Question by Fingaz: Has anyone been victims to Debit Card fraud this year?
If so, how long does it usually take for the bank to complete investigation. In my case, the bank is Chase. Someone told me, hackers are able to retrieve the card number and the cvc off the magnetic read when you swipe your card. Obviously, it only happens to few unknowing people.
@ first answerer……3 transactions on the same morning
Staples, Kohl’s, and Macy’s East…each around $ 900 bucks. I’m guessing he/she did it online since the person had no card to swipe with.
Add your own answer in the comments!
one way to this is to attach a skimmer to ATM machine
which copies your debt card number and pin code
and remmber the differnet between debit (means You have know the PIN code) on a debit card
I got a debit card to use at ATM’s on a trip to Europe, as this was recommended on a travel forum as the way to get foreign currency (rather than traveler’s checks). I used it a few times at ATM’s on the street. Three days after I returned, my bank called to ask me about some “unusual” charges on the card – made in Bankok!
I signed an affidavit that I did not made the charges (6) and did not lose the card. The bank removed the charges while they investigated the theft, and notified me about a week later that I would not be charged.
A word of warning: I asked my bank to allow $ 500 per day of cash withdrawals and lowered my bank account balance, which limits the amount that can be stolen. Next time I would go INTO banks to use the ATM’s, because I’ve heard of thieves installing fake fronts on machines to record the card number and my PIN. I decided not to get a new debit card (at least for now), as it seems too easy for fraud to occur. I only had the card for three weeks!
It happened to us at a restaurant. It was actually “theft” by debit card. I discovered it after reading my bank statement online. I always keep my receipts for at least a month, but I also make a habit of checking all purchased made with my debit card against the online statement within 72 hours after purchases. Our receipt at the restaurant said $ 42 and some change, but the online statement was $ 52.
We found out later that our waiter reused our card and kept $ 10 for himself. He was eventually fired and we were offered a free meal, but bottom line, it definitely pays to keep all your receipts, and check your statements within 3-5 business days after purchases to make sure you were charged what the receipt shows.
When using debit cards, there is a instant hold on your account when you make a purchase, however, depending on when the purchase was made, it may not actually be withdrawn until the next business day. We were at this restaurant on a Saturday, and the debit was charged to our account on Monday.
Also there is a line that reads “tip” on your receipts. Always put a cross through that, because its very easy for someone else to do it for you. Our waiter tried this, but failed to realize we had the original receipt with the mark clearly showing that we crossed out the tip line.
Luckily I have never been victim but having known people that have, they have to investigate the charges on the account this usually takes about 30days to get your money back. In the meantime close out that account. When you charge stuff on line most companies will now verify the 3 digit code on the back of the card CVC # you are not able to get this off of the magnetic read. Unfortunately, some companies still put things through without the cvc#.
I’m not sure how long it takes. What was the dollar amount? Did the person who used your card make a transaction online or over the telephone, or in person? In-person transactions are less of a risk vs. a transaction made online or over the telephone.