We just got an automated call from my primary Visa card company saying there are "odd" transactions going on and to please call them. I called and was told someone has cloned my card and has charged $8,500 against it in Montreal in the past few hours!
She reassured me that I was not responsible for the charges and then ascertained when I last used the card and what the last few legitimate charges were. She asked if I had the actual card in front of me and I assured her I did. She said the fraudsters had a duplicate card that they must have cloned. She told me to cut the card up and that she would send me a replacement card with a new account number ASAP.
They must have some sort of fraud fund that they use to cover these transactions but man, they must add up! This is not the first time this has happened to me. and I have been more careful this year. I no longer leave the card with a gas station attendant while I fill up and if a place or their employees look shady, I use cash. I guess it is just one of those things, if they want it bad enough, they will get it.
Revolution Day
2 hours ago
I have a European type 'chipped' card that I charge with, it is supposedly impossible to clone. We'll see...
ReplyDeleteOur Dutch friends get an international text message from their bank every time a charge is made to their card. They used it to pay for a meal when we were with them and about 45 seconds later she got the text message. European banks are WAY ahead of us!
DeleteChip and Pin Technology has been in Canada for many years now. Unfortunately the card can still be used for on line transactions that don't require the Chip/Pin only the numbers and the three "magic" numbers on the back. It's quite easy to clone a card actually, sometimes it's done at the card reader (like what happened to me at a gas station in Edmonton) and you don't even know it's happening. The amount of money that the bank loses isn't enough for them to change things, it would actually cost more for the USA to adopt chip and pin technology than to pay out the fraudsters so they don't bother for now. I think the last ratio I read was about 5% of all profits is lost to fraud. Not enough to act I suppose.
ReplyDeleteSucks about this though, hopefully you will get a new card soon!
Karyn
Not enough incentive. Wow!
Delete$8500 in four days is a real spending spree. By the time the bank cancels the account they have lots of goods already. Sure seems like a profitable deal, unless they are caught.
ReplyDeleteNot much further to go before they maxed out the card so they did pretty good for themselves.
DeleteWoW! That's crazy. Good thing they find these things out ..... Guess the culprit gets off....
ReplyDeleteYou can bet they will get off!
DeleteOh c'mon...I thought bad stuff like that only happens when you use a credit card in third world countries like Mexico.
ReplyDeleteI think it is worse in the US.
DeleteKevin, you beat me to it! Croft, glad to know all the charges will be removed. BTW, Montreal was a blast, thanks :)
DeleteNothing but the best for our friends Chris!
DeleteNice that they caught the problem and can resolve it for you. Hope we never have an issue.
ReplyDeleteI don't think anyone is immune George, if you use your card lots it will probably happen. Luckily we are protected by the banks who want us to continue using their cards.
DeleteEmailed comment from Al:
ReplyDeleteOne thing that gives me a bit of comfort is that a few years ago I lowered the credit limit on all my credit cards. I found that the bank had progressively bumped up the limit to the point that I could almost go out and buy a new car with one card. This way if the card is hijacked then it would be shut down quicker.
It isn't a problem, if I approach the lower limit due to a shopping binge I can pay it earlier with web banking to give me some head space (although I never like to pay a bill "before it's time"!).
I know what you mean Al. We once had a lawyer friend who made the down payment on a house with his high limit credit card.
DeleteWe have a notification text/email sent anytime our card is used for $100 or more. But my experience has also been that the credit card companies are pretty much on top of things when it comes to fraud. They are apt to recognize it faster than we are. When we are traveling, we do make it a point to check our credit card charges 1-3 times a week. You especially need to watch first for charges under $10 as that is how the scammers do a test run to see if the card is good.
ReplyDeleteThey got this one really fast as all the charges ($4000, $4000, $150, $150, $100) were made the same day they phoned me.
DeleteIt is a sad fact to know that the perpetrators actually get away with the goods purchased with stolen loot. Fraud cost us consumers an awful lot of money.
ReplyDeleteAt least you are not stuck with the tab....but it is sure disconcerting. When I purchase fuel, I only leave my license with the attendant; never the credit card.
All amounts were even dollars so they must have been cash advances. Where do you go to get two $4000 cash advances from the same place minutes apart? It is almost like they have an accomplice.
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