Technology Saved Me A Bundle Of Money!

[Brad Adrian]

Most of us here really love technology. Some of us love it because of what it can do for us, while others love it <a href="http://www.pocketpcthoughts.com/forums/viewtopic.php?t=7144">simply because it exists</a>. This week, though, I love technology because it saved me a LOT of money.<br /><br />The other evening, I got a dinnertime phone call that sounded just like any other solicitation. It was from my primary credit card company, though, so I (wisely) opted not to hang up on the caller. As I listened to what the representative had to say, though, I become very, very interested.<br /><br />The credit card company's sophisticated customer service applications had uncovered what appeared to be an atypical pattern of spending. I had used the card earlier in the day at a local grocery store, but it was also used at a jewelry store several hundred miles away. That wouldn't be that strange by itself, though, because I travel occasionally and use the card in other cities. However, the combination of distance, timing, purchase amount and type of store threw up a red flag, and we were called just to make sure that the most recent charge was, indeed, legitimate.<br /><br /><img src="http://www.pocketpcthoughts.com/images/adrian/hotcard.jpg" /><br /> <br />As it turns out, it was absolutely NOT legitimate! Somebody had stolen my card number and generated and used a bogus credit card. Luckily, only one transaction had been attempted and I will not be held liable for it. We still have to go through the headaches of closing the account, getting a new card and helping with a criminal investigation, but that's little discomfort compared to what might have happened. <br /><br />And, WHY was only one fraudulent charge made? Because of the fabulous technology that was used, the total elapsed time between the charge and my determination that it was bogus was -- get this -- less than THREE MINUTES!<br /><br />Less than three minutes to save me over a thousand dollars. THAT'S why I love technology!

[szamot]

WOW you should really consider yourself lucky...my wife had asimilar experiance about 4 days ago, she was called by an unknow CC representative who has informed her that a credit limit on one of our cards has been increased to 30K?! WTF - who needs this much credit on one single card, but he needed a current mailing address, her SIN card, and a bunch of other personal info to verify this and do a final approval on it. It turned out to be a fraud call, good we did not opt out for the extended credit. It seems scammers are everywhere. BEWARE!

[RussHart]

I just wish my Bank (http://www.barclays.co.uk) would do something like that after I had a similar experiance, getting done for £1200 (luckily they re-credited my account, but it took around 3 months...)

[rhmorrison]

My sister had a similar positive experience last year as she was ordering tickets to various Las Vegas shows for me, my youner sister and her two daughters, and herself she ended up charging over $2,000 to her card within about half an hour. She received a call within the next hour asking if the charges were correct or not. In this case they were OK but she appreciated that the credit card companies are no keeping their eyes open for possible abuse as it happens.

[VanHlebar]

It's not just credit cards. We use our bank check card extensively and last year when we purchased our wedding bands we used the same card. It was a very large purchase which is not typical of our spending. We got a call with an hour of getting home from our bank asking us if the purchase was correct.

I was very pleased with the service and it made me feel a little be more comfortable using the check card.

-Eric

[acronym]

then again: it was the lack of good technology that allows your credit card number to easily be hijacked in the first place. We really shouldn't have to worry about stuff like this.


and, before people start asking, I don't have a better idea of credit card security - it wasn't my primary area of study.

[jkarpen]

By law in the U.S. one's liability is limited to $50. Most credit card companies offer zero liability. So there's not much at risk. But it is very reassuring that they catch these things quickly.

Jim

[Steven Cedrone]

Just remember...

These banks and credit card companies are really not doing this to protect you, they are doing it to protect themselves. You aren't going to be stuck with those fraudulent charges, they are. They want to minimise their loss...

So if you think they are lookin' out for number one, they are!!! Only number one ain't you, you ain't even number two*... :wink:

Just my .02

Steve
*O.K., where are the Zappa fans...

[aroma]

This actually bit me in the arse last year. My wife and I were on vacation (honeymoon, actually) in French Polynesia and about 2/3rds of the way through our vacation, when our credit card company had noticed a number of overseas charges popping up on our credit card, they tried to call us to confirm the charges. Only we were not home, obviously. So, they turned the credit card off, which we found out about the next time we attempted to use the card. Luckily we had other alternatives, so we weren't stuck too bad. Lesson learned: If traveling overseas, it's wise to inform your credit card company in advanced.

- Aaron

[peterawest]

I had a similar thing happen to me last year. I was on vacation and had just used the card to purchase gas. A few minutes later I went into the convenience store to purchase a couple of items in there. By the time, the card had been locked and I had to use a different card.

At first I was not happy, but in the end I was very happy. I called the CC company and learned that my card had received several charges from MS bCentral, about one every few seconds. In less than a minute the card was frozen automatically. When I returned home a week later I found I had a message on my answering machine. They had called just a few minutes after the card was frozen. Nice.

The funny thing was that I had never used that card for purchases from bCentral; however I had used it for a purchase on another MS website. It took me almost six months and 15 calls to finally get MS to stop charging me for services I’d never approved or even requested. Numerous times they had to refund me for more false charges that they made. And every time I called I would be told that I was mistaken, and that I had requested the service. Each time I would read them back a transcript of my last call, along with the names and phone numbers of the persons I spoke with previously. What a hassle. But I finally got it to stop after my CC company stepped in and dealt with MS directly.

A funny thing too… After each encounter I would be e-mailed a link to a survey asking me my opinion of the service I’d received, etc. Each time I filled it out, yet the problem continued. Obviously no one was actually reading what I’d written, or they would have followed up on the problem to ensure it was corrected.

[Jimmy Dodd]

By law in the U.S. one's liability is limited to $50. Most credit card companies offer zero liability. So there's not much at risk. But it is very reassuring that they catch these things quickly.

Jim

I found out a few days ago that the limit only applies to credit cards - not debit cards (the cards that work like a check). If what I have learned is correct, debit cards leave you liable for eveything they are used for. 8O If there are any bankers out there, please correct me if I've been misinformed.

[Jimmy Dodd]

The credit card company's sophisticated customer service applications had uncovered what appeared to be an atypical pattern of spending. I had used the card earlier in the day at a local grocery store, but it was also used at a jewelry store several hundred miles away.

I know people who would be appalled that their credit card company was monitoring their activities this way. They would argue that their privacy had been violated. :roll:

[Rob Borek]

This actually bit me in the arse last year. My wife and I were on vacation (honeymoon, actually) in French Polynesia and about 2/3rds of the way through our vacation, when our credit card company had noticed a number of overseas charges popping up on our credit card, they tried to call us to confirm the charges. Only we were not home, obviously. So, they turned the credit card off, which we found out about the next time we attempted to use the card. Luckily we had other alternatives, so we weren't stuck too bad. Lesson learned: If traveling overseas, it's wise to inform your credit card company in advanced.

I heard a similar story from someone using an Amex Corporate Card overseas... Amex is very vigilant on looking at spending habits - unfortunately, if you're travelling overseas, they won't be able to get ahold of you and they'll freeze your card.

If you've got an Amex charge card, be sure you carry another card with you!

[wbuch]

Three minutes, wow! What would be even sweeter were if a police officer were waiting outside the store by the time he got out, to arrest him. :)

[Crystal Eitle]

By law in the U.S. one's liability is limited to $50. Most credit card companies offer zero liability. So there's not much at risk. But it is very reassuring that they catch these things quickly.

Jim

I found out a few days ago that the limit only applies to credit cards - not debit cards (the cards that work like a check). If what I have learned is correct, debit cards leave you liable for eveything they are used for. 8O If there are any bankers out there, please correct me if I've been misinformed.
You have not been misinformed. Your bank may reverse the charges as a courtesy, but they are not obligated to. Be very, very careful with your debit card.

And be vigilant with your checking account. Keep a close eye on your balance. Take advantage of online banking, which most banks offer these days, to keep an eye on your account activity.

[wbuch]

I know people who would be appalled that their credit card company was monitoring their activities this way. They would argue that their privacy had been violated. :roll:

There's a simple answer for them: don't use a credit card. How is this a violation of privacy? They already know the purchases, the information is there. They're willing conducting business with them...

[paulevs]

I just wish my Bank (http://www.barclays.co.uk) would do something like that after I had a similar experiance, getting done for £1200 (luckily they re-credited my account, but it took around 3 months...)

Yes Russ, why does it take so damm long in the UK to get the money re-credited again ?? - I know, it's because the banks in the UK are so, so GREEDY !! Check out their profits !! :devilboy:

[othell]

You have not been misinformed. Your bank may reverse the charges as a courtesy, but they are not obligated to. Be very, very careful with your debit card.

And be vigilant with your checking account. Keep a close eye on your balance. Take advantage of online banking, which most banks offer these days, to keep an eye on your account activity.

This applies to check cards with the Visa logo and all too?

[Crystal Eitle]

You have not been misinformed. Your bank may reverse the charges as a courtesy, but they are not obligated to. Be very, very careful with your debit card.

And be vigilant with your checking account. Keep a close eye on your balance. Take advantage of online banking, which most banks offer these days, to keep an eye on your account activity.

This applies to check cards with the Visa logo and all too?
Yep.

[mja8105]

I also had a similar experience recently. While I was on my honeymoon in the Dominican Republic, I used my credit card to make some purchases. They showed as some crazy company names on the transactions, and I was called about the purchases the day I got back.

It was actually pretty relieving knowing that this protection was happening without knowing it, and even better, without having to pay for it..

[Pat Logsdon]

I'm glad to hear that disaster was averted, Brad!

I had a similar experience several years ago that didn't go so well. Unfortunately, it was my debit card that was stolen and charged up, and it was like pulling teeth to get my bank to credit the account - I finally had to threaten them before they would do anything. It was truly a horrible situation.

These banks and credit card companies are really not doing this to protect you, they are doing it to protect themselves. You aren't going to be stuck with those fraudulent charges, they are. They want to minimise their loss...
Yep. And good luck if they don't think you're telling the truth about the charges...

*O.K., where are the Zappa fans...
Right here! Good song, although I think this quote is appropriate as well:

You will obey me while I lead you
And eat the garbage that I feed you
Until the day that we don't need you
Don't go for help...no one will heed you
Your mind is totally controlled
It has been stuffed into my mold
And you will do as you are told
Until the rights to you are sold

[karen]

I travel a lot and so does my husband. So we often get caught by the verification bug (not being home to verify the charges). So our bank has only our cell phone numbers.

My primary business card is a rewards card and the only reason I bank with that bank. Their policy is ridiculous - if you charge more than $300 (Canuck!) at an electronics merchant they AUTOMATICALLY deny the charge. Then they wait for you to call them to authorize the charge. A real pain in the butt.

I'm working on a tender authorization system right now and I can see just what data they are looking at to make the determination and it ticks me off that they can't use other methods available to them to mitigate their risk appopriately.

Cheque cards are not protected by the same guarantees as charge cards because the PIN is supposed to protect from fraud. However, there are lots of ways around it. One thing to watch out for is if you are using your ATM/cheque card and the merchant says something like "oh, your pin didn't go through -that key pad is bad; here use this one"
he may be double swiping. The first keypad is the legit one for the POS; the second is a dupe that just records your card info and your pin for use later. If this happens, just say "oh, I think I'll pay cash".

Karen

[Brad Adrian]

I know people who would be appalled that their credit card company was monitoring their activities this way. They would argue that their privacy had been violated. :roll:
Yep. And for those people, there is an alternative. It's called cash.

[Brad Adrian]

Of course, we can't just assume that the credit card company does this for completely altruistic reasons. They're looking out for THEIR best interests by intercepting theft and minimizing the charges that are contested. At least this way, since they found the problem, I didn't have any paperwork to fill out and the credit card company did all the work.

[Jonathon Watkins]

Only thing is that this oversight can bite you. I was in the states recently and was filling up at a petrol station. I went to pay and my card hung the visa machine for 10 minutes or so. Finally a message popped up that they wanted my birth date to confirm the transaction - you should have seen the queue that built up behind me in a very busy petrol station in that time. :oops:

[Thinkingmandavid]

Just in case you havent figured it out yet, banks take advantage of consumers every opportunity that they get! That is the bottom line, no if's and's or but's about it. Citibank has called when there has been suspicious acitivity on my account, that is cool, but I agree with those who said they are looking out for #1, which is the bank themselves. They arre just using it as a selling point to the folks they charge interest to. They have some dumb rules as the old one, charging for getting your own money out. That is on debit cards and credit cards. They tackle you if you go over a 1, go figure.