Fraud - Some Insight?

[Mable]

How can it be up to the customer to flag fraudulent transactions when the customer does not know when it (the fraud) is happening? Thanks to all of you who responded. I am still in the throws of this an not sure what will happen. It still bothers me that the bank/credit card company can be so careless in this day and age. AND HOW THE FUCK DID THEY GET MY CREDIT CARD #?

And, on yeh, I just received a call from a collection agency asking for payment for a debt on a MasterCard/Hudson Bay card. I have never owned either.

 

[KBear]

And, on yeh, I just received a call from a collection agency asking for payment for a debt on a MasterCard/Hudson Bay card. I have never owned either.

Looks like your situation is more complex, if there are cards out there in your name that you did not set up. Don't know what has to be done, but would want to see a credit report on yourself to see what other loans are outstanding. There must be some way to flag your name so no other cards are set up.

The few times my Visa card has been compromised, Visa looked after it without any issues.

 

[SkyRider]

if there are cards out there in your name that you did not set up. Don't know what has to be done, but would want to see a credit report on yourself to see what other loans are outstanding. There must be some way to flag your name so no other cards are set up.

Ask the credit bureaus to put an "alert" in your file. This means that you must be contacted anytime anybody applies to a bank and/or the mafia for credit in your name.

 

[Barca]

How can it be up to the customer to flag fraudulent transactions when the customer does not know when it (the fraud) is happening? Thanks to all of you who responded. I am still in the throws of this an not sure what will happen. It still bothers me that the bank/credit card company can be so careless in this day and age. AND HOW THE FUCK DID THEY GET MY CREDIT CARD #?

And, on yeh, I just received a call from a collection agency asking for payment for a debt on a MasterCard/Hudson Bay card. I have never owned either.

Yikes bro. Not to scare you too much but you are in a heap load of trouble and you have to nip this asap. You need to get a hold of Equifax and Trans Union and let them know about this and have them send you a report of everything that has been opened in your name for your review asap. You need to alert the police. And then you need to buy some identity protection service.

 

[Mable]

Yikes bro. Not to scare you too much but you are in a heap load of trouble and you have to nip this asap. You need to get a hold of Equifax and Trans Union and let them know about this and have them send you a report of everything that has been opened in your name for your review asap. You need to alert the police. And then you need to buy some identity protection service.

The police have been notified and all my cards have been changed. I also have a freeze on my accounts for anything over a certain amount, at least for the time being. And I am scared given how easy some one can fuck you up if they decide to target you. Thanks for the input. I am now spending more time educating myself on how to better protect my financial position.

 

[TeasePlease]

How can it be up to the customer to flag fraudulent transactions when the customer does not know when it (the fraud) is happening?

The onus is on you, the customer, to review his/her monthly statements. The obligation is not to detect fraud in real time, but to make the CC company aware within 30/60/90 days (depending on your agreement). The same applies to your bank account re: cheques, etc.

 

[Mable]

Well, TP, thanks for the input. The good in the situation is that I have been forced to review everything regarding identity theft and all the agreements I have embedded in these contracts with banks and credit card companies. Interesting to note that the bank managers do not like the questions I am asking and want me to go away!

 

[TeasePlease]

Well, TP, thanks for the input. The good in the situation is that I have been forced to review everything regarding identity theft and all the agreements I have embedded in these contracts with banks and credit card companies. Interesting to note that the bank managers do not like the questions I am asking and want me to go away!

I'm not saying I agree with the system. That's just the way it currently works. Maybe it will change. I know of one company that is challenging the status quo. It has suffered a rash of fraudulent cheques over a quite a long period of time. The company is claiming that the bank ought to have rejected the fraudulent cheques when presented for processing because the signatures were clearly wrong. The bank insists on signature cards...so why don't they use them?

Their bank(s) is claiming that the company ought to have detected the fraud long ago as part of its monthly account reconciliation (a standard internal control). That would be the same principle applicable to you/me to check our statements.

The problem is that the law (Bills of Exchange Act) is old and doesn't reflect how banks do business.

What we think banks do is not what they really do. Interestingly, the bank's own employees may not understand. The branch managers are probably nervous because they think they're on the hook.