Cloned ATM Cards are a real problem today

[Chubroach]

There was a story on the Today Show (NBC) this morning about people having their bank accounts emptied by the use of cloned ATM Cards. Con Artists were obtaining your PIN and computer imprint of the information in your ATM through hacking into databases found on the Internet.

 

If you do not report the information to the bank within 60 days--- you are out of luck. They say that many people that do not notice the withdrawals are losing money and not reporting the crime. It is supose to be a big problem soon.

[CargoJon]

If it takes you longer than 60 days to realize that your checking account has been compromised, you probably don't have the sense to be on a money management message board, either.

[threeve]

If it takes you longer than 60 days to realize that your checking account has been compromised, you probably don't have the sense to be on a money management message board, either.

 

If it takes you longer than 60 days to realize that you're missing money, you didn't deserve the money in the first place.

[BBQ123]

If it takes you longer than 60 days to realize that your checking account has been compromised, you probably don't have the sense to be on a money management message board, either.

 

If it takes you longer than 60 days to realize that you're missing money, you didn't deserve the money in the first place.

 

The solution to this would be for banks to require fraud be reported within 2 years (or however long they keep records for). Same thing on credit cards. Allow chargebacks up to 2 years later.

[CargoJon]

Heck, for that matter it should be 7 years, like the same amount of time they're allowed to report it on your credit....

[zx10 guy]

Or more to the point, issue stiff penalties for these monetary institutions that have lax security postures. Many large corporations don't spend the money or take information security seriously. Until they are forced to properly protect private consumer information, this crap about daily reports of compromised accounts will keep going on.

 

Also, I don't want to hear excuses that it's difficult to secure databases. I work in IT and work in an environment where I have to secure networks and servers all the time. I'd be a fool to say my systems are 100% hack proof but I would say it's pretty darn close. Simple precautions like just encrypting the bloody database files would go a long way to secure data even if it was stolen. Encrypting with PGP type encryption methods are extremely hard to break. To break file encryption that uses 168bit or even 128bit would require a supercomputer running all sorts of hash combinations for years. I don't know many crooks that have access to supercomputer hardware.

[GEORGE]

There was a story on the Today Show (NBC) this morning about people having their bank accounts emptied by the use of cloned ATM Cards. Con Artists were obtaining your PIN and computer imprint of the information in your ATM through hacking into databases found on the Internet.

 

If you do not report the information to the bank within 60 days--- you are out of luck. They say that many people that do not notice the withdrawals are losing money and not reporting the crime. It is supose to be a big problem soon.

I'M GLAD I DON'T HAVE ONE....