O/T Banks no longer covering fraudulent card use

[otk]

I have a bank account I pay a monthly fee for, which had as a perk, cover against fraudulent use of my debit card, should it be lost or stolen

The cover has now been renamed, and 'revised', meaning the bank won't cover fraudulent use of my card, UP UNTIL I notify them of the loss or theft of the card, at which point they become liable, even though they will immediately cancel it, so no further losses are accrued

For me, this is a bit of a liberty, as cheques have been done away with, and the majority of people use debit/credit cards, so we are lumbered with the system, and the bank(s) are washing their hands of any liability for con artists at work

Any thoughts

 

[perseus]

Just paid my web site hoster by cheque as some Internet company defrauded me and I had to change my bank card. Cancelled immediately in the middle of the night when I found out.

Not so sure what is going to happen about the deduction from my account. Bank fraud department gave me an Email address but all I got back is more spam and it is important not to click on their links as this constitutes agreeing to a contract in their business ethics.

BBC News - Cheques not to be scrapped after all, banks say

 

[otk]

It looks like I will have to fork out for card protection insurance, or look for a bank account that includes this cover

Yet another liberty-taking blag by banks

Ed Milliband spoke sense at his party conference when he said the banks should work for us, not vice versa

 

[Chicken Runner61]

Thats because the banks are the biggest con men of the lot.

They will now use new technology to destroy cash and real money and then skim a charge on every transaction.

Every time we use contactless payment to buy stuff under £20 instead of real money the shop will be charged to process the payment. That charge will be added on to the price of the goods so in effect you are paying more just so the banks can make money by being involved in a sale when previously they only were involved when money was banked by the shop at the end of the day.

And when you can't afford to pay your card bill they will charge you interest.

Nice work if you can get it!

 

[otk]

Just paid my web site hoster by cheque as some Internet company defrauded me and I had to change my bank card. Cancelled immediately in the middle of the night when I found out.

Not so sure what is going to happen about the deduction from my account. Bank fraud department gave me an Email address but all I got back is more spam and it is important not to click on their links as this constitutes agreeing to a contract in their business ethics.

BBC News - Cheques not to be scrapped after all, banks say

Did you keep a T&C's slip regarding your account? I am covered until it changes in Feb., so hopefully your account offers this cover too?

 

[beorhthelm]

my thought is i understood they did that anyway.

 

[Vegas Seagull]

Thats because the banks are the biggest con men of the lot.

They will now use new technology to destroy cash and real money and then skim a charge on every transaction.

Every time we use contactless payment to buy stuff under £20 instead of real money the shop will be charged to process the payment. That charge will be added on to the price of the goods so in effect you are paying more just so the banks can make money by being involved in a sale when previously they only were involved when money was banked by the shop at the end of the day.

And when you can't afford to pay your card bill they will charge you interest.

Nice work if you can get it!

Lies
A copy of the Sun will be the same with cash or contactless card

 

[Hockley Blues]

I thought it was pretty standard that debit cards weren't protected? Whereas credit cards are.

I was scammed once with my credit card, called my CC who had the card stopped, fraudulent transactions removed and a new card received next day...BOSH.

 

[Vegas Seagull]

I have a bank account I pay a monthly fee for, which had as a perk, cover against fraudulent use of my debit card, should it be lost or stolen

The cover has now been renamed, and 'revised', meaning the bank won't cover fraudulent use of my card, UP UNTIL I notify them of the loss or theft of the card, at which point they become liable, even though they will immediately cancel it, so no further losses are accrued

For me, this is a bit of a liberty, as cheques have been done away with, and the majority of people use debit/credit cards, so we are lumbered with the system, and the bank(s) are washing their hands of any liability for con artists at work

Any thoughts

So you expect so leave your debit card on a bar & report it a couple of days later when you have sobered up & the Bank to refund to you all of the spending in those two days do you? (& then pass their costs onto their other customers)

 

[Vegas Seagull]

It looks like I will have to fork out for card protection insurance, or look for a bank account that includes this cover

Yet another liberty-taking blag by banks

Ed Milliband spoke sense at his party conference when he said the banks should work for us, not vice versa

this attitude that losing your card is irrelevant & should be the banks responsibility & not yours is why the 'rules' are changing ' not before time

 

[otk]

So you expect so leave your debit card on a bar & report it a couple of days later when you have sobered up & the Bank to refund to you all of the spending in those two days do you? (& then pass their costs onto their other customers)

No. I expect my card not to be useable without the pin number, or if used for an internet/telephone transaction, my address, which I don't keep in my wallet. I also don't expect my bank to make me responsible for losses due to the bank-designed system being so easy to circumvent

 

[Chicken Runner61]

Lies
A copy of the Sun will be the same with cash or contactless card

It might on face value but the price will go up to cover banking charges. You might even get charged more for paying by card!

 

[otk]

this attitude that losing your card is irrelevant & should be the banks responsibility & not yours is why the 'rules' are changing ' not before time

I have never lost my card, but I know people who regularly do, but my point is, without the pin number, they shouldn't be useable. If they are useable if found or stolen, it is a glaring hole in the system, and the banks are trying to offload the liability due to their lax security measures

 

[amexee]

Lies
A copy of the Sun will be the same with cash or contactless card

Yes the Sun with a fixed price will be the same IF the retailer will accept a card. With Debit card payments costing a fixed rate, which for a small retailer is 20 - 30p a transaction then it is easy to see why most have a minimum spend these days. Credit cards are probably close to 1% for most small retailers. When you add on the rental of a terminal and the need to have a phone line then another £600 a year goes onto a retailers costs.

All of this is paid by the retailer, to enable them to give the bank some money.

I would gladly revert to a cash economy and f*** the banks

 

[otk]

I love going in big supermarkets and buying something for about sixty pence on my card

And thinking about my bank, if I use my card online to buy something, after the payment details have been gone through, my bank then has it's OWN security procedure for the transaction, so not all bad 'spose

Tbh can't think how anyone can use my card/numbers

 

[Diego Napier]

I love going in big supermarkets and buying something for about sixty pence on my card

And thinking about my bank, if I use my card online to buy something, after the payment details have been gone through, my bank then has it's OWN security procedure for the transaction, so not all bad 'spose

Tbh can't think how anyone can use my card/numbers

Only in big supermarkets eh? What a lad!

Or rather, get a life....

 

[otk]

Only in big supermarkets eh? What a lad!

Or rather, get a life....

I like to think it is actually costing them money, and wouldn't like to do that to a small retailer

But you knew that was what I was saying, didn't you?

 

[Laptop Ell]

I'm pretty sure there's a law that covers debit cards as well as credit cards as long as the transaction is over £100

Most banks won't tell you this, but I'm 99% sure it's true (I watch all of the consumers progs on TV, and have for years!)

Under £100 you still have the protection of a chargeback.

 

[Westdene Seagull]

Yes the Sun with a fixed price will be the same IF the retailer will accept a card. With Debit card payments costing a fixed rate, which for a small retailer is 20 - 30p a transaction then it is easy to see why most have a minimum spend these days.

Sorry but any retailer paying that rate is stupid. I'm currently working with a client to switch they payment processor and the charge is £19 per month ( fixed for the first 350 transactions ) and then 9p + VAT per transaction after that.

 

[Westdene Seagull]

I like to think it is actually costing them money, and wouldn't like to do that to a small retailer

But you knew that was what I was saying, didn't you?

Hate to disappoint you but it will be costing the supermarket about 3.5p + VAT per transaction and even then they'll get a shed load free each month.