View Poll Results: Victim of credit card fraud
Yes 23 52.27%
No 21 47.73%
Voters: 44. You may not vote on this poll

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Old 08-31-2017, 10:23 AM   #41
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The CC fraud is most likely a federal offence and several web sites I yahooed give statistics and arrest information. World wide fraud in the billions, top state, Nevada, go figure. We have thought about joining LifeLock and may head that way because some of the FBI sites on CC fraud arrest shows the scope of the problem which include not only CC #'s but also your name, SSN, birth dates, address, etc. It looks like the FBI has made arrest but for bad IT types it's just too juicy a plum not to pick.
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Old 08-31-2017, 11:14 AM   #42
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The CC fraud is most likely a federal offence and several web sites I yahooed give statistics and arrest information. World wide fraud in the billions, top state, Nevada, go figure. We have thought about joining LifeLock and may head that way because some of the FBI sites on CC fraud arrest shows the scope of the problem which include not only CC #'s but also your name, SSN, birth dates, address, etc. It looks like the FBI has made arrest but for bad IT types it's just too juicy a plum not to pick.
Identity theft is rampant. Whether signing up with LifeLock or someone else for protection is worth it, is an individual choice. There are, in my opinion, options I would select over LifeLock. Ultimately, your best protection against identity theft is careful monitoring of your credit reports. Now, most banks are providing a free service of some sort or you can sign up on a credit bureau site. The free services provide regular updates of your credit scores and do quickly notify you of any changes. Setting up alerts on your bank accounts and credit cards is also important.

LifeLock has had issues with the FTC, starting with a 2015 injunction and including a 2016 amendment. They have been found to use deceptive advertising and to fail to secure customers' information. They also have many negative reviews and complaints.

The problem with credit card theft and identity theft is when has a crime been committed and against whom. Not surprisingly, every state has slightly different laws plus there are some federal laws. The FBI does get involved and bust some massive rings. However, the small time criminal is difficult to prosecute. Most states have now made identity theft a felony and many award the victim but then the question of who was victimized and by how much becomes an issue.
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Old 08-31-2017, 11:18 AM   #43
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One word of caution to those who feel Paypal is a safer option. Paypal has their own fraud challenges and their investigative processes can leave things in limbo for extended periods. Any payment processor is subject to fraud and problems. Paypal has their share. The larger they get the more they'll be targeted.
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Old 08-31-2017, 12:05 PM   #44
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My card has been cloned and used in various foreign countries, this has happened every year or so. Once $70K was charges for car parts, another time it approached $100K. Every time either Merrill Lynch or I caught it and it was reversed immediately. No muss, no fuss.
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Old 08-31-2017, 12:13 PM   #45
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My card has been cloned and used in various foreign countries, this has happened every year or so. Once $70K was charges for car parts, another time it approached $100K. Every time either Merrill Lynch or I caught it and it was reversed immediately. No muss, no fuss.
Most ever charged to one of mine was $82.00. With alerts set and checking things I can't imagine it reaching your levels. Was the car parts charge a single charge?
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Old 08-31-2017, 12:19 PM   #46
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Yes and no, two transactions from the same location hours apart. ML caught that one. It has always been a CMA account card.
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Old 08-31-2017, 02:38 PM   #47
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One tip we received from a police official is to never sign the back of the card. instead write in the space " ask for I.D. ". It's a interesting way to see if the retailer checks the back of the card, about 90% ask for I.D.
But that still doesn't protect someone from stealing your card #'s. Our card issuer also has the algorithm theft protection so they some what protect losses. I guess they figure the losses are just part of business expenses instead of the legal cost to track down the theives.
I have noticed some internet retailers have started using a system where you enter your card #'s and verifying information non-verbally to limit exposing card information orally which might be a safer alternative.
Well, wouldn't you know it, our own US post office requires a card with a signature or they won't take it. I do the same with ask for ID, but it's hopeless as less than 10% even look at the back of it.... and I rarely give it to anyone anymore. And, if a crook had it do you think they would have a hard time signing it? And that would be easy and they they can provide another phony ID with signatures that match.
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Old 08-31-2017, 05:25 PM   #48
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I buy a lot of electronic parts world wide on the internet. The far east for the most part but Europe also.

I experience issues about once a year on average. My bank finds these issues in 99% of the cases. They cancel that card and issue a new one.

I decided to have one special bank account for all online purchase and do not use that account for anything else. I also do not keep any excess money in the account. This has the effect of limiting my risk to acceptable limits no mater what the outcome could be.

I also use this account when I travel to high risk areas of countries outside of the United States.

So far I have not experienced any issues in operating in this manor.
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Old 08-31-2017, 05:33 PM   #49
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I decided to have one special bank account for all online purchase and do not use that account for anything else. I also do not keep any excess money in the account. This has the effect of limiting my risk to acceptable limits no mater what the outcome could be.
You mention money in the account? So are you using a debit card to purchase? There's no money in a credit card account.
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Old 08-31-2017, 05:54 PM   #50
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I have had a few unauthorized purchases, but the funds are returned soon after reporting it. Nothing to do with the internet, as far as I'm aware.

I travel quite a bit, and hate when the bank stops payment, so I've given them a list of about 20 countries where the card could be used. I'm not overly concerned about it. If a card get used for unauthorized purchases, it is the credit card companies problem, not mine. I just have to report it.
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Old 08-31-2017, 05:58 PM   #51
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I guess it depends on what you mean by "victim". So far as I know, I have never lost a cent, but there have been fraudulent charges, most of which my credit card company confirmed with me before paying. But there have been a few that made their way to my statement. I disputed those and got full credit back without a problem.
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Old 08-31-2017, 06:01 PM   #52
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You mention money in the account? So are you using a debit card to purchase? There's no money in a credit card account.
There can be, you just transfer more $ to the a/c than the outstanding balance. Very occasionally, there can be reason to do so.
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Old 08-31-2017, 06:12 PM   #53
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There can be, you just transfer more $ to the a/c than the outstanding balance. Very occasionally, there can be reason to do so.
I can't imagine any good reason, but it happened to me once. My wife accidentally paid our bill for a rarely used credit card twice, so we had a credit balance on the following statement. So she paid that amount and the following month the balance had doubled. Suspecting fraud, she brought it to my attention. I think that was just her way of getting out of bill paying duties.
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Old 08-31-2017, 11:23 PM   #54
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One tip we received from a police official is to never sign the back of the card. instead write in the space " ask for I.D. ". It's a interesting way to see if the retailer checks the back of the card, about 90% ask for I.D.
But that still doesn't protect someone from stealing your card #'s. Our card issuer also has the algorithm theft protection so they some what protect losses. I guess they figure the losses are just part of business expenses instead of the legal cost to track down the theives.
I have noticed some internet retailers have started using a system where you enter your card #'s and verifying information non-verbally to limit exposing card information orally which might be a safer alternative.
That's all fine but here in Canada, we don't sign our credit card slips. we use p.i.n. numbers. If you don't know the p.i.n., then the transaction does not go thru.However, phone transactions are not protected by this feature. BTW, if the back of the card is not signed by the cardholder, a merchant is not obliged to honour the card.
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Old 09-01-2017, 12:24 AM   #55
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This may be just personal experience but my guess is the majority of credit card fraud comes from someone getting the numbers on the card through internet purchases, copying the card, or hacking, not from someone physically stealing the card. Thus the signature on the back of the card is not the most important issue.

The United States is way behind the curve in credit card protection. It resisted the introduction of the chipped cards and still has not implemented the pin requirement. In a few places in western Europe US cards are not accepted because of the lack of a pin.
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Old 09-01-2017, 01:15 AM   #56
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This may be just personal experience but my guess is the majority of credit card fraud comes from someone getting the numbers on the card through internet purchases, copying the card, or hacking, not from someone physically stealing the card. Thus the signature on the back of the card is not the most important issue.

The United States is way behind the curve in credit card protection. It resisted the introduction of the chipped cards and still has not implemented the pin requirement. In a few places in western Europe US cards are not accepted because of the lack of a pin.
Internet theft of card information is a very small percentage of the problem. Skimming, card theft, copying are far more common. Then accessing the card processors and stealing the information from them has happened several times. The vast majority of internet merchants never receive the information necessary to commit fraud. Most internet sales with any form of substantial business entity go directly to the card processor. Even when you store the card number for repeat usage, the merchant doesn't have all the information, they have a token from the processor.

Credit card processors, banks, stores and many other entities have been breached and card information taken. Whereas the waiter or bartender gets one card at a time, in these breaches they get tens or hundreds of thousands.

As to the US trailing in card protection, absolutely. There's a very strong incentive now for merchants to update their equipment to EMV, If they process a fraudulent card on a machine that doesn't have an EMV reader, they may have to absorb the loss. Similarly if a merchant disables 3DSecure or similar technology online they may have to absorb. Otherwise, the vast majority of the time, the bank absorbs the loss.

Here is an article discussing the above.

https://www.quora.com/When-a-stolen-...takes-the-loss
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Old 09-01-2017, 01:45 AM   #57
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One more item in card fraud protection and that is that the market for selling volumes of cards or other private information is The Dark Web. Law Enforcement and Bank and credit card security services are regularly checking it and searching today.
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Old 09-01-2017, 03:52 AM   #58
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One tip we received from a police official is to never sign the back of the card. instead write in the space " ask for I.D. ". It's a interesting way to see if the retailer checks the back of the card, about 90% ask for I.D.
.
I don't have a credit card or bank account eftpos card but my wife does and I use them with her name on them all the time.
For near 10 years I have made purchases all over the world online and over the counter, not once has the female name on the card been an issue.
Pin numbers, numbers on the back for online purchases and now tap and go for eftpos cards makes it easy.
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Old 09-01-2017, 07:41 AM   #59
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The United States is way behind the curve in credit card protection. It resisted the introduction of the chipped cards and still has not implemented the pin requirement. In a few places in western Europe US cards are not accepted because of the lack of a pin.

I suspect the ball is in the merchants' (point of purchase) court, now.

Chip card distribution seems to have reached critical mass.... but shops don't have chip readers... and the ones that do mostly aren't requiring pins.

Skimming happens in restaurants (for example), cards are used at retailers...

Bank feels no pain, restaurant feels no pain, card holder feels no pain (perhaps not noticing the higher cost of goods and services across the board caused by credit card fraud)...

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Old 09-01-2017, 09:32 AM   #60
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I suspect the ball is in the merchants' (point of purchase) court, now.

Chip card distribution seems to have reached critical mass.... but shops don't have chip readers... and the ones that do mostly aren't requiring pins.

Skimming happens in restaurants (for example), cards are used at retailers...

Bank feels no pain, restaurant feels no pain, card holder feels no pain (perhaps not noticing the higher cost of goods and services across the board caused by credit card fraud)...

-Chris
The burden is on all of us. Users can be more diligent in watching for fraud. Merchants must add the equipment, whatever it costs, and the issuers have found that the only way to get them to do so is to hold them accountable if they don't. Card issuers must continue to upgrade their protections and continue to spend on new and better security systems.
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