough level for their absence to represent a meaningful signal to consumers. They aren't there about half the time. The rest of the time, they aren't installed over a seam, are falsely showing a tampered state, or are, in a tiny minority, correctly installed and not tampered.
This is exactly why everyone is moving to using the chipped cards. It generates a single transaction ID/card number every time you use it. There is no card number to steal built into it.
RFID wallet is on the list. I figure there's not a whole lot I can ultimately do about it since Terrible people are out there everywhere. Luckily between me and the wife we look at our account at least once a day. So we caught it 3 hours after they purchased. That's good to know about the skimmers, I'll try to be a little more diligent about looking for obvious tampering.
Right there with you, I am however glad I have an emergency cash fund since I roll with the bank and gas only cards. LoL
So glad my debit card requires a passcode, good luck doing anything without it. I wouldn't keep one otherwise.
Someone got one of my cc numbers a couple years ago, either that or someone got into Newegg and only wants to try to buy one thing once a year using the card. Anyway, what I did was set it to alert me for any transaction (I think there was a threshold, but it's like 99 cents). They no longer have the correct exp date or signature code, so it doesn't work at all now, but they still try.
According to best buy they ran it as credit and verified the last 4 of the card. I'm happy I just got a bonus through work and was able to squirrel away a big chunk in case I don't have my money back in time for rent. Stupid shiny happy people.
thedanimal wrote: According to best buy they ran it as credit and verified the last 4 of the card. I'm happy I just got a bonus through work and was able to squirrel away a big chunk in case I don't have my money back in time for rent. Stupid shiny happy people.
Not to be judgy here, but you shouldn't be in that situation regardless of the theft. Don't keep so much in your checking account that if something were to happen you can't make rent.
I had my debit card "released to the wild" twice in one year. My bank is owned by the family that employs more people in this country than anyone else, and represents something like 8% of US GDP. Anyway, they are VERY good at keeping an eye out for this. They have spotted the fraud 3 times now immediately and before anything big could hit, shut down the card and called me. "Did you just buy something at a store in Georgia?" Uh, no. So what I did is set up 2 accounts, one my main account that gets deposits and pays utility bills, etc., and a second minor account that I just put a few hundred bucks in and use for buying groceries, stuff, gas, online purchases, etc., and move money into it when it is low. This way, if my secondary card is released to the wild, it doesn't shut me down while I wait for a new card. So far, my new secondary card has not been released to the wild.
mtn wrote:1988RedT2 wrote: The industry isn't willing to take commonsense measures to reduce fraud, and so it will continue.Like what?
http://www.tomsguide.com/us/emv-chip-pin-credit-payment-cards,review-2013.html
thedanimal wrote: According to best buy they ran it as credit and verified the last 4 of the card. I'm happy I just got a bonus through work and was able to squirrel away a big chunk in case I don't have my money back in time for rent. Stupid shiny happy people.
Sounds like a cashier at a store you used it at copied the card number and used it with a friend that works at Best Buy. I wonder if the Best Buy would be willing to pull up security footage of the transaction?
I haven't asked Best Buy to look through the footage. But I may, In regards to having all of money in my checking, I put a bunch in savings as an emergency fund for the unforeseen. I usually don't keep much in my account but we just got paid and I was paying bills so I didn't get a chance to move my money around.
1988RedT2 wrote:mtn wrote:http://www.tomsguide.com/us/emv-chip-pin-credit-payment-cards,review-2013.html1988RedT2 wrote: The industry isn't willing to take commonsense measures to reduce fraud, and so it will continue.Like what?
Most banks have attempted it, at least in a small part, or else are rolling it out. Most consumers don't like them. (True story--they are annoyed because they have to leave the card in the slot for a few seconds).
mtn wrote:1988RedT2 wrote:Most banks have attempted it, at least in a small part, or else are rolling it out. Most consumers don't like them. (True story--they are annoyed because they have to leave the card in the slot for a few seconds).mtn wrote:http://www.tomsguide.com/us/emv-chip-pin-credit-payment-cards,review-2013.html1988RedT2 wrote: The industry isn't willing to take commonsense measures to reduce fraud, and so it will continue.Like what?
Only in the US!!
We have had them for years. I am shocked when I go down to the US and there are no chip reading machines.
Walmart is about the only retailer who has them operational. I got a call from Amex a couple weeks ago "Mr Chandler? yes? Did you buy $1600 of lingerie at Macy's in Schenectady NY this morning? Um, no? Ok we already declined the transaction and will reissue a card." Amex is way better than the other companies for this.
I was hit 3 years ago by someone getting lucky with random numbers that matched mine. It sucks but life goes on.
I've had s chip and pin debit card for a year.
You don't need an rfid wallet unless you have a near field rfid payment card. I did but not anymore.
And all my money was returned on Friday....now to contact my insurance and explain what happened and hopefully get my $32 ISF back. 
chandlerGTi wrote: Walmart is about the only retailer who has them operational. I got a call from Amex a couple weeks ago "Mr Chandler? yes? Did you buy $1600 of lingerie at Macy's in Schenectady NY this morning? Um, no? Ok we already declined the transaction and will reissue a card." Amex is way better than the other companies for this.
CVS has had them for a few weeks now
and FWIW I still don't understand the attraction of a debit card .... a Credit Card ... sure ... but a debit card ... nope
I had my debit card stolen a couple years ago and they bought some items at a Home Depot in Texas. I had to explain to customer service numerous times that i've never stepped foot in Texas. Even after explaining that, it took a couple days to get my money refunded and all straightened out.
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