OT: Hacked bank account

[temery]

Why the hell don't banks require authorization from the account holder for any electronic withdrawal from the account?

 

[Stinger92860]

Where possible, setup real time text messages for all activity. Have the messages sent to you not your mom. All of my credit cards have this.

 

[Stinger92860]

Why the hell don't banks require authorization from the account holder for any electronic withdrawal from the account?

mine requires a verification code. This is exactly why you want multi factor authenticatio. Yes, it’s a pain the in but it needed protection.

 

[ColchVEGAS]

It is really sad how many scammers are out there targeting the elderly and just working people in general. I stopped using my debit card for anything years ago. I use a credit card for everything. The CC company will always remove the fraudulent charges immediately while they investigate. It takes banks much longer to get you your money back in your account after scammers have taken it.

 

[storrsroars]

Received an email from a bank in the midwest thanking me for opening an account. Called the banks fraud dept and said not me, they closed the account and cancelled the credit card. I asked how much was deposited into the new account and they said zero, I asked do you normally open a new account with no deposit. They had no answer said it was all done over the phone. Person opening the account gave them my name, date of birth and email address,

Happened to me last year. My wife's info was exposed and used to open an account at a bank we don't use. I'm the contact email for my bank, so they contacted me about a transfer of $3K, and after a quick convo, they denied the request and shut off any transfer requests for 90 days. Also put a credit stop on the three credit agencies. No issues since.

 

[Rico444]

Why the hell don't banks require authorization from the account holder for any electronic withdrawal from the account?

There are way too many electronic transactions every day for a bank to be able to verify each one. Not to mention debit card purchases can happen at any time of the day or night. Any good bank has a fraud department that flags unusual transactions, but it's impossible to catch everything.

 

[RichZ]

I think it was 14 years ago, my ID was hacked. A whole bunch of accounts had been opened and CC cards applied for, by "me" at an address in Florida. Turned out that for almost a year, they were all used lightly, but normally. An occasional deposit in a saving account and checking account, checks being written out, CCs used, but all for small amounts. No flags raised. Then they ran all accounts heavily into the red in one month. I get a call about the overdue balance on my Amex card. I didn't own an Amex card. I also didn't have a phone # in Fla, charge account a ab auto parts place, etc. Called the credit bureau, and managed to get all wiped clean. Turned out that my info was gleaned from a savings account at Peoples that my mother had opened for me when I was a toddler. I still put some money in that account every year, but the balance was never over a couple grand. Peoples had recently gone public, and in the process, was audited. A bike messenger carrying a load of paper work from A to B in Manhattan claimed to have been rolled. Because only a handful of folks whose financial info was in the package were hit, police thought he was actually skimming random documents out of the bags and selling them. Never learned the resolution on that, but going through the process of cleaning up my credit was a major pita.

 

[Kajik]

My cc's have been hacked several times as I use them frequently at gas stations ,box stores etc .the issuer caught these attempts and resolved this.Now I only use one card with a 1000 cap for these establishments

 

[temery]

There are way too many electronic transactions every day for a bank to be able to verify each one. Not to mention debit card purchases can happen at any time of the day or night. Any good bank has a fraud department that flags unusual transactions, but it's impossible to catch everything.

Sorry, but I don't believe this to be true. And I'm not asking my bank to verify each. I expect them to flag every unrecognized withdrawal, and not approving the transaction until I do so.

The system is now too heavily on the side of trusting electronic debits. Flip this, and require the account owner to authorize the debit.

 

[Rico444]

Sorry, but I don't believe this to be true. And I'm not asking my bank to verify each. I expect them to flag every unrecognized withdrawal, and not approving the transaction until I do so.

The system is now too heavily on the side of trusting electronic debits. Flip this, and require the account owner to authorize the debit.

Banks already do this to the best of their abilities. How would you define unrecognized? Some people use their debit cards to buy something online at 2 in the morning, how would you regulate that?

 

[temery]

Banks already do this to the best of their abilities. How would you define unrecognized? Some people use their debit cards to buy something online at 2 in the morning, how would you regulate that?

'I'm talking about money taken from a checking account. But your example is fine: I bought a lawn mower a few days ago that was above the $500 threshold I set with my cc. I got an instant text asking if I had approved the charge.

 

[AzHusky]

Another red flag should be if you purchase 1000 dollars worth of stuff at a Home Depot in Alabama while you live in Arizona. Happened to my wife.

 

[Rico444]

'I'm talking about money taken from a checking account. But your example is fine: I bought a lawn mower a few days ago that was above the $500 threshold I set with my cc. I got an instant text asking if I had approved the charge.

That's an example of the system working properly. If the transaction was for $100 you may not have gotten the text. That's my only point, that not every fraudulent transaction is able to be caught. There are regulations in place for people to get their money back based on the kind of transaction. You have 60 days from the day your statement is sent to report an unauthorized ACH in that statement period. As long as you report it to your bank in that time frame, you're not responsible for that money.

 

[temery]

That's an example of the system working properly. If the transaction was for $100 you may not have gotten the text. That's my only point, that not every fraudulent transaction is able to be caught. There are regulations in place for people to get their money back based on the kind of transaction. You have 60 days from the day your statement is sent to report an unauthorized ACH in that statement period. As long as you report it to your bank in that time frame, you're not responsible for that money.

It was for a credit card. There is no such option for any of my bank accounts.