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.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.
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.it's amazing that the new security feature is worthless in the largest economy in the world.
Not directly.Dumb question here, but - are bank credit cards linked automatically to your chequing and saving accounts?
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.