Card was fraudulently used

[pirategirl68]

What is the name of your state? Ca
My bank card was stolen and used at several locations. I contacted the company as soon as I discovered it was used. I filed a police report and contacted all of the merchants and found out they all have videos of the unauthorized transactions. The card company is saying they have done their investigation and are not going to reimburse me the stolen money. The card could be used as either credit (requiring a signature) or a debit card (requiring a pin number), nobody has ever had my pin, because I remember it and never write it down. What recourse do I have against the card company? My account was totally cleaned out and I'm devastated. Any advice would be greatly appreciated.

 

[FarmerJ]

Have you checked your states attorney generals web pages for consumer advice to see what they suggest? when you find a new bank I suggest you not only use your new card as little as possible even if you have to re learn how to plan your spending in cash or writing out checks for utility and insurance bills and also set your new card to require a pin number for any and all transactions

 

[Taxing Matters]

That's the risk of debit cards. They do not get the same protection as you get with credit cards. You need to report the loss to the card company immediately; you can't be held liable for transactions the thief does after that. Prompt reporting may also help you get back at least some of the money taken before reporting it. Here is a link to the Consumer Financial Protection Bureau (CFPB), a federal government agency, that explains the topic reasonably well. CFPB page on stolen debit/credit cards

 

[quincy]

Both a credit card and a debit card can be used over the phone or online to purchase items, and neither a PIN number nor a signature is needed for either. All the information required to complete a transaction is on the card - the account number, the expiration date, the security code.

The problem with a debit card is that the money is deducted immediately from the account. If there is no money in the account, the sale is denied.

If the bank/card issuer conducted an investigation into the card theft and fraudulent transactions and denied your request for reimbursement, you could appeal their decision. You can also hope the police identify the thief and that you can recover your losses directly from the thief.

 

[pirategirl68]

Thanks for the replies. It seems like every time they come up with something, there's somebody who finds a way of just doing bad with it. Can barely keep up with the bad guys, they are getting smarter all the time. Unfortunately, the consumer is usually the one that pays for it. But I will try your suggestions. Appreciate your help.

 

[quincy]

Thanks for the replies. It seems like every time they come up with something, there's somebody who finds a way of just doing bad with it. Can barely keep up with the bad guys, they are getting smarter all the time. Unfortunately, the consumer is usually the one that pays for it. ...

It does seem that way sometimes.

Good luck.

 

[adjusterjack]

they all have videos of the unauthorized transactions.

Have you watched the videos? Have you been able to identify the person?

One possibility, if only the card was taken and nothing else, is that it's someone known to you who had access to your belongings. That could be a reason that the bank is declining to pay you for the loss.

 

[quincy]

People are notoriously bad about choosing PIN numbers, too. They often choose a number that is easy for them to remember (e.g., 1234) which are, in turn, easy for others to guess.

I agree with Taxing Matters that debit cards might be a convenient way to control spending but they do not offer the reimbursement protection that credit cards offer. Once the money is gone from the account, it’s gone.

 

[Taxing Matters]

I agree with Taxing Matters that debit cards might be a convenient way to control spending but they do not offer the reimbursement protection that credit cards offer. Once the money is gone from the account, it’s gone.

Which is why I only use my debit cards at the bank that issued it, or their ATMs. The more you use debit cards to actually buy stuff from third parties, the more risk you have that the information will be stolen and used to drain your account dry,

 

[adjusterjack]

I would also read the account holder agreement to make sure the people at the bank did what the agreement obligated them to due in spite of ultimately resulting in no protection.

 

[quincy]

I would also read the account holder agreement to make sure the people at the bank did what the agreement obligated them to due in spite of ultimately resulting in no protection.

Seeing what was investigated by the card company that led to the reimbursement denial could be informative.

 

[zddoodah]

The card company is saying they have done their investigation and are not going to reimburse me the stolen money.

Because...?

What recourse do I have against the card company?

Depends entirely on the terms of your credit card agreement.

My account was totally cleaned out

How much $$?

 

[AlmostThere]

What is the name of your state? Ca
My bank card was stolen and used at several locations. I contacted the company as soon as I discovered it was used. I filed a police report and contacted all of the merchants and found out they all have videos of the unauthorized transactions. The card company is saying they have done their investigation and are not going to reimburse me the stolen money. The card could be used as either credit (requiring a signature) or a debit card (requiring a pin number), nobody has ever had my pin, because I remember it and never write it down. What recourse do I have against the card company? My account was totally cleaned out and I'm devastated. Any advice would be greatly appreciated.

How long were the bad actors using your card before it was discovered? How long matters.

https://consumer.ftc.gov/articles/lost-or-stolen-credit-atm-debit-cards#:~:text=Call — or get on the,after you report the loss.

You should:
1) Talk to your bank about setting up a notification any time your debit/credit cards are used.
2) Close the account associated with the debit card.
3) Call the three credit agencies and set up Fraud Alerts.

I am sorry this happened to you.