Just heard on the radio...

One person used the credit card at the parking meter and received a bill of wooping $57,000.

On an other note, my neighbour informed me that he used his debit card at the Shell Gas Station and Winners. Somebody withdrew $13,000 from his account. He is a small business owner so he has this much money in his account on a rotating basis. His account is frozen for 14 days until Bank investigate further.

Looks like to steal the information it can be done remotely using somekind of new technology with physically installing camera's or any such thing. Even though we look for physical devices or cover PIN it can still be stolen.

I started this thread to harness new ideas on how to protect on an on-going basis as well as what to do if you are a victim.

-Mercury

Card data is stolen using a chip that they plant in the machine used for swiping cards. Unfortunately for debit card, the money has already gone out of the account pending investigation by the bank.

I did post an article from a newsletter here on identity theft http://www.canadiandesi.com/read.php?TID=7522&page=1#41578

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In some parkings for payments with credit card ....as they do not have the new swipe machines they use old ones that use the embossed name and number info so now the person has your number and expiry date and in a fraction of second he can flip over the card and remember the three digit numbers at the back and he is ready to go shopping over internet with your money (from credit card account.

so crooks will always find a way you have to be extra vigilant when using your credit card.

I myself being a victim of Identity theft last year, I know what it takes to get rid of that. In my case my RRSP, SIN, Credit cards etc. were compromised to tune of total $41K CDN. Cops and SIN fraud investigators were also involved.

In this recent case it is not identity theft but credit/debit fraud. While in Identify theft you end up proving that you are, who you say you are. RRSP etc gets compromised with all the passwords changed and you end up being a no name. I hope I am clear here. Very often people are confused by two terms mentioned above.

The credit card was swiped in downtown as per the news reporter. I have taken precaution by buying a cross cut shredder. Anything thing with our name on it ( letters) goes through shredder. Other never give out SIN unless it is mandated by law like immigration, RRSP or taxes.

Other thing which I gathered is now a days these crooks do not even have to install camera or a card reader and still be able to steal the information. If this is true, it is very scary.

Your views.

-Mercury