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

Phillip Helbig---remove CLOTHES to reply wrote:
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.


Contesting a charge is rather easy. Funds are immediately removed from the vendor's account, and the burden of proving the validity of the charge rests with the vendor. I've done this when quoted one price, and the vendor charges another higher price.

I also know people who won't accept credit card payments. An unscrupulous customer can contest a charge, even though it was valid, and it can be tough to get your money. One friend was bilked out of over $5000 by one individual.

--
David Froble Tel: 724-529-0450
Dave Froble Enterprises, Inc. E-Mail: davef@xxxxxxxxxxxxx
DFE Ultralights, Inc.
170 Grimplin Road
Vanderbilt, PA 15486
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