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Email this9:22 pm
February 17, 2013
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60 Minutes did a story on credit card theft Sunday Nov 30. Thought it was interesting and may shatter a few illusions of the people that think on line banking is secure and blame Peoples Trust for the breach. Here is a link to the story. Hope it works, if not try going to CBS.com and looking up 60 Minutes.
12:38 pm
November 4, 2014
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Rick, we never do any online shopping and so far we are okay but who knows what can happen in the future.
As for online banking, we have not had a problem yet but we use it only when we have no choice and avoid it if we have another option.
6:53 pm
April 6, 2013
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I watched the 60 Minutes video. Not really issues with online banking.
The breaches described in the video gave hackers the information needed to create counterfeit credit cards only because of the way magnetic stripe-only cards work. That wouldn't be the case with the chip-and-PIN type cards in Canada and Europe.
8:08 pm
February 17, 2013
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True enough Norman, but the underlying point was the amount of cyber crime being perpetrated every day and the resources employed by corporations, banks and credit card companies to counter it. A massive undertaking in a fast moving technology, consuming vast resources in an endless game of cat and mouse. It goes to my point in other posts... ANYONE can be hacked, even government web sites, so to shun one that has been victimized doesn't make sense to me. In fact, I would assume once a business has been hacked, I would expect them to stay on top of their security even more vigilantly. To that end, I am still a customer of PT.
8:48 pm
August 9, 2014
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Norman, don't be so confident. Thanks to the relic infrastructure in US, most debit and credit card issue around the world have magnetic strip, which in my opinion, defeat the purpose to change to EMV card.
9:07 pm
December 23, 2011
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Much to our surprise!!! Walmart USA has chip readers. If you swipe with your magnetic strip it won't take and you must use the chip. BUT no pass code required. They are half way there....lol.
12:09 am
October 21, 2013
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These "flash" cards really scare me. There is no security with them whatsoever as far as I'm concerned. You just wave it at the machine, and it goes through. If you happen to lose the card without realizing it, you are totally vulnerable. The Interac card I have from BigBank (which I did not ask for and did not want and have not used) only asks for code if I go over $100/day. Why on earth would they even think of inventing such a thing?? Cash is a better arrangement.
Same thing happened yesterday using a credit card. I just don't trust it, and don't see why they would. They got rid of signatures, claiming they were not secure. This new system is a lot less secure in my mind.
Your point is well taken, Rick.
10:15 pm
August 9, 2014
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Loonie, I am Ok for such function for credit card, as it is the bank that bear the risk. For FI, the cost of fraud are just part of business and they think the flash function is not going to cost them much as it only allow small amount to go through. I am more afraid for this feature to be on debit card through, as they can possibly empty your account and you will need to wait to get money reimbursed.
11:01 pm
October 21, 2013
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I agree, Jon. I received this unsolicited debit card from BigBank the other day, and I have no choice about it as it replaces my ATM card. I have never wanted a debit card. With this one, however, they can't empty my bank account as there is a $100/day limit, above which you must supply a PIN. Fortunately, I have more than that in the account. I don't know much about these yet, but clearly they are the way of the future. I think everyone should look carefully at what the maximum withdrawals are on this Flash system. It could become a criterion in deciding where to bank.
I hope that you're right that the FI will still accept responsibility for credit cards that are abused in this way. I know they have done so with the old system.
One thing which might work in our favour is that more and more businesses have security cameras watching their checkouts, so we can prove it wasn't us.
7:50 am
January 3, 2009
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What always gets me, is why do people think using their credit card and shopping offline is any more secure? I've had credit cards used fraudulently a few times and it was always because a dishonest person I handed my cc to, not from using it online.
IMO, anyone who thinks their identity is not compromised is naive. It's not whether your identity has been stolen, it's whether it's fished out of the sea of stolen identities to be used. Be vigilant. I check my cc and bank accounts multiple time a week. Make that part of your routine to start with.
I also shred documents with any personal identifiers and throw it into different garbage's with unpleasant things.
At the end of the day, people are only looking out for themselves, so put the effort into looking out for yourself and don't assume anything is safe and secure.
12:09 pm
August 9, 2014
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Loonie, what I want to say is that when someone abuse your credit card, they are stealing bank's money, but for debit card, they are stealing your money and it will take some time to get the money back. This in itself is a good reason to have credit card, especially use it on places like online shopping, which is very prone to cons
12:42 pm
December 23, 2011
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Jon said
Loonie, what I want to say is that when someone abuse your credit card, they are stealing bank's money, but for debit card, they are stealing your money and it will take some time to get the money back. This in itself is a good reason to have credit card, especially use it on places like online shopping, which is very prone to cons
Any one that uses credit responsibly and pays their account in full, monthly, would never use an ATM card for a purchase. For bank transactions at an ATM, yes.
1:36 pm
October 21, 2013
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This is the problem, kanaka. With these new ATM/debit cards, they are forcing a debit card upon you, whether you want it or use it or not. When it was just an ATM card, I was less worried, as it couldn't be used without a PIN. But, with Flash, it can, up to $100/day on mine. So they have introduced a system which is in fact less secure than the old one, all the while telling us it's for greater security.
8:09 am
April 6, 2013
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Jon said
Norman, don't be so confident. Thanks to the relic infrastructure in US, most debit and credit card issue around the world have magnetic strip, which in my opinion, defeat the purpose to change to EMV card.
The magnetic stripe information of an EMV card can only be used in places like the US that don't support EMV. So, our EMV chip-N-PIN cards are a step forward.
In areas that have EMV, the merchant is liable for a fraudulent charge when the magnetic stripe, instead of the chip, is used on an EMV card. This is from Wikipedia: EMV:
In many countries of the world, debit card and/or credit card payment networks have implemented liability shifts. Normally, the card issuer is liable for fraudulent transactions. However, after a liability shift is implemented, if the ATM or merchant's point of sale terminal does not support EMV, then the ATM owner or merchant will be liable for the fraudulent transaction.
US and Mexico are the few places left where crooks can take advantage of the mag stripe weaknesses.
8:20 am
April 6, 2013
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Loonie said
These "flash" cards really scare me. There is no security with them whatsoever as far as I'm concerned. You just wave it at the machine, and it goes through. If you happen to lose the card without realizing it, you are totally vulnerable. The Interac card I have from BigBank (which I did not ask for and did not want and have not used) only asks for code if I go over $100/day. Why on earth would they even think of inventing such a thing?? Cash is a better arrangement.
Same thing happened yesterday using a credit card. I just don't trust it, and don't see why they would. They got rid of signatures, claiming they were not secure. This new system is a lot less secure in my mind.
Your point is well taken, Rick.
The signature mechanism is not really secure. The merchant cannot tell that the signature on the back of the card is the same as the one in the card issuer's records.
When a card is cloned, the "unauthorized user" will sign the back of the cloned card with his or her signature. When a card is stolen, the crooks will replace the signature stripe.
If the merchant does actually check the signature, they can honestly say the signature on the receipt did match the signature on back of the counterfeit card.
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