Internet Credit Card Fraud

BandB said:

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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Yes, certainly, but the merchant's don't seem to be reacting quickly to all that "held accountable" stuff. Seems they're happy to just raise prices overall and stick their heads back in the sand...

-Chris

ranger42c said:

Yes, certainly, but the merchant's don't seem to be reacting quickly to all that "held accountable" stuff. Seems they're happy to just raise prices overall and stick their heads back in the sand...

-Chris

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Some do, some don't. The major merchants have reacted. We have retail stores and websites and wouldn't think of not being in full compliance. Security is important. Worse than the monetary loss it the damage to a business of customer data being gotten. Ask Target how badly they were hurt.

dhays said:

Having just returned from BC, I really like the way the retailers there handle the credit cards. Big or small, all restaurants and bars are able to handle the expense of the wireless card readers.

Of course the security of that is only as good as the encryption used on the wireless I suppose.

I just wish that more US companies would adopt the new tech. I had thought that using chip readers was mandatory (we made the switch in our office a few years ago) yet I still see a few retailers who haven't yet made the change. Not sure why...?

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Canada only has a few banks. They joined together and formed interact 30 years ago as an electronic debit system. They introduced chip cards ten years ago. Retailers couldn't exist without electronic transfers. Any transaction I make instantaneously shows up on my phone. Android Pay and Apple Pay are common in the smallest of businesses. We can even email money to each other through email addresses.

Because of this, credit card companies have been forced to use chip cards for years in Canada.

Can always tell US visitors as they are the ones signing receipts, which sometimes flummoxes young servers.

It is the much more effective banking regulation regimes overseas, oriented around public interest and consumer protection, that has resulted in their fraud rates remaining better under control.

Neither merchants nor consumers should have to primarily bear the burden

It is job of the government to ensure that the banks and payment networks comply with appropriately stringent requirements.

The problem in the US is that our financial industry has been allowed to subvert the public agencies that are supposed to keep them in line, so bank profitability has become a higher priority than the public interest.

Not internet fraud but Ive learned to only use a gas company credit card at service stations on the road from NJ to FL. Had my Visa hijacked twice by skimmers in gas pumps.

I was told never to go inside and use a card, use it at the pump much less chance of the pump having a reader than a dishonest employee to steal your info.

Bigsfish said:

I was told never to go inside and use a card, use it at the pump much less chance of the pump having a reader than a dishonest employee to steal your info.

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I've read the exact opposite. Now some depends on the equipment inside. Also the closer the pump is to the office the safer. The far pumps are the easy ones to install skimming equipment. The more sophisticated chains are cutting down on skimmers though with new equipment.

BansB

Sorry if I wasn't clear, the reason not to go inside is because the employee will steal your CC info after you drop off the card and go out to pump.

I find in many smaller shops Cash Is King , ask for a cash discount , and frequently they give one!

Planobilly said:

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.

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I should consider doing that. I have a lot of utilities and other regular expenses that are paid by CC. I love the convenience, until a card is cancelled. Then it is a pain. Using a separate card for those automatic payments, a different card or online purchases, and a third for day to day purchases would reduce the hassle. I'd still only need to carry one card with me.

I've never really had problems with my cards. Maybe because I don't get out much. I've had my bank replace my cards due to security issues several times over the past 5 years however due to security breaches elsewhere. Target was one.

dhays said:

Using a separate card for those automatic payments, a different card or online purchases, and a third for day to day purchases would reduce the hassle. I'd still only need to carry one card with me.

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This is exactly what I do, except I always carry two cards as one might be compromised/denied at the most inconvenient time.

Bay Pelican said:

This is exactly what I do, except I always carry two cards as one might be compromised/denied at the most inconvenient time.

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I always carry two as well. One reason is that many smaller businesses have issues with their processing. I've had a card refused that I used before and I used elsewhere ten minutes after the refusal. Yet, another card was accepted. The refusal never showed up with my card company as even being attempted.