Posted on 09/02/2014 2:19:02 PM PDT by BlueMondaySkipper
Multiple banks say they are seeing evidence that Home Depot stores may be the source of a massive new batch of stolen credit and debit cards that went on sale this morning in the cybercrime underground. Home Depot says that it is working with banks and law enforcement agencies to investigate reports of suspicious activity.
(Excerpt) Read more at krebsonsecurity.com ...
I have been protected as well. Someone cloned my A/E card and tried to use it in Manhattan.
I live near Los Angeles. That didn’t fly.
>>I just saw an article today about the vulnerabilities in the cell phone OSs<<
Yay them. They can do the same as reading my Credit Card # over my shoulder or in a restaurant?
Zero marginal net effect.
You think I keep anything IMPORTANT on my cell phone?
I don’t have a useful FB page, I don’t twitter and I don’t text.
No documentation. It’s based upon the assumption that credit card account information is more detailed than a debit card info which is fixed to a specific checking account and bank.
I don’t keep anything on my phone either. But when someone is talking about making purchases with your phone, and there is news out about the vulnerabilities, will be just like losing your CC.
Probably a bit painful, but really, not too bad.
My first one was used at a Walmart in the South - maybe Georgia or Florida - at the same time I was paying a parking fee in Boulder, CO...
>>and there is news out about the vulnerabilities, will be just like losing your CC.
Probably a bit painful, but really, not too bad.<<
And the protections are immediate.
OK, Debit Card smarties on the thread — how many of you had your bank account drained and how long until the bank restored your balance?
And if your balance is small, how do you make reservations, purchase from etailers, etc?
LifeLock agrees with you. But I’m sticking with my locked-down, single account debit card. My bank manages it well and I call them before travel or major purchases so they don’t freeze it -as they’ve done in the past.
http://www.lifelock.com/education/your-money-and-finances/debit-credit-card-protection/
“But in comparing the two most widely used forms of payment—debit and credit cards—credit cards offer more protection and less risk because funds are not being directly withdrawn from the user’s bank account as it is with a debit card. Fraudulent withdrawals on a debit card can result in bounced checks and no access to cash while the bank investigates their report.
Additionally, most credit card companies allow 90 days for a victim to report an unauthorized transaction, while banks generally require a two-day notice for unauthorized debit card purchases. For debit cards, your loss is limited to $50 only if you notify your financial institution two business days after learning of loss or theft. It then goes to $500 until 60 days after the statement is mailed and becomes unlimited thereafter. For a credit card, your liability is limited to $50 for any fraudulent use.
Not a debit card fan... no answers from me.
>>Not a debit card fan... no answers from me.<<
It was a call out, not directed at you LOL.
Life is full of risks — your risk profile resembles mine and follows the advice of every financial planner — because I know them all y’know :)
Never.
"...how long until the bank restored your balance?"
Irrelevant.
"And if your balance is small, how do you make reservations, purchase from etailers, etc?"
American Express CC.
We use Debit Cards for daily and small purchases, CC for others that require them like renting a car, but only rarely.
We have separate "checking accounts" with a Debit Card for each that are tied to the primary account with $$ transferred from the primary account to the sub-accounts.
So we have 3 Debit cards, wife's, mine and the primary...Credit Union does a good job and we also exercise due diligence in "firewalling" our funds from outside pillaging...
Nope. The card company is out the money, not you. Of course, admittedly, it's still inconvenient.
As for debit cards, don't carry them. Ask your bank for an ATM-only card. Make sure it doesn't have a Visa or Master Card logo.
The rules about who is liable are similar for debit and credit cards. But with a debit card, the bank already has your money, and if there's an impasse, you have to sue them. With a credit card, it's the other way around: the card company has to sue you.
I finally decided to set the pin# on my debit card to something I know so I can deposit checks.
Few weeks later, I got a new debit card; I figured it was for expiration date. Until I tried to deposit a check and my new pin didn’t work.
So I went in. The bank had no idea why I had two debit cards issued on the same account but they took care of it.
If I only kept a debit card, I would use “gift cards” for travel, etc, minus the booking of the flight/rental car. If that were a concern. Definitely would not be booking my whole vaca and expenses on a debit card.
When we went to CR a few years ago, we even converted cash in the US before going.
>>”...how many of you had your bank account drained...?
Never.
“...how long until the bank restored your balance?”
Irrelevant<<
Not much point in reading your non-answers. “Never happened to me”<>”irrelevant”
>>So we have 3 Debit cards, wife’s, mine and the primary...Credit Union does a good job and we also exercise due diligence in “firewalling” our funds from outside pillaging..<<
1) You THINK they are firewalling. Since you haven’t been attacked (by your own admission) you have no idea how well protected you are (althought this thread is replete with information on how you are not).
2) And this is better than a credit card, how? I just put stuff on a CC and that is it. Seems easier to me. And definitely safer.
According to the article, the carders are offering the cards in two batches, named “American Sanctions” and “European Sanctions”.
Don’t forget the CC points. I get a few gift cards a year out of those points.
>>Don’t forget the CC points. I get a few gift cards a year out of those points.<<
Last year I got about $5,000 from my work card and about $2,300 from the home cards.
And I pay every card 100% every month. I haven’t paid a dime of interest since college.
Hey, you asked.
I can’t help it if YOU don’t like what works for MY family...
If you were capable of reading comprehension, you would have seen that we use DC’s for small transactions, CC for large. Or was that an “inconvenient” part of the reply?
We don’t even do on-line banking...
Oh, sorry. Is that another “financial crime”?
Carry on.
I only barter for anything I purchase and always keep a large supply of chickens, bags of grain, blankets, furs, silk and perfume on me at all times.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.