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In Reply to: WOW!! Read this everyone and beware. posted by MIchael Samra on January 10, 2006 at 10:51:24:
While the scenarios described are possible ... they "are generally too
implausible to be of much legitimate concern to the average person."
æNormal is just a setting on my dryer.
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Follow Ups:
..........…….IMHO, anecdotally, I think fraud is a much lesser problem in THE scenerios posted compared to the real world scenarios of data theft via ‘insider’ manipulation of transactions.I don’t even work for a Fortune 500 company, yet!
Smile
Sox
Implausible? These are tame and routine. I work for a fortune 500 finance company. The scams out there range from the insipid and obvious (but nevertheless successful) to the arcane and complicated (but nevertheless successful).My advice? Pay your balance in full monthly. Do not ever let your card out of your sight. Ever. Ever. Especially at restaurants.
PS Know that credit card protections do not apply to debit cards.
PPS Know that the rules (laws) were written by lobbyists to protect corporations not consumers.
I think credit card protection does apply to debit card - hence the Visa or Mastercard logo on the card. I don't know about your bank - but my Debit card is protected just like any of my other Visa's.See here is how it works - just like when writing a check. It is the responisibility of the merchant to verify the card is being used by the rightful owner by checking thier ID. If the merchant does not do that, then the merchant will end up eating the charge. See the credit card company or bank will compare the signiture on the transaction receipt against your signature on file. When they don't match, they can prove fraud and since the merchant did not check the ID, the charge gets billed back to the merchant - they eat it.
Same goes for writing a personal check - the merchant does not check the ID and it's a fraudulant check - the merchant eats it. Someone stealing your credit card is easy to deal with - someone stealing your SS# and identity - that's a whole different ball game!
(I am also in the fortune 200 financial industry - 13 years with one of the top 4 credit card issuers)
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