Credit Card compromised

[Exfso (Peter)]

I seem to have a target on my backI have a credit card I use for only internet transactions and it is linked to my PayPal account. There is only ever enough money in it to pay for whatever I am purchasing etc. Some clown in the US has apparently got my details and tried to garnish $600 out of the account. There was only $18 in it so obviously it sent up a flag and I was contacted by the Bank's fraud centre. The card has been cancelled obviously and replacement will be issued. I noticed however that someone else had garnished $13 as well, so this went through as there was enough in the account to cover it. My bank said they will re credit that amount after I fill in a form. Seriously pee'd off I can tell you. I now have to wait for a new card, all the paper work etc etc, it is enough for one to give up on the whole system. I reckon this is the 3rd time my cards have been attacked in the last 18 months.

[deanm (Dean)]

There's a lot of it about: I checked this month's credit card statement.

A US furniture store (apparently) was listed in two transaction on the same day to the sum of Au$3400.

We filled out a 'disputed transaction' form &, to their credit (pun intended!), ANZ reversed the transactions within 10 days.

It's the small dollar value ones that might go un-noticed...

Dean

[The Mekon (John Briggs)]

Originally Posted by Exfso

it is enough for one to give up on the whole system. I reckon this is the 3rd time my cards have been attacked in the last 18 months.

Agree perhaps it is about time the system changed. Our cards were compromised a month ago. Small Telstra payment to start and then $3600 to some US jewellery tool shop. NAB picked it up very quickly, though our statement is yet to be cleared of the debt.
Question, how do the thieves profit by making payments for jewellery tools or furniture (as in DeanM's case)?

If our new cards are compromised again (we do not use them a lot) then I shall cancel and never use a credit card again.

[el_draco (Rom)]

I use a debit card linked to an isolated account. I've never had an issue.
Maybe just lucky but it beats some thief getting a red cent.

[deanm (Dean)]

I'm guessing the 'shop' or 'business' is phoney.

If real and stuff is actually bought, I guess the villains can sell new, unopened gear on eBay or the like - and they don't care how much they sell for, they just want $$$sss - a bit like burglars and the like.

About 15 years ago, I remember noticing a series (n = 8-10) of small (c.$20-30) transactions originating from QLD.

Curious, I looked up their phone number & called. I was on speakerphone with my wife.

What did they sell? Phone sex!

My wife thought it was hilarious - the second transaction on a given day always cost slightly more than the first - because, she surmised, it took the scammer longer to 'get his rocks off'...!!

Dean

[brisen (Brian)]

Originally Posted by deanm

I'm guessing the 'shop' or 'business' is phoney.

If real and stuff is actually bought, I guess the villains can sell new, unopened gear on eBay or the like - and they don't care how much they sell for, they just want $$$sss - a bit like burglars and the like.

About 15 years ago, I remember noticing a series (n = 8-10) of small (c.$20-30) transactions originating from QLD.

Curious, I looked up their phone number & called. I was on speakerphone with my wife.

What did they sell? Phone sex!

My wife thought it was hilarious - the second transaction on a given day always cost slightly more than the first - because, she surmised, it took the scammer longer to 'get his rocks off'...!!

Dean

The 'business' is generally a front and doesn't exist. From what I have been advised by the bank when my Corporate Credit Card was hacked, the scammers have a list of numbers that that they use, an attempt to take a small amount is to test the validity of the card number and if the small amount goes through they take a larger swipe at the account. All done by a computer apparently.

[MattT]

Originally Posted by brisen

The 'business' is generally a front and doesn't exist. From what I have been advised by the bank when my Corporate Credit Card was hacked, the scammers have a list of numbers that that they use, an attempt to take a small amount is to test the validity of the card number and if the small amount goes through they take a larger swipe at the account. All done by a computer apparently.

My experience too...in the one and only time its happened. nab picked it up before I did...sort of impressed. The amount was for $1.15 and the reversed shortly after.

[Renato1 (Renato)]

Some years back I used my CBA credit card to pay for some books from The Book Depository on the internet. That was the only time I ever used it on the internet to buy overseas stuff.

Then one morning I was woken up by CBA who asked if I had just withdrawn $10,000 on my card in a US casino. To which the the answer was obviously "No".

Plainly, they don't require PIN numbers in US casinos, because I never used the PIN number on the internet, and no one could have had it. Very weird.

It certainly was annoying having to change details at all the local places that got my bills automatically from that card.
Regards,
Renato

[croweater (Richard)]

Last year I too had about $20 dollars debited from my account in an American shopping centre. The bank was helpful but took about a month to sort(along with new credit card etc). The girl at the bank said it is common but they don,t like to let on as it decreases peoples confidence in the system. Cheers Richard

[Chee]

Credit cards are very unsecured.
It seem, someone can read the information of it without you even realizing it.
You need to keep it in a secure wallet with a metallic lining to prevent it being read remotely.

[Exfso (Peter)]

Originally Posted by Chee

Credit cards are very unsecured.
It seem, someone can read the information of it without you even realizing it.
You need to keep it in a secure wallet with a metallic lining to prevent it being read remotely.

A good idea, but in my case, the clowns that did it are in the US, I have never been there. I always use PayPal for internet transactions, be they in Australia or overseas, the CC is linked to my PayPal account. This card is only used via my PayPal account, I rang them and they advised that they are totally secure, I suppose that is famous last words.

[rally]

Credit Card fraud is incomprehensibly massive

In $ terms its approx 0.06% of total transactions
Thats nearly 2 million cases totalling around $400,000,000 in the last year just in Australia.

Whats surprising is that we dont hear about more than we do.

Of course the cost of this is built into the profits of the credit card system - so we are all paying for it - irrespective of whether you get directly defrauded or not - its still costing us.
Rather than tighten up the systems sufficiently to eliminate it, they simply pass the costs on and do their best to make you think you are completely safe so you keep using a system thats actually quite broken !

So passively, we are all agreeing to it and supporting the scammers.

[pmrid (Peter)]

Originally Posted by rally

Whats surprising is that we dont hear about more than we do.

As you said, the costs are built-in. Credit Card companies budget for it. It is part of their costs calculations and of the setting of levels for fees and charges. And yes, we do all pay for it.

I'm off overseas next week and my practice has been to leave my principal card in the hotel safe and never use it. For daily use, I get another carrying-around credit card with a very small limit on it. I usually pay another grand or two into the card so it's in credit sufficient for my expected expenses and no more. That way at least, I limit my potential exposure.

Didn't stop my having a card stolen in Buenos Aries a year or so ago but it did put a cap on the losses.

Peter

[N1 (Mirko)]

Originally Posted by rally

Credit Card fraud is incomprehensibly massive

In $ terms its approx 0.06% of total transactions
Thats nearly 2 million cases totalling around $400,000,000 in the last year just in Australia.

Whats surprising is that we dont hear about more than we do.
[...]

That's because it's vanishingly small compared to bank fees and interest rates you pay on credit card debt.

[Chee]

Saw a report that Credit cards details are available for purchase on the Internet. Most online payments has been compromised despite their assurance. Check your payment details every other days. Credit card frauds is big business.

[OICURMT]

What I don't understand is why Australian CC's don't use Virtual CC Numbers. I've been a Citi card holder since 1990 (USA) and when I want to do any sort of online transaction, I use a Citi Virtual CC Number, which is good for a single merchant only and for only a single transaction.

https://www.cardbenefits.citi.com/pr...t-numbers.aspx

[Chee]

Credit card can be made more secure, if a transaction code is issued to the user mobile phone, requiring him to enter the code to complete the payment transaction. An unauthorised user will not be able to use the card, simply because he will not be able to receive the transaction code.
However, if you are going overseas and hope to use your card, this could be a problem.

[The_bluester (Paul)]

Originally Posted by Chee

Credit cards are very unsecured.
It seem, someone can read the information of it without you even realizing it.
You need to keep it in a secure wallet with a metallic lining to prevent it being read remotely.

I would not bother with that. The chances of someone skimming your card as they walk by are likely to be much lower than finding your card details stolen from a not secure enough site where you have used it and sold on, or simply having it generated by software that creates random, potentially valid card details to try out (Which has been around for years, a schoolfriends brother got nailed for it 15 years ago or so, ironically it turned out to be the card of a relative of his that got him caught, distant enough to know he did not just pinch the card to get the numbers)

Same deal as was mentioned before, they try out numbers from the software to see if it is valid using a small transaction and if it goes through, try again for a much larger amount. It is probably tougher now that the use of the CSC is spreading.