In Other Financial News...

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HappyDaze
Posts: 4186
Joined: Tue Oct 15, 2019 11:11 am

Re: In Other Financial News...

Post by HappyDaze »

MackerelCat wrote: Sun Dec 04, 2022 8:13 pm Ours has been hacked a few times. Once the person who did so tried to order jewelry from a site where I routinely order only shoes and socks. Their customer service department called me because it was unusual and that's how it was caught.

We started buying gas only with preloaded gift cards at Walmart and have not had a problem since.
Wow, that is some good, attentive customer service!
"All his life he tried to be a good person. Many times, however, he failed. After all, he was only human. He wasn't a dog."

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ohjodi
Posts: 1444
Joined: Sun Aug 30, 2015 3:57 pm

Re: In Other Financial News...

Post by ohjodi »

Never use a debit card. Always use a credit card.

It can take time to get fraud sorted out, and with a debit card your money is gone until the bank fixes it, if they do. This can sometimes take weeks. In the meantime, you're short money for your mortgage, bills, groceries, etc. Your checking account might overdraw, or items go unpaid. Sometimes the bank might give you "provisional credit" for the money, while they figure it out, but often they do not.

With a credit card, YOUR money isn't stolen. It's the bank's money. Your checking account is untouched.
You do not have to pay items that are in dispute.

------>>>>> I know this after years of listening to bank customers cry on the phone while I filed their fraud claims. But my own family doesn't even listen to me.....but who do they call when this happens? Me. And I listen to them cry on the phone.....
ohjodi
Quilter51
Posts: 2815
Joined: Sat Aug 29, 2015 6:04 pm

Re: In Other Financial News...

Post by Quilter51 »

Im pretty happy with USAA, they text me and often know something looks iffy before I do. I do alot of free trials and they are always asking me about the one dollar or one 99 shipping charges to make sure someone is not phishing.

I don't have a credit card, I only use a debit card and I have done so for every thing I purchase with this bank since 2001. I understand the common wisdom, and I do often put a hold on my card when I am not using it.
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Jackielou
Posts: 13425
Joined: Tue Aug 25, 2015 7:51 pm

Re: In Other Financial News...

Post by Jackielou »

ohjodi wrote: Tue Dec 06, 2022 11:38 pm Never use a debit card. Always use a credit card.

It can take time to get fraud sorted out, and with a debit card your money is gone until the bank fixes it, if they do. This can sometimes take weeks. In the meantime, you're short money for your mortgage, bills, groceries, etc. Your checking account might overdraw, or items go unpaid. Sometimes the bank might give you "provisional credit" for the money, while they figure it out, but often they do not.

With a credit card, YOUR money isn't stolen. It's the bank's money. Your checking account is untouched.
You do not have to pay items that are in dispute.

------>>>>> I know this after years of listening to bank customers cry on the phone while I filed their fraud claims. But my own family doesn't even listen to me.....but who do they call when this happens? Me. And I listen to them cry on the phone.....
Are debit cards in Canada harder to do a scam on? In all my years of banking (now reaching around 55) and in all the years of having a debit card probably close to 40 the only time I hear about fraudulent charges is on credit card, never a debit card. The only time someone tried to scam us was on our credit card (only happened twice for very small amounts) and the bank got that straightened out quickly with one phone call.
Jackie
http://inthelandofthelivingskiesii.blogspot.ca/
ohjodi
Posts: 1444
Joined: Sun Aug 30, 2015 3:57 pm

Re: In Other Financial News...

Post by ohjodi »

Jackielou wrote: Wed Dec 07, 2022 8:30 am Are debit cards in Canada harder to do a scam on? In all my years of banking (now reaching around 55) and in all the years of having a debit card probably close to 40 the only time I hear about fraudulent charges is on credit card, never a debit card. The only time someone tried to scam us was on our credit card (only happened twice for very small amounts) and the bank got that straightened out quickly with one phone call.
Maybe? With banking laws and regulations being specific to each country, they probably are connected to different credit/debit processing systems than the US, although you can make purchases in different countries and it still goes back to your bank in Canada.

Fraud won't happen to everyone. But it can be a huge mess when it does.
ohjodi
mbrudnic
Posts: 4500
Joined: Fri Aug 28, 2015 7:57 am

Re: In Other Financial News...

Post by mbrudnic »

ohjodi wrote: Wed Dec 07, 2022 11:34 am Maybe? With banking laws and regulations being specific to each country, they probably are connected to different credit/debit processing systems than the US, although you can make purchases in different countries and it still goes back to your bank in Canada.

Fraud won't happen to everyone. But it can be a huge mess when it does.
Exactly,
Risk is measured in 2 parts 1) Likelihood of something happening and 2) the Impact of the event.

The impact of Debit card compromise, like identity theft, is huge. It takes a long time to clean it all up and can put you in a bad place for awhile.
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