1. Debit Card Fraud Interview

    Bank debit cards are a topic that I seem to return to quite often.

    My opinion, I think, has been pretty well documented: Financial gurus (namely, Dave Ramsey) who suggest that people should entirely shun credit cards and use only debit/ATM cards for purchases are flat-out wrong.

    Debit cards bring great convenience, yes. But the benefit they offer that’s so fabulous for consumers — immediate access to available funds — is also their greatest liability. That immediate access is available to anyone who gets their hands on your info, too. And your Hometown National Bank almost certainly does NOT maintain the same security measures for card usage as do the large banks who manage your credit-card accounts.

    Anyhow, I had the opportunity recently to interview a young couple whose checking account was compromised, thanks to debit-card fraud, to the tune of roughly $500. If you’re interested, you can read the interview here:

    Interview with Bob and Sue Smith, Debit-Card Fraud Victims

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  2. 8 Responses to "Debit Card Fraud Interview" ...

    1. On July 3, 2006 @ 2:37 am,
      Anonymous wrote:
      #1
       



      We had $5,000 taken from our bank account though a debit card. We got all the money back quickly, thanks to a connection at the bank, but I say NEVER use or have a debit card. You get no points, miles or rebates, and any crook can take money right from your account.

       

       

    2. On July 3, 2006 @ 8:45 am,
      mahendrakumardash wrote:
      #2
       



      Normally no one can, unless he uses the lebanese loop or adopts sophisticated gadgetry to know your pass word.Cloning can take pleace both way in Debit or Credit too.Needed is to know how mcuh one is charged with and the interest component.At times Debit Card does not charge anything and more over it is linked to Maestro or Visa so that purchase benefits can be taken.Cards are less risky now a days.If it is blocked or there is no money dispensation,Bank gladly credit the amount the moment such instances are taken to them.

       

       

    3. On July 3, 2006 @ 8:53 am,
      mahendrakumardash wrote:
      #3
       



      It may so happen,you are using it for some purpose and the password(pin) is stolen.What you have to say on any insider’s story who may be a party to the system at the bank as well.You just can not rule out ther possiblities.By telling it a fraud,it means a wrongful gain for the other.

       

       

    4. On July 5, 2006 @ 2:18 pm,
      Anonymous wrote:
      #4
       



      Actually there are new Debit Card products on the market today that do offer points, rebates and/or miles. Bank of America offers a USAirways Checkcard that’s cheaper than the mileage credit cards ($30 annually instead of $90) and works just like a regular debit card.

       

       

    5. On July 15, 2006 @ 12:12 pm,
      Lisa wrote:
      #5
       



      Thanks for making me feel hinky about my debit card. I just posted a story on my site about debit/credit card fraud and your post was one of my inspirations (the other was hearing my credit card number had been comprimised).

      I really love your site – like me, you don’t post often, but when you do, the posts are terrific.

       

       

    6. On July 15, 2006 @ 1:20 pm,
      Michael wrote:
      #6
       



      Thanks for the kind words, Lisa. I just added your blog to my blogroll, too!

       

       

    7. On July 24, 2006 @ 6:42 pm,
      Greg wrote:
      #7
       



      I do disagree. I think debit cards are very convenient if you use them wisely. Check your bank account frequently. I had no problems with my account.

      My bank had problem until they blocked all transaction outside the United States. If you need it activated you have to call the bank and they will activate it for how every long you need it

      More and more bank are blocking transaction outside of the country

      When entering you pin at a point of sale terminal, hide it or chose credit and sign for it.

       

       

    8. On January 2, 2007 @ 12:21 pm,
      Elke wrote:
      #8
       



      Oh wow – THE SAME thing happened to me on Christmas Eve – the person used MY debit card number at The Depot 8 in Victorvilee, CA (I live in Virginia), I assume to get gas? Is there a connection? Could this be one and the same person that has done it to Mr. & Mrs. Smith and now me? If you feel the way I do, that this may NOT be a coincidence, please let me hear from you. We need to catch this person!! The Police in Virginia has been of no help to me (out of our jurisdiction) and the Police in Victorville won’t do anything unless being contacted by Virginia police, which, even though I requested it, has still not been done.

       

       

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