What Can Be Done About Security of Debit Cards? 511
JumpDrive writes "I have been the victim of (Visa) debit card theft. I do not know where they stole or got the number, but it was used one day on the other side of the country and the next day it was used in Europe until they cleaned out my account. I had been monitoring my account online and immediately went to the bank and filed a claim. I was told at that time it would be 3 to 5 weeks for them to investigate the claim before they could return my money. Recently I tried to make a purchase with a debit card and was told that they couldn't use the card since it wasn't a Visa or MasterCard check card; this led to a discussion of why I no longer have a Visa or MasterCard check card. Which then led to the question of 'What can be done about it?' Currently I have a separate account for debit usage for my personal safety. But I also think that those producing these check cards should be required to advertise the hazards of having one of these cards (not in small print and maybe required in advertisement of these cards, similar to what is required with pharmaceutical drugs on television) and/or that if a debit or check card is issued a separate account should be required for its use, and users informed of the issues of placing all of their money in the same account that their debit card has access to. What other precautionary measures should be required or taken?"
Re:Get a credit card (Score:3, Funny)
Most likely skimmed.
What's your card number and PIN so I can check.
Re:What can be done? Nothing. (Score:4, Funny)
Only a matter of time (Score:4, Funny)
It is no longer a question of if your card will get stolen, but when will it get stolen.
I keep my daily limit low on my debit card. Around $250-$300 is my daily max. When I want to purchase something over that I call the number on the back of the card and have it raised. After the purchase, I call back and lower it again. The few times I need to make that call are worth it.
Once I was calling back to get it lowered and the lady was so confused as to why anyone would want such a low daily limit. Once I explained it to her, she thought it was a good idea.
I use this card every day. So if someone runs it to its max, I will find out about at lunch time. If I am out that 300, its a manageable loss.
What if you could get back every dollar that they take from your account from the bank (or some type of insurance)? Lets just say you have a high daily limit and they are able clean out your account in 1-4 days. How long can you survive while you wait to get it back. Thats the scariest thing about it comming directly out of your account. It is money you are missing while you try to get it recovered. When it is on a normal credit card, you can still make your house payment. There is no way they could get that back to you over night. It would take days or months while they investigate.
The most common theft of credit card numbers are from family members or someone you know. When charges are local to you, the investigations require more time and take more work.
Re:Wow... (Score:3, Funny)
Re:What can be done? Nothing. (Score:4, Funny)
I suggest everyone reading this with a debit card transfer all of their money to my account. I do not have a debit card so it will be free from this sort of attack.
Hello Sir, I currently have over 3000000$(3 million) US dollars in account from my late uncle (Nigerian Royalty). If I could, please, to be put this inheritance in your account for 1 month to avoid Nigerian Tax Liability, I would gladly pay 10 percent to you in 1 month time. Please to send me your account number as offered and PIN. I will deposit funds forthrightly. Thank you God Bless! Kindest regards, Eeaye Eeayeou
Re:What can be done? Nothing. (Score:3, Funny)
I suggest everyone reading this with a debit card transfer all of their money to my account. I do not have a debit card so it will be free from this sort of attack.
Sure, I'll do that. Please post your routing number and account number so that I can complete the transaction.
Re:Get a credit card (Score:1, Funny)
Lots of the registers store your debit/credit card information unencrypted and criminals can recover and use tit.
That's an interesting approach.
Re:What can be done? Nothing. (Score:2, Funny)
Fight back. Get yourself one of the pens they use to check money (they're legal) and whenever they hand you back money to the same thing to them. It's quite amusing to see their faces when you check the money. Honestly it's not just being a dick - you're on the hook if you get a counterfeit bill and you can't pass it along if you know it's counterfeit. *
* You're also supposed to turn it into Secret Service and then you can claim it on your taxes as a loss. Oo. Regardless you're out the money if someone passes you a dud bill.