They didn't explain what it is or how the criminals do it. They just told a story of someone fraudulently ordering a replacement card and using it - what methods allow them to get the info they need to do that? Using a banking app with wifi?
They said it’s identity theft. So, your information gets compromised, possibly due to a data breach from a company you do business with. Depending on what data the crooks get, they may have enough information to call the bank pretending to be you. As far as protecting yourself from this goes, I suggest having alerts turned on and going to an email you actively monitor. That way, if any changes are made to your account, you know about it and can put a stop to it. Some banks also let you create a code word that you can put on your account. That way, anyone calling in will not be able to do anything without verifying that code word (or passing major additional scrutiny with the fraud department).
Anyone can get your name, address, date of birth, phone number these days with all these crooked background check websites who just display all your information. Just Google yourself and you'll see.
short answer. no. longer answer - using your bank app on public wifi did not cause this to happen. most banks encrypt information even over public wifi. most likely answer to how - databreaches. explanation - databreaches contain information me and you have given to institutions over their apps and websites. they contain your personal information like your full name, date of birth, phone number, email .. and some more sensitive leaks even contain social security number, your home address, your debit card you used to purchase something from this organization. these databreached databases of personal information are sold on dark-web. scammers purchase these databases and then work through the records.. trying to scam people. in this case most likely what happened was the scammer was probably in possession of information that banks use to authenticate you over the phone when you order a replacement card .. information like full name, address, date of birth .. and the scammer acquired this information from the records of one or more of these databreaches. hope that helps.
Don’t use a debit card; use a credit card and check your credit card statement every month when you pay it off. Also, leave the majority of your money in savings and transfer it to checking only when you pay bills.
negative----check ur credit card statement at least once a WEEK. i had mine used and it was 29 DAYS later that my credit card statement showed the "withdrawal".... i was lucky, i got it all back.... but IF i had checked it OFTEN, it would have been a lot better... because "they" can withdraw on the 1st or 2nd and then there are almost 30 days to run with your money
Why would a bank send a card to and address that’s NOT on your account!???!!!?????? That literally makes no sense! That’s BANK NEGLIGENCE.., not CUSTOMER NEGLIGENCE!!!!!
Someone I know got an alert that a new/replacement credit card was being shipped to his house, and apparently caught someone outside his home waiting for it to be delivered so they could retrieve it from his mailbox or something along those lines. Maybe a similar thing can be done with a debit card (?).
Fraudster can buy your info from dark website, ad then order debit card or open bank accounts under your name but with their email ad phone number for verification of transactions. And bank system is not able to handle this loophole right now.
Try and Google yourself. You will see just how much of your info is out there for anyone to see, put out there by companies who are collecting and selling your data with and without your consent. (i.e. - background check websites, mailing lists, etc.)
Exactly, when I request a bank card because I forgot my own pin number , they always ask your personal information like (birth date ) then they send it to your mail separate letter from your pin number ....they do not send the card and pin together .
How does a criminal order a “replacement” ATM card and have it shipped to an unknown address? And wouldn’t the fraudster still need the PIN to use the card?
You should feel safe with a bank account, You should not have to Monitor it every so often, You shouldn't have to jump through all these hoops and be worried about your money every day
My husband likes to donate small amounts to different organizations. Who knows who is getting those checks? We have now opened up a very small bank account for those donation checks. Then if someone steals it, it will at least be a limited amount.
@@franktoledo6342 yes I have lost $10k and my daughters‘accounts $20k , total of $30 k in debit cards. Bank said you’ve authorized it and have closed my cases without giving us a penny back in refund. I’ve chosen to do banking in old fashioned way, in paper form. It’s not worth doing online banking.
I know this statement is going to be met with laughter and I’m there too but our damn government needs to step in and work with the banks to protect US citizens.
There's more to this scam that they didn't uncover, scammers cant just gain access to your account out of the blue and start ordering replacement debit cards, these people most likely unwittingly gave the scammers access by providing online access information or spoke to scammers on the the phone pretending to be representatives from their bank
Normally the scammer gains access to the victim's email account and phone account using the Sim swap scam. With the phone and email access the scammer can use the 'forgot password' link to gain access to other accounts.
My bank has a $1000 a day ATM limit. Luckily the checking account connected to my card has no more than a $100. I keep the balance low for this reason. You’re not going to clean me out!
Crazy stuff....... In the UK our accounts have a £300 maximum daily limit and my bank sends me a text for every transaction. Card purchases or ATM withdrawals, it's all on my phone within minutes so I don't understand the American way of banking that allows clearing out of an account. On one occasion I had to produce passport to withdraw £1,500 in cash and when trying to purchase $5,000 travel money, my account was blocked until a message on my phone brought a response.
Same here in Italy .. I have a 50 euro limit and if I want any more I have to walk in to the bank and give them my tax number, which is on an electronic card, and my Electronic Identity card and sign my name with on an electronic device with one of those electronic style pens@@fabianmckenna8197
Restaurant employees sometimes will photo copy your card if you are not noticing them . Keep your eyes on drive thru windows or pay with cash at sit down restaurants .
It is the banks responsibility to correctly identify who is doing business with them. If the bank gets scammed, it is nether your fault nor your responsibility. Keeping your funds secure is their main job, hold them to it. Get angry and then get a lawyer.
The banks don't feel that way. They are looking out for their own interests first. If they feel you are a risk they will drop you like a hot potato. Stay away from Fidelity bank, if you accidently deposit a bad check they will ruin you. It doesn't matter how long you have been banking there or if you had the money to cover it in your account.
this is a good starting point.. thanks for making us aware that this is happening. it’s upto us to understand and take steps to prevent this from happening
So someone ordered a replacement card for an account and intercepted the card AND the pin number which in UK is sent separately, a few days before the card. Having internet banking also means i get phone alerts for every transaction on my account so a new card request would need me to order it through my account, on internet banking or in person at the bank. How did they know name, address, account number (discarded bank statements) and then why no alert on their phone banking about "new card"?
Normally the scammer gains access to the victim's email account and phone account using the Sim swap scam. With the phone and email the scammer can use the 'forgot password' link to gain access to other accounts. The defense against this scam is to secure your email with an authenticator app like Google authenticator.
It may be abit inconvenient, but any large bank withdrawal should require in person with photo ID. I don't have online banking, but my Visa will alert me if a purchase is made without my card being physicality present. But yea, there's always the inside job.
This probably happened to me and to make things worse the bank is not giving me my money back! We’ll see about that! Now I have a legal battle on my hands because they’re totally incompetent at stopping these crooks and making ME pay for it! I’ll be suing for damages for sure
Yeah, in the old days you had to offer up your card and sign the carbon copies. It was up to the sales assistant to decide if you were legitimate but they could also phone into banking centre for authorisation number. We used to be paid £50 for every stolen card we spotted so when a little Oik came to my service station at 3.00am wanting to buy 400 cigarettes..... it was obviously stolen. Asked if he had any other ID and he produced another card with the name Ryan Black but the first card said R. Black and he had said his name was Richard. £100...... 😁
Have a limit on your card. But it happened to a friend of mine and as they watched their money be depleted, the bank didn't stop it from happening. It was happening in real time as they were on the phone with the bank. The bank finally replaced the money but took a while.
Sounds like inside jobs. Just how much background check does a bank actually give before hiring a potential employee? I am 67 and every time I have heard of fraud, theft, in any business it was always an employee or former employee. Companies will die and go to hell before admitting this. That ever happens even if its a small amount, take your money and go elsewhere, also make sure media and social media is alerted to the name of the institution VERY PUBLICLY. Give out names and numbers of who you spoke to.
😂 that's even worse... just don't give out your SSN and no one can order a card. these people aren't telling the full story they gave up their SSN somewhere
Smart man! Let me guess you get money orders for your bills too? For me I gotta say my luck is so bad that if I did that they'd say I never got it😅 Banks are Def not trust worthy and I feel like they side swiped my bill money before.
Banks need to be more proactive in whom they give out information to and verify through personal contact any request, as in this case, for a new bank card.
Happened to me. A hacker can get into your devices via phishing or other means and can use open-source software to modify apps in your device and you wouldn't know becuz the software is widely used in app development.
Banks should automatically put a hold on any withdrawals while making frequent active alert that a new card has been issued for at least a week whenever a replacement card is requested like this. If you need the money during that time, come physically to the bank to grab some cash.
The best thing I ever did, although not 100% foolproof, is to freeze my credit at the three major agencies. That way, literally no new card can be opened in my name, nor any loan approved.
With td bank i just had 300 dollars stolen from my account first time in my life im on disability i have no food now to eat im just crying non stop to God in my apartment .
Horrible "story". Didn't explain how they got the pin. Didn't really even explain they ordered the debit card and I assume grabbed the card when it was delivered?
Just went thru this BS myself. Two attempts to withdrawal $4k on the same day. One in Denver, the other in Chicago. I immediately called my bank and froze my accounts. I ended up have to get a new account, new cards, new checks and change every banking PIN and password. Left to the POS I would have lost $80k in the matter of a week or so.
scammers are usually from county of India-certainly when getting a phone or text scam about a fraudulent transaction-which leads to caller in USA giving out personal info like secret code sent to your phone
just because you get a replacement card doesn't mean the pin is common knowledge which leads me to believe a new card with a new number is issued in your name and the person who has your identity info just makes up a new pin for that card
I wonder if people that experienced the 2008 crash had it easier because this market conditions are driving me to insanity, my portfolio has lost over $30k this month. alone my profits are tanking and I'm don't see my retirement turning out well when I can't even grow my stagnant reserve.
Even in this whirlwind, there are chances to be had, thus an increase in volatility is not always a bad thing. You have an opportunity to rebalance thanks to volatility. In order to help you diversify your portfolio, you must hire a professional
I wholeheartedly agree, which is why I choose to delegate my daily investment decisions to a coach. They specialized knowledge, research, and risk management skills make it challenging for them to underperform. They focus on utilizing risk for its asymmetrical potential while mitigating downsides. I've been with my investment coach for over two years and have earned over a quarter-million dollars.
The bank workers also, transfer money from your account to their account, I have a different routing number for deposit and for check's, shouldn't they be the same, I don't have direct deposit,
I have been a customer of Bank of America for over 20 years and the somehow know these thieves in many cases and they put a hold on the account before the damage is done? The bank texts me immediately giving me a number to call. I blame the fact that these thieves in many case are not even given a spanking??
It is kind of strange that bank never questioned the reason for replacement of debit card. I can't just call my bank and ask to send me a new card to some strange address.
People keep saying thank you and help. I got nothing out or this, they only said there's nothing you can. That sure makes me want to run to the bank and give them all my money. There was no clue how they got the card, how the pin was obtained and where is the video from the bank and who withdrew the money inside??? 😮😮😮😮😮
Technology has made it so easy for criminals to steal your money. Changes to your address or other important information is almost never questioned by the bank. Banks are more interste din protecting THEIR money, not yours. You have to protect YOUR money.
I dont trust the system anymore. The crooks know what they are doing. The video here makes the point. In conclusion, I would not put all my eggs in one basket. I would not leave all my money in the bank. I have heard enough horrible stories over the past few months.
The bank of America in Indianapolis Indiana,he put a hold on my pay check from a good company that I work at and some people think there are dirty political people involved in tampering with y accounts and postal mail,plus