Credit Card Fraud

[tony]

I had my credit card stolen on the 9th and the person decided to go on a small shopping spree at my expense. Most everyone knows that if your credit card is stolen that Visa will cover the losses with the exception of $50... the thing I find interesting about the whole thing is who ends up getting stuck with the bill.

I've applied for a merchant account for the business I am starting and I have learned that, if you authorize a stolen credit card and the bill gets charged back then the responsibility is the store. The person who steals the credit card gets away completely with no legal repercussions, I guess this is why managers really push for people to check I.D.. but this guy has gone to four different places with no problems making $200 charges (kmart) and then a few gas stations.

[uproot]

yeah that sucks... but can't you get an investigation set up? i'm sure the kmarts have cameras....

[tony]

Honestly Visa doesnt even go after them, the store just has to eat the loss. You'd think at this point there would be a better system set up but there really isn't.. its even worse if someone uses the card over the internet.

[brads94accord]

yep thats exactly right, i work in the credit card industry and have for a few years and i believe that the all but $50 is only w/ certain banks. the reason they get away w/ no reprocussions is that its very hard to catch them.

i had a story one time of a customer i spoke who was a victim of ID theft.

well he lived in a small town and he was the doctor of the town, he was married and very well known. so he tells me he is sitting at work one day and gets a call from his buddy who works at the local GM dealer that there is a lady there trying to purchase an escalade in his name saying she is his girlfriend and he will be there later to sign the rest of the papers. the guy that worked at the chevy dealer knew he didn't have a girlfriend and was married. The guy immediately got off the phone and went down to the GM dealer, the guy who worked there stalled the lady, they had the police meet him there too. The victim of ID theft helped put her into the police car. she was arrested on many counts of fraud and ID theft w/ other people too.

ID theft and fraud are more rampant than most people think.

I see it every single day at work. Believe it or not most of it is w/in households

[tony]

So there are banks that will not cover most of the charges? Luckily my credit union isn't holding me liable for any of the charges but I thought up to $50 was standard.

[brads94accord]

both of the banks i have worked for will cover all of the charges. i used to work for MBNA, now i work for Chase.

i remember that capital one used to (dunno of they still do) not cover any fraud purchases outside of your home state, or outside of 100 miles away (whichever occurs first)

if you recieve any credit card offers just look through the terms they send with the offer and it will tell you what is covered.

[Jaimecbr900]

The truly sad part is that even if you do make a police report they will not do a thing about it.

It happened to me in Gwinnett and I made all the reports from the police to the bank. The bank ended up taking the loss and it was for several thousand dollars. Unfortunately, they got my check card number and therefore it came out of my account for a little while until the bank reimbursed me.

I was told by Gwinnett PD's "investigator" straight out that they KNOW the bank will take the hit and therefore it is only a "high priority" for them if your are indigent or elderly. He basically told me that I'd have to suck it up and let the bank reimburse me. I had connections at the bank and they told me the thief paid a PHONE BILL (their HOME phone bill folks), ordered a computer which was DELIVERED (again pretty simple CSI shit there), and purchased some things. All was done w/i a 48 hour period. The bank told the investigator that they would only release the details of where all this stuff went to as soon as the police ASKED for it. The investigator basically told me they were "understaffed and over worked".

Bottomline was that in my case, we had the thief dead in the cross hairs and Gwinnett PD let him/her get away scott free because I wasn't indigent nor elderly.

This is one of the main reasons this type of crime is going to get so much worse before ever getting better. The thieves KNOW the chances of getting caught and prosecuted are very very low to nil.

There is also a new law that was to be in effect here recently where merchants weren't allowed to print out your entire account number on the receipt. I read they were going to be strict on that and that merchants had to upgrade their existing CC processing machines. I still see it print out the entire account number 95% of the time. So I guess like the rest of this stuff, it's not high priority until someone special's money gets taken.

[Julio]

The truly sad part is that even if you do make a police report they will not do a thing about it.

It happened to me in Gwinnett and I made all the reports from the police to the bank. The bank ended up taking the loss and it was for several thousand dollars. Unfortunately, they got my check card number and therefore it came out of my account for a little while until the bank reimbursed me.

I was told by Gwinnett PD's "investigator" straight out that they KNOW the bank will take the hit and therefore it is only a "high priority" for them if your are indigent or elderly. He basically told me that I'd have to suck it up and let the bank reimburse me. I had connections at the bank and they told me the thief paid a PHONE BILL (their HOME phone bill folks), ordered a computer which was DELIVERED (again pretty simple CSI shit there), and purchased some things. All was done w/i a 48 hour period. The bank told the investigator that they would only release the details of where all this stuff went to as soon as the police ASKED for it. The investigator basically told me they were "understaffed and over worked".

Bottomline was that in my case, we had the thief dead in the cross hairs and Gwinnett PD let him/her get away scott free because I wasn't indigent nor elderly.

This is one of the main reasons this type of crime is going to get so much worse before ever getting better. The thieves KNOW the chances of getting caught and prosecuted are very very low to nil.

There is also a new law that was to be in effect here recently where merchants weren't allowed to print out your entire account number on the receipt. I read they were going to be strict on that and that merchants had to upgrade their existing CC processing machines. I still see it print out the entire account number 95% of the time. So I guess like the rest of this stuff, it's not high priority until someone special's money gets taken.

Thats crazy. But on the credit card Number on receipt.. I think thats pretty much over with. I cant remember when was the last time i saw my CC number on a receipt. If you are still seeing this ( 95%) of the time, I would stop using plastic at that location.

[Jaimecbr900]

Thats crazy. But on the credit card Number on receipt.. I think thats pretty much over with. I cant remember when was the last time i saw my CC number on a receipt. If you are still seeing this ( 95%) of the time, I would stop using plastic at that location.

You'd think that after that law passed it would be like that, but I'm telling you I keep seeing it a lot. I make it a habit, after my experience, to cross out almost all the numbers on any receipt anyway. They really could get your number if they really wanted to and knew how to work the machine, even if you cross them out on the paper receipt.

You're right though. I should not go back to those places that do that.

[speedminded]

Thats crazy. But on the credit card Number on receipt.. I think thats pretty much over with. I cant remember when was the last time i saw my CC number on a receipt. If you are still seeing this ( 95%) of the time, I would stop using plastic at that location.

The Arby's on Roswell Rd. just above Buckhead shows the entire number on the reciept, i will not pay with a card there anymore.

Buddy of mine got his debit card jacked from the BP on N. Ave. (across from Varsity) They went on a shopping spree as far south in Florida as they could go stopping at sports and jewelry stores and getting gas on the way too...ended up being about $1,800 spent. That was a few years ago when Visa would pay up...then I think it was 2 or 3 years ago it was changed that credit card companies would not back bank debit cards...it was left the banks responsibility.

[Chris Mazda]

There is also a new law that was to be in effect here recently where merchants weren't allowed to print out your entire account number on the receipt. I read they were going to be strict on that and that merchants had to upgrade their existing CC processing machines. I still see it print out the entire account number 95% of the time. So I guess like the rest of this stuff, it's not high priority until someone special's money gets taken.

Scratch your credit card number out except your last 5 numbers. if anyone bitches at you tell them to refer to page 13 of the fair credit reporting act from the FTC.

[ShooterMcGavin]

that's why i bank w/the big guys (wachovia, boa) that will cover this type of shit if it ever happens to me.