Beware if you use a debit/credit card

[orion25]

Re: Beware if you use a debit/credit card

The CC company does not really care about the crime. They will credit the fraudulent amount back to the account with very little investigation. Then they will charge the same amount against the merchant that took the card. If the merchant does a lot of CC and/or internet business they will eat the charge since they are inflating their prices to cover such fraudulent charges...............

The police have bigger things to investigate that pay off better in the PR department. Seriously, why would they spend time investigating an internet crime that will require specially trained investigators when they have murders, rapists, molesters, etc to catch? You lost money, someone else lost a life. You are low priority.

 

[SgtMaj]

Re: Beware if you use a debit/credit card

The CC company does not really care about the crime. They will credit the fraudulent amount back to the account with very little investigation. Then they will charge the same amount against the merchant that took the card. If the merchant does a lot of CC and/or internet business they will eat the charge since they are inflating their prices to cover such fraudulent charges...............

The police have bigger things to investigate that pay off better in the PR department. Seriously, why would they spend time investigating an internet crime that will require specially trained investigators when they have murders, rapists, molesters, etc to catch? You lost money, someone else lost a life. You are low priority.

I wonder how many murderers are first time offenders?

Maybe that someone who lost their life, wouldn't have if the police weren't so lazy and actually did their jobs and put that murderer in prison for the other 10 billion crimes they committed before they stepped it up to murder. Just a thought.

SgtMaj

 

[SS MAYFLOAT]

Re: Beware if you use a debit/credit card

This is like the fox that went into the chicken coup and ate all the chickens. No body saw him do it, but the coup is empty and the fox has a big ole belly.

Something stinks in this case,,,,I think it is the one sitting on their butt that doesn't want to work for their pay. No doubt that the evidence will point back to the culprit. Good luck on the matter,,,,,,keep pushing this and someone will take notice hopefully.....

 

[Haut Medoc]

Re: Beware if you use a debit/credit card

Doughnuts, anyone?.....

 

[SgtMaj]

Re: Beware if you use a debit/credit card

I was just reading the news and found a relevant story and particularly relevant fact....

"Experts said merchants don't take losses on stolen credit card sales. The banks end up paying for unauthorized charges."

I didn't know that myself, I was under the impression that the CC companies (visa corp, etc) took the losses, but it doesn't appear so.

Anyway, the full story is here if you want to read it:

http://cbs4denver.com/consumer/credit.card.signatures.2.651986.html

 

[orion25]

Re: Beware if you use a debit/credit card

I was just reading the news and found a relevant story and particularly relevant fact....

"Experts said merchants don't take losses on stolen credit card sales. The banks end up paying for unauthorized charges."

I didn't know that myself, I was under the impression that the CC companies (visa corp, etc) took the losses, but it doesn't appear so.

Anyway, the full story is here if you want to read it:

http://cbs4denver.com/consumer/credit.card.signatures.2.651986.html

According to Wikipedia the banks and CC companies PROFIT off of CC fraud. Just scroll down to the Losses section of the link.

 

[SgtMaj]

Re: Beware if you use a debit/credit card

According to Wikipedia the banks and CC companies PROFIT off of CC fraud. Just scroll down to the Losses section of the link.

IF Wikipedia is correct on that (and I'm not saying one way or another until it's been confirmed one way or another, but most of that section still has citation needed blocks next to everything, so who knows), then that's quite interresting, and makes one wonder why any merchant would accept credit cards.

 

[orion25]

Re: Beware if you use a debit/credit card

I found the following quote in BusinessWeek written in 2005:

"Who pays the bill when credit-card fraud occurs depends on how the transaction was made. If it happened "face-to-face" with the cardholder signing in the presence of the merchant, the issuing bank is generally liable. But if it's a "card-not-present" transaction, such as on the Internet, over the phone, or via mail, the merchant is liable. The majority of transactions are still face-to-face. Visa says such transactions accounted for 77% of its business in 2004, vs. 23% that were card-not-present."

 

[joed]

Re: Beware if you use a debit/credit card

One thing to keep in mind in regard to debit cards is that your pin number is encoded on the mag strip on the back - thats is how an ATM knows what your number is. A lot of the thieves have readers and can very easily get this number if they steal your card.

The PIN number is NOT encoded on the stripe. It is recorded on your account at your home bank. The ATM talks back to your home bank to receive authourization.

Also if the CC company creditted the amount back to the card holder then no crime has been commited against the card holder. The card holder has not experienced any financial loss.The theft is against the CC company. The CC company most likely also issued the card holder a new account and card.