Re: Banking security Was:PARSEC: SPAMMERS (not !)

In article
<paul.sture.nospam-EF719B.15254626102006@xxxxxxxxxxxxxxxxxxxx>, Paul
Sture <paul.sture.nospam@xxxxxxxxxx> writes:

In article <JuGdnSvb0q3ICaLYnZ2dnUVZ_oudnZ2d@xxxxxxxxxx>,
Dave Froble <davef@xxxxxxxxxxxxx> wrote:

Paul Sture wrote:

Yep. Drifting slightly from the main topic, this brings us to to the
topic of identity theft. That happened to me nearly 20 years ago, and
VAXMAN's recent post here about similar brought back painful memories.

(Report a substantial loss of money to your bank, get asked to report it
to the police, then find yourself in an interview room being accused of
doing it with the aid of an accomplice. The bank's handling of the
matter made me seriously wonder if it was an "inside job" that they were
trying to cover up.)

This one's easy to see. The banking system is fatally flawed. Anyone
with your bank routing number and checking account number can initiate a
transfer. But the same information is on every check you write and send
to others. If the bank can get you to not file a claim against them,
then they don't have to replace the funds.

This is certainly not the case in Europe. Anyone who sends me money
needs this information. It is NOT enough for him to get money from my
account.

And some people wonder why I am reluctant to use a credit card over the
net. Yes, with a reputable company, I might be persuaded that a given
transaction may be secure, but what happens months later if those
details are still lying around on a system which happens to be
vulnerable to outside attack?

Yes, but even if you use it otherwise, the details can be on a computer
somewhere.

Actually, this is not a very big problem. Most credit-card purchases
online require only the data readable on the card. This is known to
many people, in particular anyone whom you have used your credit card to
pay. (Some, but not all, transactions require the extra number on the
back. This might be unknown to some, but not all, people whom you have
paid with your card.) However, unless they have a physical signature,
the credit-card company is NOT required to honour the transaction. So,
when you get your bill, before you pay it, check all the transactions.
If there is one which you didn't initiate, as the credit-card company to
cancel it. By law, they can only refuse if they can prove (via a
signature) that you did initiate the transaction (the burden of proof is
on them).

Yes, credit-card fraud does happen, but only because not everyone
notices the damage in time.

.

Relevant Pages

  • Online Credit Card Fraud Getting Ahead of Ability to Stop it
    ... The top security experts at the world's two biggest credit-card ... president for security and risk services at MasterCard International, ... attendees at the Bank Card Conference, "and they're a few steps ahead ... Part of that jump reflects the rise of business done on the Internet, ...
    (comp.dcom.telecom)
  • Re: Credit Card Skimming in Local Restaurant
    ... That's one of the reasons there are spikes in the use and what the credit card issuers have set the alarm algorithm to... ... If they can provide proof of the transaction, then the cardholder might be liable for the transaction. ... We recently had some weird charges show up on our primary credit card. ...
    (rec.food.cooking)
  • Re: Restaurants and credit cards
    ... restaurants for not adequately protecting credit-card data from ... and held seminars to pressure restaurants into being ... more careful about protecting the information. ... Card issuers typically don't close a customer's ...
    (misc.consumers)
  • Re: Macys requires govt ID to use credit cards - new policy
    ... from corporate and a $75 gift card. ... that you authorised that transaction to get to reversed anyway. ... that only YOU get to pay for in the prices and charges YOU pay. ... Irrelevant to the thieves that dont use Macys because they require a govt photo ID. ...
    (misc.consumers)
  • Re: Revival of lines that Beeching/BR closed
    ... internet payments such as Paypal or even internet banking. ... regular transaction where the setup can be used repeatedly after that. ... calculator into which you insert your debit card. ... You send the response back to the network which compares the the reponse it has calculated: if the responses agree then the bank assumes you are who you say you are. ...
    (uk.railway)