Comments on: Credit Card Fraud Sucks

By: GC

GC — Wed, 28 Nov 2007 20:17:03 +0000

hi
I sometimes pass through here and don’t say anything
thanks for sharing this story
it’s frightening that someone is able to do that. I wonder if a bank would be willing to say who the person was.

By: Frugal Babe » Archive » Progress In Preventing Credit Card Fraud

Frugal Babe » Archive » Progress In Preventing Credit Card Fraud — Tue, 27 Nov 2007 18:40:53 +0000

[...] of who is asking for it.Â We would never do this, but a thief would (and did, in the case of our business credit card last week).Â So if someone calls the bank and claims to be one of us, asking for a balance transfer, it [...]

By: Frugal Babe

Frugal Babe — Sat, 24 Nov 2007 22:36:09 +0000

Alicia,
you seem like an angry person. I would suggest chilling out, but that’s probably not your style. What good would getting upset do me? Stuff like this happens. If you get this upset over something like this, how do you deal when something really goes wrong?
Sure, this sucks, and I’ll have to spend an hour or so changing credit card info with the vendors we use for our business. But why not look on the bright side? This was a business account, set up through our corporation, so it has nothing to do with our personal finances and can never end up on our credit report, even if the bank takes a while to get it straightened out. Yes, I check our credit reports regularly. We only have two credit cards for personal use - an AmEx that we use only at Costco and a Visa that we use everywhere else. I check the balances and transactions daily, and would catch a fraudulent charge within 24 hours.
Yes, it sucks that banks charge higher fees when they are unable to recoup losses. But keep in mind that a lot of fees (over limit charges, interest, atm fees, overdraft, etc.) are things that can be avoided by shopping around for a bank and by being careful with your banking. Our corporate bank account has a $7/month fee. Other than that, we pay no bank or credit card fees, personal or business.
In the overall scheme of things that can go wrong in any given day, this really isn’t worth being angry or upset about - life goes on, and I intend to face it with a smile.

By: alicia

alicia — Sat, 24 Nov 2007 22:02:15 +0000

You actually think that because it happened on a credit card you (and all of us) will not be affected by it? The banks will have to charge all the rest of us higher fees in order for them to make up their losses. There is no such thing as “their problem, not mine” I said to use a visa debit/charge card and only fund it with the money you are going to spend. What makes you think the thieves don’t already know about your bank account? Your own words are: The fraud department verified that someone had called in last Thursday, armed with our card number, the security code from the back of the card, our address, and my husbandâ€™s personal info that is verified when people make phone transactions.
SOMEONE, A REAL LIVE PERSON CALLED YOUR BANK AND VERBALLY SPOKE WITH A TELLER and knew all your husband’s info and was able to verbally get the ACH transfer done????
Have you checked your credit reports yet? Betcha there are more things being done?
Your laise faire attitude is amazing. You actually think that this has nothing to do with you and is not your problem.
Just know that those 10 different vendors you have to call and change your info, one of them may have been the thief and you are going to be giving him/her your new information. Nice.
Have a great day.
Oh! and enjoy your ‘free’ gas.

By: paidtwice

paidtwice — Sat, 24 Nov 2007 18:19:21 +0000

Well Alicia, that was unnecessarily harsh. Geez.

That stinks FB what happened to you and I am glad it is sorted out. Bah on those dishonest people.

By: FrugalBabe

FrugalBabe — Sat, 24 Nov 2007 17:48:55 +0000

Alicia,
I think you misunderstood my post. They transferred money from our credit card - not a bank account - to their own account. So we didn’t lose anything at all. The bank has shut down the card, issued us a new one, and they are dealing with the $3600. If we were using a debit card, thieves would actually have access to our bank account, as the card would be linked to the account. Credit cards have automatic fraud protection, as long as you notify the credit card company that someone has used your card fraudulently, you are not responsible for any charges they made. I would much rather do that than have people use my debit card and actually take money out of my account. Then I would have to make sure that the bank got it straightened out and put the money back. As it is now, the money is the bank’s problem - I’m sure they’ll get it back, but if they don’t, it doesn’t have anything to do with me.

By: alicia

alicia — Sat, 24 Nov 2007 16:58:34 +0000

Someone stole your identity, transferred money out of your account and into their own and you’re happy you at least got a $100 gas card out of it? You all deserve each other.

What happened to you is a very serious thing and I am sure will not be the end of it. If you pay your bills in full at the end of each month, why not use a visa/debit/check card and fund it only with the cash you use and need? This way you limit your liability and you still get the safety measures a charge card has?

Play with snakes get bit by snakes. You got bit!

By: Mrs. Micah

Mrs. Micah — Fri, 23 Nov 2007 20:02:44 +0000

That really sucks. My cousin had that happen to her earlier this week. Fortunately, her card was immediately frozen by the bank and she got a new one.

The $100 of gas is awesome! very practical.