JANUARY 30, 2018.
DEBIT CARD? BLOOD CLOT.
You need a debit card like you need a thrombosis. Debit cards possess all the help value of flying framing nails. No? Who hooks up a direct electronic suck line to their checking account? That’s your working stack. Protect it. Instead we’re gonna hook up to somebody else’s stack. And War Driving? No worries yo.
G o on, you’ve got nothing to lose. Debit cards are like the Overwrite function. If you don’t know how to use it, a quiet continuous sucking sound may become your new way. That little blue blink you released in your document is doom, kind of like when the electronic pirates snatch your debit card # and PIN. Does anyone know who invented Overwrite? We have business with them.
Remember the massive TJX data breach? War driving. No guns involved, but a hell of a lot of credit card #s, and debit card PINs. Yes our cards all have PINs now. So? Stay tuned.
Is your Debit card fruad protected? Remember, it’s not a credit card, even though it’s “branded” meaning logoed by Visa or MasterCard. Four main types of cards have been used for years:
1. Charge cards. Charge cards have no attached “line of credit.” The balance is due in full at the end of each billing cycle. Think American Express, once a first tier international financial tool. Not so much now. The competition caught and passed AMX.
2. Credit cards. Most know the credit card’s basic story. These cards include a revolving interest-baring line of credit. Spending limits are capped, application required. Used properly credit cards can be profitable–to you. Click “Credit Cards” under “Money” on the menu above. The flip-side is that credit cards can be killers–game changers to the downside. Avoid that in any way you can.
3. Debit Cards. Debit cards are hybrids, sort of. Debit cards connect the owner to their own money, say a checking account. They can be used at merchants and ATM’s.
4. ATM or Bank Cards. These cards are for accessing your bank account remotely–ATM’s. No charge or credit feature is attached, meaning the user must have sufficient funds in the backing account. No branding by Visa or MasterCard exists, meaning no fraud protection is provided by them. The issuing financial institution’s rules concerning fraud are created by them. Bottom line. It’s your stack on the electronic end of this card, not the bank’s.
Like credit cards debit cards include a pin, a PIN required for debit purchases. No PIN required for purchases on a credit card–except in Europe. And guess what–even though it’s called a “debit card,” it also can be used kind of like a credit card. But the sole difference is a slightly longer transaction period. Huh? Sufficient funds must be present in your connected account to cover the any mount–except at some gas pumps. Got it? Exactly. Except, you can use the credit feature of your debit card, without sufficient funds, like we said, if you’re at some gas pumps. Ahhhh…whatever.
Think massive TJX data breach.
War driving, also called access point mapping, is the act of locating and possibly exploiting connections to wireless local area networks while driving around a city or elsewhere.–Google.
Think you know the rules controlling you Debit card? Is it fruad protected. Or is that an ATM card? Give you card issuer a call. Or call BofA and ask. Be sure to be clear about the kind of card you’re asking about; Credit, Branded Debt card, or ATM card. Each one is different. You may be surprised.
Keep in mind, while on hold, your call is important to them.
1 (800) 432-1000
Why not have the big players standing between you and the host of electronic pirates? How hared is that?
Bottom line. More fraud occurs on credit cards. Lose it and they use it-all you do is swipe and sign. That is unless the own knows it’s lost and either deactivates it directly, or reports the loss immediately to the card issuer, who deactivates it. Either way, you’re protected. And it’s the bank’s money.
Debit cards require PINs for all transactions. You loss it and they can’t simply use it. Nice. But wait. Debit cards are wired straight to your stack. Know anyone who’s debit card has been compromised, regardless of the PIN protection? We do. Guess what? Their bank account was emptied.
D e b i t card issues alone decide whether any fraud protection will be included with their debit card. Some offer protection. Some even process reasonably quickly, if they determine if fraud has occurred. Some don’t. Either way, its’ still your missing stack. Think about it. Bank’s don’t simply suffer in the face of fraud claims. They investigate. That takes time. Meanwhile, it’s still your missing stack–and it’s still missing until and if, the bank determines the fate of your claim.
Hope is not a strategy. Fraud is real and the facts clear. A missing fat stack is a missing fat stack you’ll feel. Why not let the bank or MasterCard take it in the neck? And where’s the one place we’re comfortable using a debit card? ATMs.
Nice but really? While checking a credit card statement one of our crew spotted a bad charge–$15 for “expedited shipping” on a replacement card sent to some apartment in Miami. The issuing bank simply said someone called and requested the replacement–and they shipped it out pronto.
Do not expect your card issuer to call you prior to replacement. Your issuer’s actions may not match your expectations. Who issues a replacement card to a third location without some text/email/call security check with the owner? Probably your issuer.
Do you have your debit card PIN written down? Is it in your wallet or purse? We’ve seen that too, and a one-day maximum withdrawal loss of $500.00. Yeah, the electronic system the transaction ran on did replace her money, and fairly quickly. Beyond the hassle, came the six month investigation. It’s always fun to wait and see if you’ll be bled for $500.00.
Got a debit card? It’s always fun to wait to see if you’ll be bled for $500.00. It’s your stack. Stick the bank in-between by using a credit card instead. Then protect your card more, by setting up dual-authentication verbal password with your issuer.
You have to access ATMs. Lowly “ATM/bank cards” are rock-bottom basic cash draw tools. Works. Has a PIN. On the other hand, “branded” debit cards have fraud protection by the big firms. That can really be great.
Conclusion. For cash; “Branded” debit card. But our advice? Don’t use it for purchases–any purchases. Credit cards are for purchases. That’s why they were invented. Cash back. And one bank standing between you and account bombing pirates. Keep sailing.
Credit Freeze. Done Yours Yet?
What Equifax lost will never be restored. No one in American can assume anything concerning the safety of their sensitive information. The number of accounts compromised by the largest data breach in human history is estimated, by Equifax, to be 143,000,000. That’s almost half of all Americans. Exclude the under age and its closer to 80% of American consumers.
The facts remain the same. Credit monitoring is almost worthless. That’s like telling the defense to react after the score. Instead, freeze your data. Freeze all three credit agencies–it’s your data. They’re only using and losing it. That really doesn’t get better. The “securing” part is history. Equifax, Trans Union, and Experian are now simply selling it. Remember when it was yours? Neither do we. How’d they do that?
Call–it’s automated and fast. Have a pen. Verification numbers are given quickly, with a confirmation letter that follows, much much later. Simply “temporarily unfreeze” your data only for specific planned credit checks. Otherwise, its one block of ice–one these companies can’t sell. Is that karma?
Equifax (1-800-349-9960), Experian (1‑888‑397‑3742), TransUnion (1-888-909-8872).
Freeze your credit now. A “freeze” at the source is the only move available now that your data permanently running free. Thanks guys. It was fraudulent while it lasted.
Savor all the fun and loosey-goosey antics in our piece on Equifax:
“Equifax Sticks it To America. What They Lost Was Yours. You’ll Never Get That Back. Return the Favor. Freeze it All.”
Thanks for reading. Keep looking.