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Have you been subject to card fraud?
Yesterday I checked one of my bank accounts and noticed that there had been a couple of cash withdrawals of 100 and 250 euros in Italy. I have not been to Italy, so I immediately phoned my bank. My card had been cloned! Thankfully, they were very efficient: they stopped the card, promised a new one in a few days and will also refund the stolen cash.
It was a very unsettling experience, nevertheless, and I was much relieved that it had, in the end, been resolved so efficiently. However, it left me with a number of unanswered questions ... (see Further Information, below)
When and how had the card been cloned? (How is easy - it had probably been double swiped at some point. The other alternative might be a little device on a cash point/ATM but I am always wary of these machines and look closely for anything suspicious.)
The bank had dealt with it so efficiently and with the minimum of questions that it led me to realise that this kind of fraud is a daily occurrence for them. I suspect that they don't even insure against it - the losses are built into their costs and thus into the charges they make to their customers!
Finally, what can I do in the future to help to ensure the security of my money?
Any suggestions?
2 Answers
- DeathStarLv 41 decade agoFavourite answer
Hi, sorry to hear about the incident. Thankfully you managed to retrieve the stolen money.
Hope you could get a clue on how and where your card was cloned.
There are card cloning incidents in our country as well and the police shared tips on how to avoid it from those wily smart-*** card cloning syndicates(but still they will find a way to get away from it)
Here are some of the precautions I could share:
1. Always check your statement of account for any discrepancies especially those purchases you were not aware of . In case of such discrepancies, call the bank ASAP.
2. In ATM machines, card receivers should not be faulty and not wobbly. In case, of a wobbly card receiver, do not insert your card.
3. Cover the numbers of the keyboard with your hand when keying in your PIN. Card cloners usually install a pinhole camera on top of the keypad.
4. Do not ever ever leave your credit card or atm card in the atm machine. Those who retrieve it have a way to uncover the PIN if they get hold of your card
5. Always report card frauds to your local police.
- Anonymous1 decade ago
If the company to whose credit card you have applied, charges you a very high interest rate, avoid it. When you apply for secured credit cards, you'll find some companies will charge you an annual fee. It is ok in certain cases. An annual fee not exceeding $60 is acceptable. But don’t pay over $60 in annual fees for a secured credit card.