Location: Western Hemisphere
Posted on: 21-10-09 14:26:51
My credit card account was recently compromised and I had several fraud charges on my account. The account was closed by the bank even before I knew of the fraud because the bank was monitoring the anomaly. I only knew of it when I got declined at a gas station.
I never lost the card itself. So, I am intrigued as to how someone was able to use my account to charge - twice at the same gas station, once at a walmart, once at a car wash and another at a gas station, all in a 5 day period.
All the transactions happened in Florida.
I can see the number can be easily stolen off, say, receipts and such, and fraud online purchases could be made...but a car wash and gas station??? Any clues? Thanks.
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Dimple2001
Same here, I never lost my ATM card still it was compromised ( remember more than the credit card, ATM card comes with a PIN that you need to enter).
I used it in a remote gas station, that is it.. In two days, it went up to the stage where bank blocked it well before I come to know.
If my assumptions are right, the unit where you swipe the card records all the information to enable creating a duplicate card or a hacker who could hack the network and decipher so called secured / encrypted data transmission.
This stupid cyber crime is going to be the largest at some point in the whole world and the greedy banks would really do nothing to prevent it. Needless to say, the technology is a doubled edged sword.
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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
Quote:
Originally posted by dimple2001
I never lost the card itself. So, I am intrigued as to how someone was able to use my account to charge - twice at the same gas station, once at a walmart, once at a car wash and another at a gas station, all in a 5 day period.
This happens a lot at the smaller merchants or gas stations. They swipe your card twice, once for the genuine transactions and the second time to capture your card information. Once they have the card info, the same is written onto a blank card, and viola... you have a duplicate card.
Most banks have sofisticated systems to monitor such activity, and block the card even before you realize what's happening. Sometimes they call you right away to confirm. It's a good thing that the bank caught the suspicious activity.
Have you heard of chip card, or contactless cards, well that's the new RFID technology that most banks have embraced, to counter fraud. With contactless cards, all the reader does is read the RFID chip on your card, that way you are not handing over the card to the vendor. Besides the encryption on these cards is very strong.
Europe introduced chip cards atleast 10-12 years ago, where as Canada has just started a year or 2 ago. Chip cards will certainly reduce fraud.
Sorry if I digressed...
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SS
Reiki Grand Master
Receipts do not usually have full credit card numbers printed on them. Chip cards can be a success when all the merchants switch to chip terminals and stop swiping the cards.
JRF, has the bank credited the money back to your account or is it under investigation.
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Location: Western Hemisphere
Posted on: 22-10-09 08:09:03
Quote:
Originally posted by sudesingh
Have you heard of chip card, or contactless cards, well that's the new RFID technology that most banks have embraced, to counter fraud. With contactless cards, all the reader does is read the RFID chip on your card, that way you are not handing over the card to the vendor. Besides the encryption on these cards is very strong.
Europe introduced chip cards atleast 10-12 years ago, where as Canada has just started a year ro 2 ago. Chip cards will certainly reduce fraud.
Sorry if I digressed...
No, it's good info. Thanks. Yes, I have heard of the chip cards. I just don't have one yet from any of the card issuers.
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Dimple2001
Location: Western Hemisphere
Posted on: 22-10-09 08:10:49
The bank did call me. Unfortunately, I had closed my cell phone account which happened to be the contact number. So, they simply closed it as they couldn't reach me and waited for me to react.
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Dimple2001
Quote:
Originally posted by sudesingh
Most banks have sofisticated systems to monitor such activity, and block the card even before you realize what's happening. Sometimes they call you right away to confirm. It's a good thing that the bank caught the suspicious activity.
This has happened to me. Bank caught it, lowered my upper limit on debit card, informed me straight away asking me to collect new card. It was quick.
Even after so many questions - bank didn't tell me the location/shop it happened. They did tell me that it happened in last couple days
and now in that shop, I use only cash.No damage was done - apart from the fact that it was compromised. Bank reacted swiftly n quickly.
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