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Credit card fraud
#11
Pre-paid cards are a pay as you go credit card, mostly used by people with poor credit records to re-establish credit. They work just like a debit card and require advanced deposit of funds before the card can be used. Penalties apply for withdrawing more than the card balance, or failing to maintain a minimum balance. The cards generally offer little protection against fraud and losses are not insured, however your losses are limited to the amount on deposit on the card. They are not credit cards in the conventional sense because you can only spend your own money. They have fees and penalty provisions...trust me, you don't want this.
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#12
Grammabear, you probably have online access to your credit cards. To greatly increase your security, you can sign into those accounts and monitor them. Even better, all credit cards offer free notifications to your SMS Text Message phone or email. You can set amounts that trigger a notification from $1 to larger amounts. Every time the card is used, you get immediate notification of the location and amount. For example, if I use my credit card at a gasoline pump, I usually get notification of the 'hold amount' while I'm pumping fuel. The actual transaction will follow. If I use my credit or debit card for shopping, restaurants, etc. I get notification the second the transaction is processed. If you set up this feature it is almost impossible to be ripped off because you can call the bank or use an app and turn the card off.

Smartphones are useful for more than looking cool. They can protect your financial interests when used for financial transaction notices. At worst, you get notification when you check on email.
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#13
(12-07-2016, 05:45 PM)Sleeprider Wrote: Grammabear, you probably have online access to your credit cards. To greatly increase your security, you can sign into those accounts and monitor them. Even better, all credit cards offer free notifications to your SMS Text Message phone or email. You can set amounts that trigger a notification from $1 to larger amounts. Every time the card is used, you get immediate notification of the location and amount. For example, if I use my credit card at a gasoline pump, I usually get notification of the 'hold amount' while I'm pumping fuel. The actual transaction will follow. If I use my credit or debit card for shopping, restaurants, etc. I get notification the second the transaction is processed. If you set up this feature it is almost impossible to be ripped off because you can call the bank or use an app and turn the card off.

Smartphones are useful for more than looking cool. They can protect your financial interests when used for financial transaction notices. At worst, you get notification when you check on email.

Thank you for sharing your knowledge so that I can educate myself. Both my husband and I feel stupid where online transactions are concerned. Online shopping is so convenient for us at our age, but not when we don't know the necessary steps to take to protect our finances.

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#14
If you can figure out how to use Sleepyhead, you can log into your credit card accounts and setup notifications. It's pretty easy. Once you establish an online account, you can look at statements, make payments and really make that account work for you. No more mystery.
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#15
A prepaid card can be a viable option. Our bank offers a prepaid with a low monthly fee (which is less than most people pay on interest on their conventional credit card), a minimum balance of $100.00 and it can be loaded online. Just like a checking account, there are no penalties as long as you maintain your minimum and don't over draft. Like any other financial agreement, you need to pay attention to the fine print.
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#16
Newbie here. For the last seven days, I had to deal with my CU and the folks at Paypal dealing with a charge of $193 that I didn't make. Someone stole my card info and treated themselves to a computer from ebay. I called the CU and paypal and had to do the work of getting my money back. Yesterday, I finally got my money back. So I know how you feel. It affected my sleep when it happened. I hope that you get this resolved quickly.

Thanks to the person that who suggested buying a prepaid card to buy things online. I shall be doing that in the near future.
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#17
(01-19-2017, 10:44 PM)Goldie54914 Wrote: Newbie here. For the last seven days, I had to deal with my CU and the folks at Paypal dealing with a charge of $193 that I didn't make. Someone stole my card info and treated themselves to a computer from ebay. I called the CU and paypal and had to do the work of getting my money back. Yesterday, I finally got my money back. So I know how you feel. It affected my sleep when it happened. I hope that you get this resolved quickly.

Thanks to the person that who suggested buying a prepaid card to buy things online. I shall be doing that in the near future.

The Paypal part is interesting. To make a transaction using Paypal you also need the email address associated with the account. If you can work out how they might have accessed this then you might also be able to help your CU work out who performed this fraudulent transaction.

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#18
It's already been worked out the cu and I have gotten the refund in my account again.
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#19
(12-05-2016, 07:06 PM)pupcamper Wrote: I use a prepaid credit card with a low balance online. I load what i plan on spending before purchasing.

Do you find it convivnient?
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#20
I was the VP of Finance at my Credit Union and we recieved a monthly report of all card numbers that were compromised that month. It was up to the financial institution to decide what to do with that report. A real problem. The cards are hacked at the merchant but the customer blames the F.I. Most compromises are harmless but the ones that aren't are are a nightmare for the card holder.

All fraud charges are the responsibility of the merchant and can be charged back to the merchant. You will find out how good your bank is when you get hacked and try to straighten out it out.

I own one credit card and I use cash a lot more than I used to.
Dont-know  I am an accountant so any advice given here is not medical. If I give any financial advice, you can take it to the bank. However, you will have a hard time cashing it in. Okay
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