So, someone got my debit card number......

Rivrrat

And hit my checking account for a grand in two transactions this past weekend.. The bank is going to cover the loss (I believe that's standard), so I'm not out any money. My card is cancelled, so I now I have to wait for them to send me a new one (not a big deal, my wife's card is still good).

We have to sign a notarized document stating the charges weren't authorized before they'll cover the loss (again not a big deal).

The big deal is now I'll be paranoid everytime I use my debit card, and that really sucks.

I hate thieves.:mad: Also, I had no idea I could get that much out ($500) in one transaction.

I'll bet these bastids have been checking my balance and waited till payday to hit my account.:mad::mad:

bobman1235

I don't think they could check your balance without your PIN.....

That's a b ummer and all, but it seems like it pretty harmlessly got remedied, so not much reason to be overly paranoid...

maximillian

Did you use your card as a credit card? As Bobman said, they can't check your account without a PIN.

Credit cards are one of the most secure forms of paying - from a consumer point of view. If someone steals the card the bank will cover the loss and you won't be out. This has happened twice to me in the past 2 years. Yes, it sucks having to reset automatic credit card payments (unless you have a dedicated card for that). However, within a couple weeks you are back to normal without a loss of money.

Ever heard of Frank Abagnale who was popularized in the movie, "Catch Me If You Can"? He says that paying by credit card is the best method and checks are the worse. With checks, a thief has your address, account number, signature, and often a SSN or driver's license number (some people do put these numbers on their checks). Credit cards on the other hand are backed by the bank in the event of fraud.

You don't want a lot of cards simply because it will have a negative effect on your credit score, but keep a couple just in case one is canceled due to fraud.

Rivrrat

The wierd thing is, the banks says they were atm transactions...Huh? I haven't lost my card, so I don't get it, but I suppose there's a way.

Anyway, I suppose it really isn't that big of a deal, but it still pisses me off.

I remember not having atm cards and I don't want to go back to that, so I guess it's the price of doing business.

And, yeah, it must've been a place that got my card as a credit card, since that's how I use it most of the time.

maximillian

Found the article:

http://www.mynews3.com/story.php?id=16643

"A credit card in my personal opinion is the safest form of payment that exists on the face of the earth today,” Abagnale continues. “Because when you use a credit card, you're actually using somebody else's money. You're not exposing your money."


From my understanding, a debit card used like a credit card carries the same protections as a credit card. However, check with your bank.

See also this link:

http://www.bankrate.com/brm/news/advice/20030124b.asp

I do protect my debit card more. For example, it never leaves my sight such as giving it to a restaurant waitress. I use my real credit card in this instance. I also pay for online transactions using a real credit card. Both times my card has been stolen it has been my real credit card, not my debit. Losing my debit is more of a pain since it is the way I get money out of an ATM.

I also use my debit card as a credit card only since someone could use a skimmer (false machine face plate that is basically a generic card reader) to read your card when you go to use it. Skimmers can be used to grab the card info and the PIN. Then thieves can produce a fake card.

fishbones

maximillian wrote: »

I do protect my debit card more. For example, it never leaves my sight such as giving it to a restaurant waitress.

Exactly what I was going to say. I never use my debit card if it's a transaction involving it leaving my sight and being carried off by a stranger. And never on the internet. I always use OPM (Other People's Money) for that risk factor - regular credit card.

disneyjoe7

Hate to say it but this story sounds just like my situation once. I was working at work in a card access building on a Sunday, while someone withdrawn cash from an ATM 25 miles away at an ATM using another bank ATM. On get this the ATM card was in my wallet so never lost. The Bank with I prefer not say return all cash but -$50, I thought BS and closed account.

BIZILL

somehow tied into that recent news story of thieves using some sort of scanner they put into gas station pumps that snag your card's info?

http://www.kgun9.com/Global/story.asp?S=14003463

guess not. that story relates to cc's.

kawizx9r

There was a story about people stealing information when others used their ATM card at an ATM. Something about tampering with the component that reads the magnetic strip on a card.

Anyway, it's a good thing you're covered. It's pretty standard that credit cards are covered in this case, however the same is NOT true for debit cards/banks when checking/savings accounts are hit.

treitz3

Scanners have been linked to a couple of well known businesses in the Carolinas as well. All that needs to happen is you swiping the card like normal at the POS or wherever they place the scanner at and the thieves wirelessly have your information. From what I understand, this is the newest form of theft and it has even been done to a banks ATM machine without the banks knowledge for a couple of months. The device is rather undetectable.

I only know this because it was on the news a couple of months back.

jbooker82

All they do is atach a card reader on top of the current one on an atm, or gasoline pump. Atm and gas pump still works. Your card just gets read twice with one swipe. Then they have a small wireless camera to view you putting in the pin. Down load the card's magnetic information and put it on a cheap throw away motel key card. Got to an atm and clear you out.

The other way to get info is from dining out. You give the waiter your card he swipes it in his reader while he is walking to the cash register.

Sherardp

Before the limit was $500.00 with most banks, as of late they recently increased that amount to $600.00 in a single transaction. Glad your bank is taking care of you. The same thing happened to me in Houston at the airport. My bank notified me and asked if I were shipping some items there, I replied no. They caught the transaction, cut my card, etc. Like you, I too hate those who prey on others.

jhood2880

Rivrrat wrote: »

The wierd thing is, the banks says they were atm transactions...Huh? I haven't lost my card, so I don't get it, but I suppose there's a way.

Anyway, I suppose it really isn't that big of a deal, but it still pisses me off.

I remember not having atm cards and I don't want to go back to that, so I guess it's the price of doing business.

And, yeah, it must've been a place that got my card as a credit card, since that's how I use it most of the time.

This is actually really common now. It happens while your at walmart (using debit) things like that. Or there are even atm machines that are inoperable. People set these up and are not networked. So when you lide your card it reads the account number then the camera in the machine points at the numbers and records you entering your pin. You or i could buy a atm machine on Ebay fairly cheap.But i think the most common is the checkout person having your card number and watching you put your pin in. And as always the internet is a terrible place and millions get their card's stolen on here. The sad thing is 99% of the stolen cards or money is not persued by the bank. It is more cost effective for the bank to just cover the funds. :eek: Its kinda sad we have to be so careful these days.

DaveHo

Card skimmers. Local news station just ran a piece about this last night.

http://philadelphia.cbslocal.com/2011/02/14/montgomery-county-thieves-use-atm-skimmers-to-steal-pin-numbers/

steveinaz

I had the same thing happen 2 years ago...luckily they only got me for $256, which was refunded to me. Cancel your debit card and get a credit card, far better protection as it isn't "your" money they're stealing.

cokewithvanilla

Yeah, if someone wants your info, they can get it just about anywhere you swipe. Many places don't run their credit cards until night time, so the computer stores all that information and it can be edited before being pushed through. Also, businesses usually log that information in case of a dispute. All it takes is one untrustworthy employee.

But you are safe with debit or credit not having to pay. There are government regulations on that kind of stuff.. with debit, as long as you report it soon, your not out more than $50 I think.... and I believe credit is the same except without the obligation to report within a certain number of days

steveinaz

...BUT a wiped out checking account can lead to bounced charges (remember auto-debit bills), and all the fun that fixing that brings. You also have to wait about 7-10 days for the money to be replaced into your account.

GET A CREDIT CARD, and simply pay the balance off every month = zero interest charge. Also, most hotels and car rental agencies aren't taking debit cards anymore.

The only time you should use a debit card is when no other form of payment is accepted.

mhardy6647

fishbones wrote: »

Exactly what I was going to say. I never use my debit card if it's a transaction involving it leaving my sight and being carried off by a stranger. And never on the internet. I always use OPM (Other People's Money) for that risk factor - regular credit card.

ditto.

bobman1235

steveinaz wrote: »

...BUT a wiped out checking account can lead to bounced charges (remember auto-debit bills), and all the fun that fixing that brings. You also have to wait about 7-10 days for the money to be replaced into your account.

GET A CREDIT CARD, and simply pay the balance off every month = zero interest charge. Also, most hotels and car rental agencies aren't taking debit cards anymore.

The only time you should use a debit card is when no other form of payment is accepted.

Is there a distinction between an ATM card and a debit card in this situation? Every ATM card I've had for the past 10 years has also been a debit card.

ALSO, those same cards always have a Mastercard logo on them and can be run as credit instead of debit, do the same rules apply there, in your mind?

madmax

maximillian wrote: »

From my understanding, a debit card used like a credit card carries the same protections as a credit card. However, check with your bank.

Its been a few years now but I remember seeing something on the news where many banks would not give the same protection as a credit card. One person they interviewed had overdraft protection from their savings so a thief ended up draining both their checking and savings account.

It would certainly be worthwhile discussing with your bank before something happens.
madmax

boomerfss

I just always have no money in my account...lol.

Seriously though, my wife owns a business and she had to put stickers and stuff on the POS machine that you slide your card through. Seems some of these thieves were going into business and swapping these with their own POS pin pad. By having stickers (Pokeman of all things), they couldn't do it as it would get noticed.

These thieves should be beaten with bats.

jaritta

I am a big Dave Ramsey fan (which means NO credit cards) debit only, I beleive that he suggests to only run your debit card as a Credit card.....All the protection of a credit card, and none of the crushing debt

I have had the same thing happen and as with all credit cards you are not libial for frodulant charges.

Good luck, I know this sucks but you might find out how good of a bank you are dealing with.

steveinaz

bobman1235 wrote: »

Is there a distinction between an ATM card and a debit card in this situation? Every ATM card I've had for the past 10 years has also been a debit card.

ALSO, those same cards always have a Mastercard logo on them and can be run as credit instead of debit, do the same rules apply there, in your mind?

I'm not sure how it works when it is a combo charge/debit card. I know debit cards can be "run" as credit cards, but I highly doubt that changes any rules as far as it actually being a debit card. I believe people would still have access to "your" money--and that's the big downfall with debit cards.

steveinaz

Also, and I'm speaking from personal experience, "transaction fees" are NOT refunded on debit card fraudulant charges. Charges such as currency conversion, etc. I had to pay that fee myself; luckily it was only like $7.00 bucks. A credit card protects you from any charges.

mhardy6647

Credit cards yield no "crushing debt" if the holder simply pays the bill off every month. Heck, with a Discover card, the credit card company pays the card-holder to use the card! Not sure how much longer they'll do that, but so far so good.

steveinaz

Exactly. Pay the balance off = 0% interest rate. Add to that cash rewards, better protection, longer reporting window, enhanced warranty on some purchases, etc, etc. It makes no sense to use a debit card. My wife and I had both debit cards removed from our accounts.

Polkie2009

I listen to Dave too, trying to be debt free. If someone steals a debit card and you only keep one or two hundred dollars in the account, that's all the thief can get from it.Correct me if I'm wrong.

steveinaz

...and if they steal your credit card, they get nothing from you.

Polkie2009

I don't have a credit card, trying to follow Dave's plan to live debt free.

steveinaz

Does "Daves Plan" happen to mention that you can have a credit card without being in credit debt? Though it does require some self-discipline.

tonyb

steveinaz wrote: »

Does "Daves Plan" happen to mention that you can have a credit card without being in credit debt? Though it does require some self-discipline.

Thats it in a nutshell Steve, self-discipline. Not many have it, use it, or even care to think about it. They make it too easy to go into debt, and living a certain lifestyle is too appealing to some to even care about it.