Someone hacked my debit account and my bank caught the fraud

i would never use a debit card to purchase a thing .they DO NOT HAVE THE SAME PROTECTIONS as credit cards .

read the fine print for debit cards on the zero liability pages ….


they are not covered under the same laws as credit cards and are subject to long investigations and conditions where you may not easily get reimbursed.

if the bad guys use a non visa network to buy something you are not covered as an example , like you can control that.

if a pin is used , that can be one lengthy investigation not ending in your favor
 

mathjak107 said:
i would never use a debit card to purchase a thing .they DO NOT HAVE THE SAME PROTECTIONS as credit cards .

read the fine print for debit cards on the zero liability pages ….


they are not covered under the same laws as credit cards and are subject to long investigations and conditions where you may not easily get reimbursed.

if the bad guys use a non visa network to buy something you are not covered as an example , like you can control that.

if a pin is used , that can be one lengthy investigation not ending in your favor
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But, what about the high percentage rate and making payments on it? I got rid of credit cards a long time ago because of making payments and the high rate of interest. I guess you buy something and turn around and pay it off immediately that month?
 
fancicoffee13 said:
But, what about the high percentage rate and making payments on it? I got rid of credit cards a long time ago because of making payments and the high rate of interest. I guess you buy something and turn around and pay it off immediately that month?
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Yes — pay it off right away. And if you have a really good credit score, you can get credit card(s) with pretty low interest anyway.
 

C50 said:
Protecting my identity is one of the reasons I NEVER use a debit card for anything but pulling money out of the ATM, and I do that only at a branch of my bank. It just seems like a debit card is a direct pipeline to your banking accounts and personal info. I use a credit card for most transactions, and that credit card company has no affiliation with my bank.

The more doors I can put between a thief and my money the better I like it.
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Chet said:
I don't see the value of a debit card if you have a credit card. I must be missing something.
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Same here. I only use a debit card at the bank as identification and on the rare occasions when I want cash from an ATM. I've never used one for a purchase despite having them for at least 40 years. I decline them for all but one bank account. Ditto my husband.

Didn't accept them at our retail business, either. Cash or credit. No checks, no debit cards.
 
Devi said:
StarSong said:
Same here. I only use a debit card at the bank as identification and on the rare occasions when I want cash from an ATM. I've never used one for a purchase despite having them for at least 40 years. I decline them for all but one bank account. Ditto my husband.

Didn't accept them at our retail business, either. Cash or credit. No checks, no debit cards.
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So, at my bank, I have a credit card but never use it. I could start using it and how do I check the balance and pay it off immediately? I do online banking.
Yes — pay it off right away. And if you have a really good credit score, you can get credit card(s) with pretty low interest anyway.
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Chet said:
I don't see the value of a debit card if you have a credit card. I must be missing something.
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A debit card has a limited balance while a credit card has a maximum amount limit. My debit card balance is never more than $250, so that is the most that a scammer can get from it. A credit card ( which I don't have ) would yield a lot more money, if it is breached. I can transfer funds from my savings account to my debit card instantly using INTERAC here in Canada for no fee. JimB.
 
My credit card company has a feature called virtual credit card. It's a temporary credit card number and it's only good for one purchase, so if someone tries to use that number they get shut down. It's the safest way I've found to purchase things on line.
 
jimintoronto said:
A debit card has a limited balance while a credit card has a maximum amount limit. My debit card balance is never more than $250, so that is the most that a scammer can get from it. A credit card ( which I don't have ) would yield a lot more money, if it is breached. I can transfer funds from my savings account to my debit card instantly using INTERAC here in Canada for no fee. JimB.
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In the US we also transfer funds fee-free between accounts and banks.

Credit cards (in the US) are 100% covered against fraudulent use. Debit cards are not.
 
fancicoffee13 said:
But, what about the high percentage rate and making payments on it? I got rid of credit cards a long time ago because of making payments and the high rate of interest. I guess you buy something and turn around and pay it off immediately that month?
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we haven’t paid interest in decades ..we get thousands of dollars back in points a year
 
Naturally said:
My bank has stopped credit card fraud three or four times in the last 20yrs.
But I've never had a problem with my debit card so far.
Only difference in how I use them is I NEVER use my debit card for online purchases.
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I've had a lot of CC card fraud but still buy online. This is why I like brick and mortar stores whenever possible.
 
we recently bought a new lexus so i got the lexus credit card .

put as much down on the card as the dealer would allow . got thousands of points as you get 5% back .

they then gave an additional 5,000 points for taking it .

paid the card off the next day and just booked a nice vacation with the points
 
Update : The bank caught the fraud, and it has been dealt with. Unless something untoward happens, I won't have to pay for it. I then applied for a Discover card, and I just got an email saying it is on the way. :) I don't know if I will ever use my debit card again. I think I will go to the bank and start withdrawing cash when I buy locally.
 
anything and everything that can go on a credit card goes on ..the rebates are just to great to ignore with many cards .

unless you have poor money habits or self control you can make a purchase and pay for it with in minutes usually no different then paying cash would be.

one can post a payment on a credit card even before the charge posts and is just pending at the moment .

there are some free cards that will rebate you as much as 5% back .

others you pay for offer up to 100,000 points at times to take them .

we use the chase sapphire reserve .

we got back thousands of dollars in perks and points
 
StarSong said:
Same here. I only use a debit card at the bank as identification and on the rare occasions when I want cash from an ATM. I've never used one for a purchase despite having them for at least 40 years. I decline them for all but one bank account. Ditto my husband.

Didn't accept them at our retail business, either. Cash or credit. No checks, no debit cards.
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That’s exactly how I use mine. All machines accept tap and that’s what we do. I keep it and other cards in a metal business case while out and about.

As soon as I use my card, I get a notification ding on my phone and watch that a purchase has been made. Any time we hear the ding when not expected, we check our bank account. Lately one alert has started coming at 9 PM. Our payment was being removed at midnight Toronto time. No problem, just confirmed it online.
 
mathjak107 said:
anything and everything that can go on a credit card goes on ..the rebates are just to great to ignore with many cards .

unless you have poor money habits or self control you can make a purchase and pay for it with in minutes usually no different then paying cash would be.

one can post a payment on a credit card even before the charge posts and is just pending at the moment .

there are some free cards that will rebate you as much as 5% back .

others you pay for offer up to 100,000 points at times to take them .

we use the chase sapphire reserve .

we got back thousands of dollars in perks and points
Click to expand...
 
I've worked with information security departments in many companies and watch how these things happen.
Social engineering is the most vulnerable. Mostly an email that looks legit in every way, and people respond.
The best way to avoid email scams and fake login links is to hover over the senders email (or right click). This usually is where they get caught and validates the email is a scam. The email address is nothing like the company sending the email.

Credit cards are always better than debit cards or paper checks. This is a direct pipeline into your account and with some banks, difficult to get your money back, plus the hassle of redoing your accounts. Having the routing code and account information gives the 'hacker' the ability to go to any check company site and create a batch of new checks with your info on them and they can just start writing checks, so its important to shut down the account as soon as possible.
Smarter check hacks would look at the routing code and you can tell which federal reserve the check must clear to get to your bank account.
What they do is, if your on the east coast of the US they will alter the routing code to a federal reserve on the west coast. By the time the 'mix up' is found, its been 5,6,7 days before the fraud is found and show up in your bank. Some banks put a hold on the check while its in-process, but sometimes, depending on the applications used, could automatically approve the check once it passes a few days and doesn't show up on the fraud list.
I use credit card for everything I can. Lately, companies are stopping credit card payments for reoccurring bills and require a debit card. 1) there is exposure to you, and 2) any reward points you would have gotten with the credit card is gone.

A way to set yourself for less exposure is to keep most of your funds in a savings account and only put a small amount into the debit card connected account, and make sure your passwords are different for each account.

Password hackers will usually try to hack small passwords (3,4,5 characters), if they see passwords that are 10,12,15 characters, they tend to pass on trying to hack those. Keep that in mind when setting up a password. Using a mix of numbers, letters, caps, signs such as (@&*) also help.
 

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