Wednesday, September 23, 2015

No Rest for Evil Doers

Last Friday I received a text message from my credit card company asking if I was trying to make a $3000 purchase at Apple.  Well, for sure I was not.  So, after a discussion with the credit card folks, my account was closed and a new card sent to me via FedEx.  Later that day another $4000 purchase was attempted, also at Apple.
This card is the one I use for everything (frequent flyer points)!  So, while I wasn't out a red cent, I did have to edit all my payment information for cell, internet, etc, etc.

I have not used my debit card, except for ATM use, for a couple of years.  This event made me remember why I consciously made that choice.

6. Safety 
Paying with a credit card makes it easier to avoid losses from fraud. When your debit card is used fraudulently, the money is missing from your account instantly. Legitimate payments for which you've scheduled online payments or mailed checks may bounce, triggering insufficient funds fees and making your creditors unhappy. Late payments can also lower your credit score. It can take a while for the fraudulent transactions to be reversed and the money restored to your account while the bank investigates.
By contrast, when your credit card is used fraudulently, you aren't out any money - you just notify your credit card company of the fraud and don't pay for the transactions you didn't make while the credit card company resolves the matter.

Beware folks, the evil doers never rest!

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