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Credit card fraud

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Re: Credit card fraud


@CardNut wrote:
But BoA also sends you alerts when they see fraud. I've gotten them once. Text says FRAUD ALERT. Reply Y if the charge is your's or N if it is not. Send N, and then they shut your card down. It's pretty effective. Two charges got through.

That's great when it works.  But if they don't detect it as possible fraud (and no fraud detection algorithm is 100% accurate), you don't get notified until 2 days later at which point they've long since moved on.

 

I think BoA notifies when the charge posts, not when it's authorized, which makes it next to useless, at least for the purposes of keeping an eye on your account.  I try to log in daily, but I like the peace of mind that Chase gives me by texting me the moment the card is swiped, often before I've put it back into my wallet.

 

BoA is also one of the holdouts that still doesn't offer the ability to lock/unlock credit cards online or via the app (only their debit cards have this).  And they eliminated ShopSafe on top of that.  Oh well... my one remaining BoA card will keep a $500 limit forever and I'll just use it for gas (3%) and groceries (2%).

 

Gardening starting 8/1/19
Goal: 0/24, diamond spade, and SAVE, SAVE, SAVE!!

Open Tradelines: +$1,500 CFU Auto CLI
Inquiries: Age: New TLs/months: 3/24 2/12 2/6
FICO 8 Scores: 09/2019: 10/2019: +19 -33 11/2019: +12 +21
Message 21 of 31
Established Contributor

Re: Credit card fraud


@DivorcedAndBroke wrote:

@CardNut wrote:
But BoA also sends you alerts when they see fraud. I've gotten them once. Text says FRAUD ALERT. Reply Y if the charge is your's or N if it is not. Send N, and then they shut your card down. It's pretty effective. Two charges got through.

That's great when it works.  But if they don't detect it as possible fraud (and no fraud detection algorithm is 100% accurate), you don't get notified until 2 days later at which point they've long since moved on.

 

I think BoA notifies when the charge posts, not when it's authorized, which makes it next to useless, at least for the purposes of keeping an eye on your account.  I try to log in daily, but I like the peace of mind that Chase gives me by texting me the moment the card is swiped, often before I've put it back into my wallet.

 


I agree, immediate alerts add another level of protection. But it's their money, and they must have enough faith in their fraud system. I'm not responsible for those charges, and I'll do what I need to do ASAP, but I'm not worried about getting stuck paying for unauthorized charges.

Scores, HPs/24 mos.:
    Experian FICO Score 8 = 847, 2/24
    TransUnion = 839, 0/24
    Equifax = 839, 0/24

Cards (hover over for CL & interest rate):

Total CL: $238,000
Message 22 of 31
Established Contributor

Re: Credit card fraud


@DivorcedAndBroke wrote:

@CardNut wrote:
But BoA also sends you alerts when they see fraud. I've gotten them once. Text says FRAUD ALERT. Reply Y if the charge is your's or N if it is not. Send N, and then they shut your card down. It's pretty effective. Two charges got through.

I think BoA notifies when the charge posts, not when it's authorized

 

BoA is also one of the holdouts that still doesn't offer the ability to lock/unlock credit cards online or via the app (only their debit cards have this). 

 


They notify when the card was swiped, inserted, etc, not when it posts.

They'll get it for CCs too. It might be easier to roll out to debit cards than credit cards. It will be added.

Scores, HPs/24 mos.:
    Experian FICO Score 8 = 847, 2/24
    TransUnion = 839, 0/24
    Equifax = 839, 0/24

Cards (hover over for CL & interest rate):

Total CL: $238,000
Message 23 of 31
Frequent Contributor

Re: Credit card fraud


@CardNut wrote:

I agree, immediate alerts add another level of protection. But it's their money, and they must have enough faith in their fraud system. I'm not responsible for those charges, and I'll do what I need to do ASAP, but I'm not worried about getting stuck paying for unauthorized charges.


True... but the fraudster gets away with it and the bank (or merchant) is out the money.  I'd like to see the (ab)user get BZZZZZT... DECLINED... CARD STOLEN... CALL COPS... when he tries to use it.  Frustrating scumbags is very satisfying.  At least my $500 limit will make it BZZZZT if they try to put any decent amount on it even if the fraud detection doesn't trigger.

 

Gardening starting 8/1/19
Goal: 0/24, diamond spade, and SAVE, SAVE, SAVE!!

Open Tradelines: +$1,500 CFU Auto CLI
Inquiries: Age: New TLs/months: 3/24 2/12 2/6
FICO 8 Scores: 09/2019: 10/2019: +19 -33 11/2019: +12 +21
Message 24 of 31
Valued Contributor

Re: Credit card fraud


@DivorcedAndBroke wrote:


That's great when it works.  But if they don't detect it as possible fraud

 


Yep, my whole family has been hit with multiple fraud issues in the past few months and the dumbest of all dumbest reactions by a card issuer was my ds's walmart acct..  There were 7 fraudulent charges in 8 hours, all similar charges across the country and occuring in the middle of the night. We wake up to emails and text messages, I have to call the ccc to tell them to shut it down.  So they shut it down, closed the acct. since it was going over to CapOne anyway but two days later they let another 2 fraudulent charges go through!  This happens after the acct. was SHUTdown. smh at that one.  Took 2 months to get it straightened out.

The other fraud charges were through CapOne (they did good, still had to make them aware) and Discover (they did an outstanding job) and then Synovus.....smh.  My bank, good greif, It took a month to get a fraudulent charge out of pending (couldn't even use my checking acct.) and just this morning I called them to asked when the heck is my debit card arriving, they forgot to order it?

 

"MY TAKE HOME PAY WON'T TAKE ME HOME"
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(Oldest Acct: 1998; Youngest Acct: Nov 2019)
Message 25 of 31
Established Contributor

Re: Credit card fraud


@DivorcedAndBroke wrote:

@CardNut wrote:

I agree, immediate alerts add another level of protection. But it's their money, and they must have enough faith in their fraud system. I'm not responsible for those charges, and I'll do what I need to do ASAP, but I'm not worried about getting stuck paying for unauthorized charges.


True... but the fraudster gets away with it and the bank (or merchant) is out the money.  I'd like to see the (ab)user get BZZZZZT... DECLINED... CARD STOLEN... CALL COPS... when he tries to use it.  Frustrating scumbags is very satisfying.  At least my $500 limit will make it BZZZZT if they try to put any decent amount on it even if the fraud detection doesn't trigger.

 


So do I. It's getting harder for them to get a lot out of a stolen card these days. 

 

Watch out for this type of "micro" fraud. I had it happen to me about 12 times. Eat at a restaurant, tip $10. Total bill comes to $57. Check your statement, charge posts $61. Unless you are out of the country and you have exchange rates to deal with, the server made a mistake or padded the tip. 

 

Had it happen once when I dealt with snotty server, bad service, etc. Tipped 10%. Tip was recorded +$1.50. Called the CCC, told them, they said they will credit my account $1.50. I said are you going to retrieve the $1.50 added without my consent? She said no, not worth the trouble. I don't care about the $1.50, I want the server to go through the pain of getting caught and dealing with her boss about it, and processing it back. I hate that!

Scores, HPs/24 mos.:
    Experian FICO Score 8 = 847, 2/24
    TransUnion = 839, 0/24
    Equifax = 839, 0/24

Cards (hover over for CL & interest rate):

Total CL: $238,000
Message 26 of 31
Established Contributor

Re: Credit card fraud


@GApeachy wrote:

@DivorcedAndBroke wrote:


That's great when it works.  But if they don't detect it as possible fraud

 


Yep, my whole family has been hit with multiple fraud issues in the past few months and the dumbest of all dumbest reactions by a card issuer was my ds's walmart acct..  There were 7 fraudulent charges in 8 hours, all similar charges across the country and occuring in the middle of the night. We wake up to emails and text messages, I have to call the ccc to tell them to shut it down.  So they shut it down, closed the acct. since it was going over to CapOne anyway but two days later they let another 2 fraudulent charges go through!  This happens after the acct. was SHUTdown. smh at that one.  Took 2 months to get it straightened out.

The other fraud charges were through CapOne (they did good, still had to make them aware) and Discover (they did an outstanding job) and then Synovus.....smh.  My bank, good greif, It took a month to get a fraudulent charge out of pending (couldn't even use my checking acct.) and just this morning I called them to asked when the heck is my debit card arriving, they forgot to order it?

 


I remember that nightmare. Usually that's a one-off and should never happen to you again. The good news was you weren't responsible for the charges. The bad news was you were responsible to help clean it up. Usually these are simple fixes. With BoA, I think I just had to log in, and select a couple options, and click OK. That was it.

 

Maybe in the future they offer card "idle" times, mainly overnight, automatically set by time of day and day of week. Times when you don't normally use the card (except recurring charges go through), and you can turn the idle time off right from the app if you are traveling overnight or are in another country. Like do not disturb option on your phone.

Scores, HPs/24 mos.:
    Experian FICO Score 8 = 847, 2/24
    TransUnion = 839, 0/24
    Equifax = 839, 0/24

Cards (hover over for CL & interest rate):

Total CL: $238,000
Message 27 of 31
Frequent Contributor

Re: Credit card fraud


@CardNut wrote:

So do I. It's getting harder for them to get a lot out of a stolen card these days. 


4-figure fraudulent charges still happen though...or multiple charges that go undetected until the following day/week, by then the fraudster has tossed the card and moved on.  The $500 limit on my BoA card will stop the big charge attempt cold.  And if anything hits my Chase card, I'll know right away, if I'm not sleeping that is, and I can lock the card almost immediately and then follow up and report as needed.

 

Gardening starting 8/1/19
Goal: 0/24, diamond spade, and SAVE, SAVE, SAVE!!

Open Tradelines: +$1,500 CFU Auto CLI
Inquiries: Age: New TLs/months: 3/24 2/12 2/6
FICO 8 Scores: 09/2019: 10/2019: +19 -33 11/2019: +12 +21
Message 28 of 31
Established Contributor

Re: Credit card fraud


@DivorcedAndBroke wrote:

@CardNut wrote:

So do I. It's getting harder for them to get a lot out of a stolen card these days. 


4-figure fraudulent charges still happen though...or multiple charges that go undetected until the following day/week, by then the fraudster has tossed the card and moved on.  The $500 limit on my BoA card will stop the big charge attempt cold.  And if anything hits my Chase card, I'll know right away, if I'm not sleeping that is, and I can lock the card almost immediately and then follow up and report as needed.

 


I feel cheated. What, my cards aren't good enough for anything other than fast food, gas, and tractor supply? I need better fraudsters lol. 

Scores, HPs/24 mos.:
    Experian FICO Score 8 = 847, 2/24
    TransUnion = 839, 0/24
    Equifax = 839, 0/24

Cards (hover over for CL & interest rate):

Total CL: $238,000
Message 29 of 31
Mega Contributor

Re: Credit card fraud


@DivorcedAndBroke wrote:

@CardNut wrote:

I agree, immediate alerts add another level of protection. But it's their money, and they must have enough faith in their fraud system. I'm not responsible for those charges, and I'll do what I need to do ASAP, but I'm not worried about getting stuck paying for unauthorized charges.


True... but the fraudster gets away with it and the bank (or merchant) is out the money.  I'd like to see the (ab)user get BZZZZZT... DECLINED... CARD STOLEN... CALL COPS... when he tries to use it.  Frustrating scumbags is very satisfying.  At least my $500 limit will make it BZZZZT if they try to put any decent amount on it even if the fraud detection doesn't trigger.

 


I don't think issuers put a lot of effort into catching individual fraudsters (or that the police treat it as high priority).  While it all adds to the cost of doing business, and thus reduces rewards that we could  in theory get, most of us here get a lot out of our cards anyway, and I would rather that police and courts focus their time on more critical crimes.

Message 30 of 31
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