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Huge Credit Fraud Ring Sends Europeans' Data To Pakistan
marshotel excerpts from a story at the Wall Street Journal: "European law-enforcement officials uncovered a highly sophisticated credit-card fraud ring that funnels account data to Pakistan from hundreds of grocery-store card machines across Europe, according to U.S. intelligence officials and other people familiar with the case. Specialists say the theft technology is the most advanced they have seen, and a person close to British law enforcement said it has affected big retailers including a British unit of Wal-Mart Stores Inc. and Tesco Ltd."
big retailers including a British unit of Wal-Mart Stores Inc.
Meaning Asda, I guess?
But I like my cash rewards, nearly two percent of my total bill that I pay off in full every month, so I make a couple hundred bucks a year. I also enjoy the convenience of almost never having to deal with cash. (Mark of the beast, here I come!)
Or (here in the UK) for purchasing anything over the value of £100, as if said purchase is in any way faulty the credit card company is just as liable as the retailer and\or manufacturer. Buy a broken computer\fridge\TV etc.? Sue the credit card company for your money back, and let them find out who was at fault for the broken goods, it's not your problem (Yay for British consumer protection laws).
If I have nothing to hide, you have no reason to search me
Over £100, but under £30,000.
And you don't have to 'Sue', so much as prove to the CC company that you are due the cash.
Agreed though, on the Yay for the consumer protection laws. It's not just good for the consumer either- I regularly use my credit card when I don't technically need to, specifically for this guarantee. I am not alone.
Consequently, the CC companies benefit hugely from this.
"Be light, stinging, insolent and melancholy"
How kind of your bank to not debit your account for transactions you didn't authorise :) Seriously, you don't need insurance against *them* being defrauded. If someone asks your bank to give them money while pretending to be you, it is the *bank* who has been defrauded, not you. "Identify theft" is a cute term the banks invented to turn the poor security architecture in their payments network into their customers' problem
Matthew @ Bytemark Hosting
In America, the credit liability laws limit the consumer's exposure for fraudulent use of a card to $50. In practice, I've found most banks actually cover their customers 100%. You have to swear that it was theft, of course, and perhaps sign an affidavit, and if turns out that you were the "thief" you will be prosecuted for fraud.
Some cards here do offer no-questions-asked protection plans (I know American Express does) against defective goods. For the rest of them, if you are unsatisfied with a credit transaction you can withhold payment from your credit company while you dispute the transaction, but there's paperwork involved. It's not particularly easy, and it's likely to go on your credit report.
Notice that there are no liability limits on debit card fraud, however. If a thief steals your card and drains $10,000 from your account, you now have $10,000 less than you did before you were robbed. The bank does not have a statutory obligation to return your money. Debit cards are horribly risky devices.
John
This IS data from chip-and-pin cards. We've used chip-and-pin almost exclusively in the UK for several years now.