Debit card fraud....

[stomachmonkey]

I don't have any losses from debit cards because I don't use them anywhere that's risky.

My Mom, hit twice, drained accounts, bounced checks, the whole bit.

As Joe mentions.

The time it takes to clean up the mess has value.

The Fed mandates protections for debit cards that limit your exposure but there are conditions the consumer needs to meet to remain whole.

But I really don't want to be bothered, my time is worth way more.

And BTW, merchants don't always like debit cards either.

Depending on the product you sell, think cost, the flat fee can actually eat into cost more than % plus transaction fee.

For MOTO, online transactions, they can be a major pain in the ****ing ass, they fraud when they should not, they often double dip, refunds are more of a hassle because consumers think the refund should be instantaneous, they are not.

Debit cards can be a CS nightmare. CS resources spent on debit cards have a cost to the business.

There is no "one size fits all".

There are times when a credit card is the better choice.

There are times when a debit card is the better choice.

Smart consumers know when and where.

To say one is always better than the other is simply not true.

[KFC911]

Originally Posted by Alan A

I'd love to know how it's more convenient.

I know you've already told me I'm clueless and stupid for cleaving to my plastic of choice, so why not show me the error of my ways and lead me to the one true path.

There is no one true path....it's been posted already if you really want to know however

I'm done with you....let it go.

[KFC911]

Originally Posted by stomachmonkey

I don't have any losses from debit cards because I don't use them anywhere that's risky.

My Mom, hit twice, drained accounts, bounced checks, the whole bit.

As Joe mentions.

The time it takes to clean up the mess has value.

The Fed mandates protections for debit cards that limit your exposure but there are conditions the consumer needs to meet to remain whole.

But I really don't want to be bothered, my time is worth way more.

And BTW, merchants don't always like debit cards either.

Depending on the product you sell, think cost, the flat fee can actually eat into cost more than % plus transaction fee.

For MOTO, online transactions, they can be a major pain in the ****ing ass, they fraud when they should not, they often double dip, refunds are more of a hassle because consumers think the refund should be instantaneous, they are not.

Debit cards can be a CS nightmare. CS resources spent on debit cards have a cost to the business.

There is no "one size fits all".

There are times when a credit card is the better choice.

There are times when a debit card is the better choice.

Smart consumers know when and where.

To say one is always better than the other is simply not true.

I agree Scott...the point of this thread is to determine fraud risks....nothing more and the thread was hijacked... I just got a little frustrated...

Sorry guys...

[Alan A]

Originally Posted by KC911

There is no one true path....it's been posted already if you really want to know however

I'm done with you....let it go.

I'm sure you still have space to fit the other foot in there. And yet again you failed to answer a straight question. Try doing that before telling others they are stupid or clueless.

How is a debit card more convenient than a credit card?

[KFC911]

Originally Posted by Alan A

How is a debit card more convenient than a credit card?

Cash back (not kick back from CC)....

I almost didn't reply...but did anyways.

Different strokes....

[Alan A]

Originally Posted by KC911

Cash back (not kick back from CC)....

I almost didn't reply...but did anyways.

Different strokes....

That's the best you can come up with? You can get $10 when you buy milk, and that makes a debit card better than a credit card.

That's awesome. I'll stop taking $ out of the bank once a month when I deposit checks and I'll cut up all my credit cards. I'm sold. You, sir, are a WINNER.

Oh wait - do debit cards work fee free internationally? Maybe I'll just keep one...

[stomachmonkey]

Originally Posted by Alan A

That's the best you can come up with? You can get $10 when you buy milk, and that makes a debit card better than a credit card.

That's awesome. I'll stop taking $ out of the bank once a month when I deposit checks and I'll cut up all my credit cards. I'm sold. You, sir, are a WINNER.

Oh wait - do debit cards work fee free internationally? Maybe I'll just keep one...

Well for me debit cards at checkout is the only safe way to get cash.

I live in TX but my CITI account is still in NY.

Couple of years back CITI pulled out of TX, like gone, not one branch left in the state.

I can pull cash from any 7-11 ATM fee free but those things are riskier than handing your card and pin to a crack addict.

Any other ATM is $4.00 for the pleasure.

Everyones situation is different.

Both a debit and a credit card have and deserve a place in my wallet.

Although, I don't actually carry a wallet, iPhone case with just enough slots for two cards and my DL.

100% leather, handmade in Israel, even smelled right when I unboxed it. Love that thing. Only issue with it is it has a REALLY strong magnet on the clasp. Toasted two hard drives in my laptop when I inadvertently placed the phone on the keyboard.

Stopped carrying a wallet 30 some odd years ago when my Jack Daniels branded leather wallet which I also loved went overboard in Oyster Bay with the right side of my pants.

Was for the beat anyway cause I had so much crap in it my Chiropractor told me that sitting on it was what was jacking up my back.

The look on the local popo's face when I climbed off the boat after docking wearing only the left half was priceless, he just shook his head and drove off.

Never did get a second date out of her, not that I wanted one anyway, was wingmanning and did what needed doing.

I don't agree that youth is wasted on the young. I think I got my monies worth. No regerts.

Am I rambling again?

Just stop me if I am.

[KFC911]

Originally Posted by stomachmonkey

Well for me debit cards at checkout is the only safe way to get cash...

Just stop me if I am.

You can stop now

I had a response typed out....took a deep breath, and deleted it. Saw your post and it made me smile....thanks!

[wdfifteen]

Originally Posted by KC911

Thanks James...was this fairly recent or years ago? It's probably been ten years back, but once I went to use my debit, and the card had been frozen due to someone in Indiana using it for gas or something

What is it about Indiana ? (See my post on Redbeard's credit card thread)

[wdfifteen]

Originally Posted by KC911

I agree Scott...the point of this thread is to determine fraud risks....nothing more and the thread was hijacked... I just got a little frustrated...

Sorry guys...

Since so few here use debit cards you're not going to learn much about debit card risk here.

[KFC911]

Originally Posted by wdfifteen

Since so few here use debit cards you're not going to learn much about debit card risk here.

Not true....I wouldn't have expected a large response if folks with a bit of reading comprehension ability had read my OP and not hijacked this thread....should have simply ignored 'em. There are about 4-5 REALLY smart guys here who have offered valuable insight however....which are you Patrick ? Like "the 'hawk", and many others, I use my debit all the time for it's convenience that a CC doesn't provide, and just don't worry about the limited exposure that is over-hyped by the card industry as they attempt to steer folks to the more profitable CC side. Bottom line....everyone do what you wish ....but at the end of the day, debits are NOT the huge risk exposure some make it out to be, and if you are informed, then you can make your own decision.

Hope this helps if you're reading Paul ....

[jasio909]

Originally Posted by KC911

There is another thread on card skimmers where the pros & cons are discussed, and skimmers & scammers get plenty of news. No need to go into that here. If you have ever actually LOST money (not reinstated later), please post your experience. I think the fear mongering might be a bit overdone...

Now there is very need for taking precautions and serious care.

[GH85Carrera]

I have a debit card and a credit card and I use them both in a logical way.

My debit card is issued by my credit union. They have a checking account program that if I make 10 debit card purchases per month, at least one on-line bill pay and one electronic transfer per month they pay 3.25% interest on any balance in the checking account. Better than any CD. I pay most of my bills on-line and have some automatic bank transfers set up already. I just need to buy some beer at the gas station and a few lunches and I have my 10. I usually hit 25 or 30 transactions per month on my debit card.

They have great fraud detection. Over the last 10 years my debit card number has had three cases of fraud. I never lost a cent. One time a local restaurant had an employee photographing the debit cards and credit cards and selling them on line. He went to jail.

The other two time are total mysteries. They caught the fraud each time and my only part was to drive 1.5 miles to a local branch of the credit union and they handed me a new card.

I have been a member of USAA for 39 years. I have some investments with them and they issue my credit card. I use it for all on-line purchases and all vacation travel expenses. And I buy my gasoline with it only because they pay 5 cents per gallon back into a cash rewards fund. Once per year I can jut transfer that to my CC bill.

I always pay my CC bill in full. They have a low interest rate but I prefer 0% interest if I am paying. It has been hit a few times, but once again no cost to me.

[stomachmonkey]

Originally Posted by KC911

Not true....I wouldn't have expected a large response if folks with a bit of reading comprehension ability had read my OP and not hijacked this thread....should have simply ignored 'em. There are about 4-5 REALLY smart guys here who have offered valuable insight however....which are you Patrick ? Like "the 'hawk", and many others, I use my debit all the time for it's convenience that a CC doesn't provide, and just don't worry about the limited exposure that is over-hyped by the card industry as they attempt to steer folks to the more profitable CC side. Bottom line....everyone do what you wish ....but at the end of the day, debits are NOT the huge risk exposure some make it out to be, and if you are informed, then you can make your own decision.

Hope this helps if you're reading Paul ....

You asked who'd lost money from debit card fraud.

You believe the fear mongering is over rated.

Those are really two separate but co-dependent thoughts.

While it may be that the risk of actually losing money due to debit card fraud is low the risk of being the victim of fraud is not overblown.

The more times you put yourself at risk for fraud the higher the likelihood is that you may eventually lose money.

And I believe that's the general feedback you are getting here.

We mitigate the risk of fraud, which mitigates the risk of possibly losing money, by being careful where and how we use debit cards.

[KFC911]

Thanks Scott...appreciate your response. I truly understand the pro & cons, but really started this thread on behalf of Seahawk, rather than hijack that other one. There's only a couple of new things I've learned here...one, the card industry profit margins are lower than historically, that's what a near zero Fed prime rate will do when you're not paying close attention to something you don't care about. And two...that some posters don't give a crap about hijacking a thread when they have nothing to offer, and have been asked not to in the OP . I had a really crappy morning....didn't catch a single bass, and couldn't get one of my chainsaws started either .

Thanks to all except the hijackers....hope this thread helps Paul out....another debit card using fool like I am .

[KFC911]

Originally Posted by jasio909

Now there is very need for taking precautions and serious care.

Even a spambot has to chime in

[Por_sha911]

Originally Posted by KC911

If you have ever actually LOST money (not reinstated later), please post your experience. I think the fear mongering might be a bit overdone...

Originally Posted by KC911

The reason for this thread is the oft repeated mantra that bankers repeat over and over.
I hijacked my own thread

If you've ever lost money using a debit card, please post your experience...thanks!

Originally Posted by KC911

Last post...I want to hear about fraud losses.
Please post your debit card losses and let the other debate pro/con go....I truly don't care what folks do ...but they should be aware of what goes on behind the curtain. Different strokes....

Originally Posted by KC911

Please continue with fraud experiences guys....the purpose of this thread

You keep insisting on info about risk with debit. I wrote you but it seems to have been missed or conveniently ingored:

Originally Posted by Por_sha911

...I have had friends that had a debit card hacked and it drained their account. The time lost getting it squared away with the bank and the folks who got bounced checks was more costly than the money taken.

It seems like you have narrowed the range of acceptable responses to try to prove your hatred for banks and credit cards is justified. Also, if you wish to insult those who hijacked the thread then physician heal thyself. Many of your responses were predicated on how bad the banks were at ripping off people but yet you rail against those who dispute your opinion and antiquated percentages.

In closing, the fraud loss of a hacked debit card is TIME. My time is worth more than the money. There may also be collateral financial costs of having to compensate for a drained bank account while away from home and before the situation is researched and resolved by the bank but I don't have data so I'll let that one go.

[KFC911]

My apologies Joe...

I had several long paragraphs typed out, reread them (which is rare for me, before hitting enter), then deleted 'em. I appreciate your posts and perspective....thread just went off track....but it's PPOT

[Por_sha911]

Opinions are like noses. Everyone has one and they are all different.
I respect your willing to stand by what you believe and will defend your right to disagree with me even if you are wrong. (just a joke). I am often in error but never in doubt.

[KFC911]

Originally Posted by Por_sha911

Opinions are like noses. Everyone has one and they are all different.
I respect your willing to stand by what you believe and will defend your right to disagree with me even if you are wrong. (just a joke). I am often in error but never in doubt.

It'a all good Joe At least you use CCs the smart way....never paying a cent of interest and getting the 2% kick (cash) back. I doubt my rates are missing much in your case however...."they" are still making big bucks.
I do NOT like banks, and the card industry in general (money changers outside the temple....) from my early corporate life.
I was responsible for making sure the tens of billions got transferred from A to B to C each and every day....from a macro perspective, I know who pays for this 'convenience'...the consumer...same as all "costs" imo.

But CCs have their place too

The fraud risks for debits have changed in recent years....that was the purpose of this thread...to inform.

Then someone else chimed in the middle of our good natured exchange, with absolutely NOTHING of value to add, and evidently hadn't even read the preceeding posts before commenting . I've been around PPOT long enough to know better...but engaged anyways...my mistske, and it won't happen again

Be well....all of you!