Bank and Credit Card Fraud

Banking and Saving strategies, maximizing interest rates, budgeting, GICs, HISAs.
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Bylo Selhi
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Re: Bank and Credit Card Fraud

Post by Bylo Selhi »

Lucy2001 wrote:It settled down when my Chip card finally arrived, but after all the non-fraud shutdowns the chip card was skimmed somehow in New York in June.
A Chip&Pin card is not absolute protection against skimming. Did the terminal in NY have a chip reader? Most terminals in the US don't have this feature yet. Also if you physically gave your card to someone, say a waiter at a restaurant, they could have written down the visible particulars on your card, including 3-digit security code. That would allow them to use your card to make online and telephone purchases.
it's amazing that the new security feature is worthless in the largest economy in the world.
It's not useless. But it is better than previous CC security systems. Just like the new security features in our new plastic currency makes it harder to counterfeit, it's still possible.
Dumb question here, but - are bank credit cards linked automatically to your chequing and saving accounts?
Not directly.
1. When you make a cash withdrawal using a CC it's treated as a cash advance. You're charged a fee plus daily interest on the full balance. (Say you have a balance of $5k on the card and you withdraw $1k in cash. You'll be charged $5 for the cash advance plus daily interest on the full $6k.)
2. The agreement you signed to get the card probably included the bank's right of offset, i.e. their right to dip into your banking and/or brokerage accounts, assuming you have them with that bank, if your CC goes into default.
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adrian2
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Re: Bank and Credit Card Fraud

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Bylo Selhi wrote:
Lucy2001 wrote:Dumb question here, but - are bank credit cards linked automatically to your chequing and saving accounts?
Not directly.
1. When you make a cash withdrawal using a CC it's treated as a cash advance.
A credit card can be linked, at the customer's request, to their chequing account. This was the typical practice in South Africa, so when I came here I've asked CIBC to link my Visa to my CIBC chequing (no problem). The advantage, to me, was one less card to carry in my wallet, as I could do ATM withdrawals from chequing by using my Visa.
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Re: Bank and Credit Card Fraud

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A month or so ago, I bought a new door at Home Depot. They said I would get another $25.00 off if I opened a credit card account. So we did that.

I paid for the door as soon as the cc bill arrived. But just looking at the account summary, I see the interest rate is 28.8%.

Mind you, I think our MC is close to 20%. But never have paid interest on a CC account.

It's hard to believe that they can legally charge rates like that. They are basically preying on those who can least afford it.
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Re: Bank and Credit Card Fraud

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Springbok wrote:A month or so ago, I bought a new door at Home Depot. They said I would get another $25.00 off if I opened a credit card account. So we did that.

I paid for the door as soon as the cc bill arrived. But just looking at the account summary, I see the interest rate is 28.8%.
Most, if not all, store cards are like that.
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Re: Bank and Credit Card Fraud

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<ot>Re: right of offset.

A number of years ago a bank robber targeted an Ottawa BNS branch. The take was modest, but he was soon caught and charged.

Turned out he was a BNS customer at another branch. The day he was convicted, BNS removed the amount he stole from his account.

"Let him try to get it back", said a BNS spokesman.

(source - newspaper report many years ago - may have been the Ottawa Citizen or G&M)
</ot>
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Re: Bank and Credit Card Fraud

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adrian2 wrote:A credit card can be linked, at the customer's request, to their chequing account. This was the typical practice in South Africa, so when I came here I've asked CIBC to link my Visa to my CIBC chequing (no problem). The advantage, to me, was one less card to carry in my wallet, as I could do ATM withdrawals from chequing by using my Visa.
I was using such a card for an ATM withdrawal and the machine suddenly shut down. It was Friday before Christmas and the bank would reopen on Tuesday. So I was left without cash or credit. (Did I mention that I still had shopping to do?) Now I value multiple single purpose cards from multiple banks. :thumbsup:
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Re: Bank and Credit Card Fraud

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Before I even got home today, an overnight package through UPS had my new credit card inside. There isn't a single word about what I should be doing to protect my card better, yet they make it very easy for me to activate my card and start spending again :shock:
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Re: Bank and Credit Card Fraud

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An inexpensive device to defeat PIN security!

Looks like we still have to stay alert when using the new PIN-equipped CHIP cards.
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Re: Bank and Credit Card Fraud

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Perhaps but they would also have to get your card or a copy of it.

In most stores, after you have put in your pin, by the time the clerk runs off your receipt and hands you your bag, any heat would have dissipated. ALthough I am noticing very few people take their receipt. As soon as the card /pin is accepted, they grab their merchandise and go.
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Re: Bank and Credit Card Fraud

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twa2w wrote:As soon as the card /pin is accepted, they grab their merchandise and go.
Luckily that receipt does not show anything other than the last four digits. I wonder how the crooks would get the whole number to match the PIN?
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Re: Bank and Credit Card Fraud

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I suppose you could touch every one of the buttons afterwards just in case someone does an IR scan :P
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Re: Bank and Credit Card Fraud

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Bylo Selhi wrote:when my business partner and his wife had his and her CIBC AP Visa cards, when he was filling his rental car on a business trip in NJ while she was trying to fill her car in Tronno (each transaction under $50) CIBC's computer managed to detect this as possible fraud and desperately called their home to verify. Who writes these @#$%ing programs?
The same card/account being used simultaneously in two geographically disparate locations? Seems like a reasonable condition to trigger a red flag in automated fraud detection software to me.
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Re: Bank and Credit Card Fraud

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Springbok wrote:It's hard to believe that they can legally charge rates like that.
Section 347 of the Criminal Code makes it legal to charge up to and including 60% interest on loans.
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Re: Bank and Credit Card Fraud

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kombat wrote:The same card/account being used simultaneously
It was CIBC who chose to issue two cards with identical numbers/accounts, without even a bit to distinguish between his and hers. By contrast TD issues two cards with different numbers, both linked to the same account.

in two geographically disparate locations? Seems like a reasonable condition to trigger a red flag in automated fraud detection software to me.
Over a $50 charge? This on a card that sold to high-income, high-spending people and their spouses. You know the type that lead independent careers that often involves independent travel. Hell they even call the card Aeroplan and tie in into Canada's flag carrier's frequent flyer program to appeal to travelling people who might very well be in "in two geographically disparate locations" at the same time. A big d'oh to CIBC for that.

Seems like the "@#$%ing" analysts and programmers who set up the base system and then the criteria to detect fraudulent use need to share in somemost of the responsibility for this situation. Except that at CIBC management is way too brain-dead to even appreciate the problem let alone hold to account the "@#$%ing" analysts and programmers who created it. After all CM (some would include BMO) exists solely to make the other big-5 banks seem competent. And that is about the only thing they seem to be able to do, well, competently.
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Re: Bank and Credit Card Fraud

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Bylo Selhi wrote:Seems like the "@#$%ing" analysts and programmers
I would hope they use a machine learning algorithm to figure these things out, it's in fashion now. Of course they need the right inputs.

But I'm posting to point out that TD now has an online 'I'm travelling' link so you can just enter it online. I wonder how far I need to go before I'm considered 'travelling'.

Another cool thing was I went to a waterpark near Ottawa and I loaded $50 onto my fingerprint and used my finger to pay everywhere in the park. Way more convenient than... well, anything. They refund the unused amount in cash so next time I'll put $667,000 on the card and just refund it in cash and get a free vacation from the points.

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Re: Bank and Credit Card Fraud

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newguy wrote:They refund the unused amount in cash so next time I'll put $667,000 on the card and just refund it in cash and get a free vacation from the points.
I bow my head to you, my credit card limit is only $666,000! :P
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Re: Bank and Credit Card Fraud

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adrian2 wrote:
newguy wrote:They refund the unused amount in cash so next time I'll put $667,000 on the card and just refund it in cash and get a free vacation from the points.
I bow my head to you, my credit card limit is only $666,000! :P
Actually mine's even less so I'll just deposit some before hand.

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Re: Bank and Credit Card Fraud

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newguy wrote: Another cool thing was I went to a waterpark near Ottawa and I loaded $50 onto my fingerprint and used my finger to pay everywhere in the park. Way more convenient than... well, anything. They refund the unused amount in cash
That does sound neat. Wonder if it's being used elsewhere?
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Re: Bank and Credit Card Fraud

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Springbok wrote:
newguy wrote: Another cool thing was I went to a waterpark near Ottawa and I loaded $50 onto my fingerprint and used my finger to pay everywhere in the park. Way more convenient than... well, anything. They refund the unused amount in cash
That does sound neat. Wonder if it's being used elsewhere?
Many parks in the US use fingerprints for entry, re-entry. Same with the six fags her in mtl. Though hey had some privacy commission story in the paper a while ago. First time I've seen it for payment, but that only makes extra sense at a waterpark or beach resort.

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Re: Bank and Credit Card Fraud

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newguy wrote:Many parks in the US use fingerprints for entry, re-entry. Same with the six fags her in mtl.
It's none of my business if these six gay men use fingers for re-entry but you don't have to call them that word ;-)
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Re: Bank and Credit Card Fraud

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newguy wrote:Same with the six fags her in mtl. Though hey had some privacy commission story in the paper a while ago.
Previewing your post might help avoid typos or do you have a broken keyboard? :wink:

Believe this is the story ... La Ronde under fire for scanning visitors' fingerprints - Montreal - CBC News
La Ronde, the Montreal amusement park owned by Six Flags, is scanning biometric data from its users to admit them to the park. The only problem is, it hasn't been cleared to do so.
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Re: Bank and Credit Card Fraud

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:lol: If I'm lazy and sitting on the couch, I'm too far for the keyboard transmitter. All those words seem to be legit in chrome or I would have noticed.

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Re: Bank and Credit Card Fraud

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Got a call from TD Visa yesterday. I had returned the rental car full in Toronto and then filled up my car by the airport in south Vancouver. They had no problem with the chipped transaction at the TO airport. But the Chevron in Vancouver was mag stripe. It was nice to see them checking.
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Re: Bank and Credit Card Fraud

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How to get cash out of an ATM when you forgot to bring a bank card (the Russian way.)
ba-2.jpg
This could also be useful if you lack the Jesse Pinkman touch. (A Breaking Bad moment.)
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Re: Bank and Credit Card Fraud

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I got a suspicious email this morning from what seems like a legitimate Sweedish car parts website. I had it Google translated and it was registerstion confirmation email with what seems like a legitimate home address.

It caught my attention because when my card was stolen last August, they had purchased travel tickets to Sweeden. This all could be a mistake by someone who entered a wrong email address, or it might have a link to my old stolen card. I called MBNA and was on hold for 25 minutes, then they told me there was no direct email for the fraud department and must use the website to submit info. I tried the website multiple times and it has issues that won't let me submit. I tried an online chat with an agent, and they gave me a different phone number. I called that number and it looked like another 25 minute hold, so I hung up. All in all 45 minutes of my time trying to possibly help them. I certainly don't get the impression they want to hear from customers on fraud matter.
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