Bank and Credit Card Fraud

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kcowan
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Re: Bank and Credit Card Fraud

Post by kcowan »

Debit chip cards dramatically reduce fraud, especially in Canada.

I suspect most of the black area is in the US?
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Re: Bank and Credit Card Fraud

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My new replacement TD CT access card arrived in todays mail to replace a pending expiration. Note it is now called a Visa debit card, but the brochure reminds us it is a debit card not a credit card.WTF,Dejavu.
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CROCKD
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Re: Bank and Credit Card Fraud

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From an online forum with questions and answers from TD.

April asked if she could replace the visa debit with the old td debit card. You did not answer her question. I found out that TD will replace the new card with an old one but they "have to order an old card for you" You are not allowed to have both.


You’re absolutely correct! It is possible to request an “old” Access Card without the Visa Debit functionality. These requests will be evaluated on a case-by-case basis and at this point in time it is only possible to have this completed over the phone (1-866-222-3456) or on branch (http://bit.ly/q16FQZ).


As far as I recall the Visa and Mastercard debit cards will cost the merchants more than the fees charged by Interac. Hence the push by the banks to replace Interac with their cards.
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Re: Bank and Credit Card Fraud

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CROCKD wrote:As far as I recall the Visa and Mastercard debit cards will cost the merchants more than the fees charged by Interac. Hence the push by the banks to replace Interac with their cards.
My TD VISA debit card also has an Interac logo. So if merchants are smart enough to maintain their Interac accounts, presumably they'd be able to make their system default to Interac over VISA debit?
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Re: Bank and Credit Card Fraud

Post by DenisD »

Would Visa have better security? I.E., be more likely to nuke your card if you did something unusual?
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Re: Bank and Credit Card Fraud

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I have just ordered the old style debit card so as not to accept the new Visa debit. I have to wait for 1 week for card to arrive. I was told that eventually the opt out feature will no longer be available. Dejavu.
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AltaRed
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Re: Bank and Credit Card Fraud

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kcowan wrote:Debit chip cards dramatically reduce fraud, especially in Canada.

I suspect most of the black area is in the US?
Perhaps. The US is converting now as well. Both my Wells Fargo debit card and Visa credit card are now chip enabled though few merchants are yet set up for it. Had a discussion with a number of vendors during our recent Hawaii vacation about that. Some were ambivalent about it and some supportive. Most acknowledged that signing chits with one's signature was meaningless and time consuming. Anyone could do fake that.
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kcowan
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Re: Bank and Credit Card Fraud

Post by kcowan »

AltaRed wrote:Most acknowledged that signing chits with one's signature was meaningless and time consuming. Anyone could do fake that.
Yes our chip/PIN credit cards are often just signed in the US and even signed after entering the PIN in Mexico.

But the article is referring to debit cards. We can use our chip/PIN Mexican Visa debit card at grocers in Mexico without entering the PIN, even though they ask for the PIN on credit transactions (and signature). I guess there is a long way to go.
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Re: Bank and Credit Card Fraud

Post by chufinora »

Visa debit cards have been common in the UK for over 25 years. I have always thought it strange they did not exist in Canada. One thing they are good for is low income/young people who do not have sufficient credit history to qualify for a CC it does not force them into pre-loaded CC with onerous fees. (eg. A teenager who want to buy something online with sufficient money in their bank account)
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Re: Bank and Credit Card Fraud

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Many CDNs seems oblivious to VISA debit still. Last year my roommate had a cell phone bill of a few hundred dollars (due to an upgrade) and asked urgently if I could use my credit card since she doesn't have one, and she'd transfer the funds immediately from her bank account. I looked at her debit card and pointed out it had a VISA symbol, and suggested she try entering that into Rogers' system to pay her bill directly. She was skeptical, but humoured me and it worked.
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Re: Bank and Credit Card Fraud

Post by kcowan »

It is ironic that the very banks to be applauded for implementing Interac in the 80s, are now shamelessly forcing Visa Debit on their customers, making the cost of PIN-enabled POS terminals to be absorbed by the retailers (and in turn their customers) through higher fees.
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AltaRed
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Re: Bank and Credit Card Fraud

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kcowan wrote:
AltaRed wrote:Most acknowledged that signing chits with one's signature was meaningless and time consuming. Anyone could do fake that.
Yes our chip/PIN credit cards are often just signed in the US and even signed after entering the PIN in Mexico.

But the article is referring to debit cards. We can use our chip/PIN Mexican Visa debit card at grocers in Mexico without entering the PIN, even though they ask for the PIN on credit transactions (and signature). I guess there is a long way to go.
Yes, I am aware of that. I've used my Wells Fargo Visa debit card a few times as well while in the USA, sometimes with the PIN and sometimes not thus necessitating a signature, though mostly it is an ATM card for me. I try never to use debit unless I have too.
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Re: Bank and Credit Card Fraud

Post by Shakespeare »

AltaRed wrote:
kcowan wrote:Debit chip cards dramatically reduce fraud, especially in Canada.

I suspect most of the black area is in the US?
Perhaps. The US is converting now as well. Both my Wells Fargo debit card and Visa credit card are now chip enabled though few merchants are yet set up for it. Had a discussion with a number of vendors during our recent Hawaii vacation about that. Some were ambivalent about it and some supportive. Most acknowledged that signing chits with one's signature was meaningless and time consuming. Anyone could do fake that.
When in HNL two weeks ago the Wal-Mart just inland from the Ala Moana shopping center (and much less expensive :!: ) had the reader for my Visa chip credit card.
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Re: Bank and Credit Card Fraud

Post by ig17 »

My bank called me yesterday. MasterCard detected suspicious activity on my credit card. Someone attempted 6-8 transactions in less than 24 hours. Two small transactions went through. MasterCard rejected the rest, including one for more than 10K! The bank is sending me a replacement card with a new number.

The old card had a chip. I assume the crooks swiped and signed a fake card without a chip. I wish I knew how they got my card number. :evil:
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Re: Bank and Credit Card Fraud

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pmj wrote:
CROCKD wrote:As far as I recall the Visa and Mastercard debit cards will cost the merchants more than the fees charged by Interac. Hence the push by the banks to replace Interac with their cards.
My TD VISA debit card also has an Interac logo. So if merchants are smart enough to maintain their Interac accounts, presumably they'd be able to make their system default to Interac over VISA debit?
The merchants don't have to do anything. The new cards work as the old ones (debit style) on all brick and mortar point of sale locations in Canada; they function as Visa outside of Canada (brick and mortar) and on the web.
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Re: Bank and Credit Card Fraud

Post by 2 yen »

So far on this winter trip south, we've been asked twice for a pin on chip card. Twice out of probably more than 150 transactions. Much of our experience in the U.S. is that the country as a whole is stuck in some kind of time warp about 20 years ago.

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Re: Bank and Credit Card Fraud

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ig17 wrote:My bank called me yesterday. MasterCard detected suspicious activity on my credit card. Someone attempted 6-8 transactions in less than 24 hours. Two small transactions went through. MasterCard rejected the rest, including one for more than 10K! The bank is sending me a replacement card with a new number.

The old card had a chip. I assume the crooks swiped and signed a fake card without a chip. I wish I knew how they got my card number. :evil:
I noticed on the 28th that my MasterCard had stopped working. I gave them a call and apparently they've been monitoring accounts following a "significant breach involving a third party". Some accounts affected were starting to post fraudulent transactions, so they decided to deactivate all cards that had been used at this particular retailer (Target maybe?).

I guess the cost of dealing with all those fraudulent charges was expected to exceed the cost of lost business, plus mailing out a bunch of new cards. They did offer to express ship the new card to me free of charge :roll:
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Re: Bank and Credit Card Fraud

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We arrived home from a month in Arizona, Sunday morning. I got a call at 8 am today (Tuesday) that my Amazon Visa card may have been compromised. We went over the charges - all mine - and cancelled the card with a replacement to be sent out. Out of the month in Arizona, I only encountered one chip card machine. :(
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Re: Bank and Credit Card Fraud

Post by like_to_retire »

Jaunty wrote: I got a call at 8 am today (Tuesday) that my Amazon Visa card may have been compromised.
Yeah, I've had lots of phone calls in the early hours of the morning that my VISA card had been compromised.

All of those calls were scams.

ltr
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Re: Bank and Credit Card Fraud

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like_to_retire wrote:
Jaunty wrote: I got a call at 8 am today (Tuesday) that my Amazon Visa card may have been compromised.
Yeah, I've had lots of phone calls in the early hours of the morning that my VISA card had been compromised.

All of those calls were scams.

ltr
Typically the difference is they're able to prove they are who they say they are. The scam calls usually do not actually know the last 4 digits of your card, the bank, the card name etc, unless they have found their way to this info illegitimately. I did once get an MBNA call that sounded fishy to me, so rather than provide information on the phone I asked if there was a number I could call back. Then I looked that number up and verified it really was an MBNA number, called them back and addressed the issue.
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Re: Bank and Credit Card Fraud

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Every year, sometime in June, Mastercard calls me first thing in the morning to advise me that my card is on hold because of a suspicious transaction originating in Germany. It's a legitimate charge - I pay for a usenet feed from news.individual.net, and it's 10 Euros/year. I'm very happy that they flag this.
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Re: Bank and Credit Card Fraud

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Yes, it was legit. They knew the last 4 numbers & the charges I had made that month - I reviewed the receipts as they read the charges and they could tell me the date & time of the transaction. They also knew to tell me my wife's card on the same account would not be affected.
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Re: Bank and Credit Card Fraud

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I received a call the other day. The telephone number was local and showed on my Caller ID screen.???? When I replied, I got a recorded message telling me that I had been selected randomly for a contest with Marriott Hotels :D Was I interested Please press 1. I pressed 1. Then I got another recording. This time it was an African voice asking me if I was 18, Please press 1. So I hung up. I forwarded the info to Marriott and they acknowledged that they were aware of a scam in Canada of this nature. Apparently they con you until they get credit card info.
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Re: Bank and Credit Card Fraud

Post by queerasmoi »

I always get the call form a robotic voice announcing that WestJet is giving me a $999 credit.
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Re: Bank and Credit Card Fraud

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" A verbal contract isn't worth the paper it is written on " Samuel Goldwyn
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