Black People : Possession no guarantee that debit card is secure

panafrica

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Aug 24, 2002
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The Diaspora
Susan Lee never suspected identity thieves were gutting her checking account. Her debit or automated-teller machine card was safely inside her wallet, and, just a little earlier that day, she had used it without incident.
But possession alone is no longer enough to provide peace of mind. Con artists can duplicate your bank account number, security code and PIN, create counterfeit debit cards with all of your personal information and access your bank accounts - even if you've never lost your debit card.

About 3 million consumers nationwide were victimized by ATM/debit card fraud last year, generating losses of $2.75 billion, according to Stamford, Conn.-based Gartner Inc. The problem has grown even worse this year, experts say.

You can lose money several ways, most obviously when your debit card is lost or stolen. But more often, unauthorized debits result when a card is skimmed or copied.

Skimming is the direct transfer of electronic data from the magnetic stripe on a debit card to a hidden card reader. A card can be skimmed quickly and discreetly during a routine transaction without the consumer's awareness.

Once they have the data, the crooks transfer the information to another plastic card with a blank magnetic stripe, creating a counterfeit debit card.

If your ATM or debit card is lost or stolen, the amount you can be held responsible for depends on how quickly you report the loss:


If you report the loss or theft within two business days of discovery, your losses are limited to $50.

If you report the loss or theft after two business days, but within 60 days after the unauthorized electronic fund transfer appears on your statement, you could lose up to $500 of what the thief withdraws.

If you wait more than 60 days to report the loss or theft, you could lose all the money that was taken from your account after the end of the 60 days.
Under the federal Electronic Fund Transfer Act, a bank generally has 10 business days to investigate debit fraud and get back to you. If the bank needs additional time, it may temporarily give you some or all of the disputed amount until it finishes a longer investigation.

http://www.nydailynews.com/city_life/advice/story/447435p-376736c.html
 

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