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Fighting fraud

RJT

Titanium
Joined
Aug 24, 2006
Location
greensboro,northcarolina
I have a good employee who had a large sum of money taken from a bank account, electronically transferred overseas purchasing digital currency. Took about a week, but he got his money back, had to change all his account numbers which affects direct deposit, bill pay, credit cards. line of credit, sort of a big hassle. It got me thinking about my business accounts. My banker has been after me the last few years to use their fraud protection (it's not insurance). I did quite a bit of checking (because I hate monthly bank fees) , but I have signed up for this protection. I wanted to just sign an agreement that I would not authorize any electronic withdraw from any account ( because we write checks for all payments) , but that wouldn't work. Apparently, big companies (Blue cross, power company, gas company) scan your check and it becomes a digital electronic withdraw. So I went ahead and have signed up for fraud protection. Basically I will get an email every business day that lists the checks or electronic transfers/withdraws on my account that I must approve or reject. Vendors that I write checks to routinely will have a monthly limit set , that will be approved automatically. Bank says they have never had a fraud case with this kind of system. Otherwise it's not a question of if, but when. Personally I have had checks forged and credit card # stolen and used, but have always been re imbursed (seems you have 30 days for personal accounts). Business accounts olny give you 48 hours, so beware. Anyone else using the banks fraud protection?
 

BoxcarPete

Stainless
Joined
Nov 30, 2018
Location
Michigan, USA
Reminds me that I need to look into this for myself. Last year my parents got a debit card in the mail from Wells-Fargo with my name on it, I've never had a checking account there so I called and got it all closed down, no transactions ever made with the account, no fuss. But it's just proof that enough of my personal info is "out there" to make fraud a realistic possibility (even if it's outdated). Likely it's the same for everyone whether they're aware of it or not.

Thanks for the reminder to take action.
 

michiganbuck

Diamond
Joined
Jun 28, 2012
Location
Mt Clemens, Michigan 48035
I pay about $9.00 a month to avoid such. Identity protection.
Choosing a good password. like your Favorite car's color and year spelled backward.

A 1956 Blue ford car that cost you a lot of money = $drofeulB 56

I get the guy telling me about the $400 camera bought on my Amazon..likely that works or they would not keep using it.
 

Kalispel

Aluminum
Joined
Jan 27, 2021
Location
Ohio
This has become a huge risk. Most people do not think about it until they get ripped off. It happened to my mom. Luckily, she did not have much cash in her bank account. Just enough for monthly bills. The bank is not very helpful after the fact.

Property titles are one of the biggest risks. People fake your identity, mortgage your property and disappear with the money. You are stuck. Most counties have a subscription process that will notify you of any changes as they occur.
 

barbter

Diamond
Joined
Oct 27, 2007
Location
On Tour...
more digitalization more fraud. we have a real scourge

100%. Yet the talking heads keep saying "secure digital identity" :rolleyes5:

For my business, I had no electronic banking. I'd pay everyone by cheque, all nice and secure.
It wasn't a worry from me of being hacked as I knew I'd always get my money (eventually) returned, but it was the aggro of being hacked that I wanted to eliminate.
6.5 day weeks never left much time for unnecessary and avoidable dramas....
 

mrSanders62

Cast Iron
Joined
Jan 8, 2022
100%. Yet the talking heads keep saying "secure digital identity" :rolleyes5:

For my business, I had no electronic banking. I'd pay everyone by cheque, all nice and secure.
It wasn't a worry from me of being hacked as I knew I'd always get my money (eventually) returned, but it was the aggro of being hacked that I wanted to eliminate.
6.5 day weeks never left much time for unnecessary and avoidable dramas....

and even more, they stubbornly want to collect your biometric data everywhere. documents or password can be replaced, what to do with biometrics?
 

HHollow

Plastic
Joined
Jun 15, 2014
Location
MT
...
Property titles are one of the biggest risks. People fake your identity, mortgage your property and disappear with the money. You are stuck. ....

I have heard about this, mostly from companies charging for protection.

It sounds like a scare tactic to drum up business. I do not think a fraudulent lien or deed transfer would withstand even the slightest challenge. If this were the case the Brooklyn bridge would be changing hands daily.
 

NRDock

Cast Iron
Joined
Jan 24, 2015
The bank is not very helpful after the fact.

Here's a good one: Someone deposited ~$900 in my daughter's bank account at a branch an hour away. Daughter contacted the local branch and the branch where the deposit occurred to tell them there was a mistake and this is not her money. The bank couldn't care less. It's been over a month and we're wondering if the rightful owner will ever miss the money.
 

Bondo

Hot Rolled
Joined
May 14, 2011
Location
Bridgeton NJ
You can have your credit card info stolen while at the grocery store or anywhere where someone has a scanner in their pocket and it will scan everyone's cards in their wallet within a few feet.

I keep my cards in a sleeve designed to eliminate that. Also helps them from wearing out early from rubbing against the wallet.

I also keep a "spare" main card in case my main card gets hacked again. Much faster to change everything over.

Sent from my SM-G960U using Tapatalk
 

CarbideBob

Diamond
Joined
Jan 14, 2007
Location
Flushing/Flint, Michigan
You can have your credit card info stolen while at the grocery store or anywhere where someone has a scanner in their pocket and it will scan everyone's cards in their wallet within a few feet.
Does that actuality work or is it an urban myth?
Not understanding the how at a techie level with credit cards and how they function.
Bob
 

Bondo

Hot Rolled
Joined
May 14, 2011
Location
Bridgeton NJ
Does that actuality work or is it a myth?
Not understanding the how at a techie level with credit cards.
Bob
Think of it like that Mastercard "speed pass" it just sends your info to the card reader. You can build a device to get that info.

The only downside and why people dont use it as much as skimmers, is it gets ALL the info at 1 time. So they may have scanned 100 credit cards at 1 time, then they have to sort out all the data. Or they scanned 5 of your cards, but same thing, which numbers and dates go to which ones. They get around it by doing short runs.

Skimmers work best because it gets all the info for 1 card, stored perfectly.

Sent from my SM-G960U using Tapatalk
 

CarbideBob

Diamond
Joined
Jan 14, 2007
Location
Flushing/Flint, Michigan

Bondo

Hot Rolled
Joined
May 14, 2011
Location
Bridgeton NJ
NO. Just plain NO.
I think you do not know the world of credit card skimmers.
Speedpass is so way different.
Your right, I dont know because I'm a welder. But my buddies brother works at Bank of America in their cyber security. So I've been pretty up to date for the last 15 years.

I did say "think of it is" and not it is the same. There is a lot more to it, but it is very possible.
 

CarbideBob

Diamond
Joined
Jan 14, 2007
Location
Flushing/Flint, Michigan
I did say "think of it is" and not it is the same. There is a lot more to it, but it is very possible.
I am just not going to pay a monthly fee for so called protection.
Each choose as they will for comfort level.
Little brother makes $250,000 a year in "cyber security" and he can not code his way out out of a wet paper bag with a tear in it.
Yet many ante up in big customers so this not a bad job.
Bob
 
Joined
Apr 14, 2018
Location
Airstrip One, Oceania
... my buddies brother works at Bank of America in their cyber security.
Can you tell me where he lives so I can go over to his house and give him a free black eye ? Those people are the stupidest monkeys on the planet.

I have a B of A debit card for various reasons. Every fucking time I use it they freeze the account, even though it is (supposedly) marked as "used in China". Every arfing time.

"OMG ! Someone from China used your card !"

"Yeah, that was me. That's why I have it, to use. That's why it has a PIN number and why I have informed you to leave me the fuck alone about 500 times now. Can I please remove this account from your worthless idiot 'fraud protection' oversight ? It'd be cheaper for me to lose the daily limit once than put up forever with your stupidity."

"Oh sorry. No, we can't do that. You'll just have to put up with this crap (and the two hours on long distance, 800 # doesn't work from overseas) forever."

God I hate those assbreath losers.

Construction Bank, Agriculture Bank, ICBC and Bank of China all automatically notify you by text of any transaction over X rmb. If there is a problem, you inform them. No fees or extra charges. No freezing your account if you actually use your own card*. You guys get ripped off every time you turn around :(

* Once, I can understand. But every other time ? Get with the program, idiots.
 
Joined
Apr 14, 2018
Location
Airstrip One, Oceania
It is not a person that hates you. This done by computers and what is in their rule base.
Do not shoot the messenger for doing his/her job.
The first fifty times, I was. We're beyond that now.

That fucking brainless program was not written by some entity in outer space, it was an arfing BofA employee who created it and the nitwits in their so-called 'fraud' department who can't seem to fix it. They are the ones who peddle their shit as being useful for overseas travel, not me. So make it work as advertised, dickcheese losers.

You'd be pissed too, if the tires fell off your car every time you pulled out of the driveway and GM couldn't seem to figure out how to keep the damn wheels attached. It's not that hard, ya know ?
 

Kalispel

Aluminum
Joined
Jan 27, 2021
Location
Ohio
I have heard about this, mostly from companies charging for protection.

It sounds like a scare tactic to drum up business. I do not think a fraudulent lien or deed transfer would withstand even the slightest challenge. If this were the case the Brooklyn bridge would be changing hands daily.

It is a commonplace form of fraud and becomes a big problem for the victims. The theory is it is your responsibility to safeguard your property. Fraudulently transferred title can be remedied but the burden is on the victim to do it.

We recently attended a meeting held by our county auditor and prosecutor’s office on the topic. They offer a free notification service that alerts the deed holders of any activities associated with their properties. We do not subscribe to a paid service.
 

mrSanders62

Cast Iron
Joined
Jan 8, 2022
We also have banks with a paranoid security system. constant blocks on "suspicious" transactions, which does not prevent fraudsters from stealing sometimes significant amounts
 








 
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