Even as a little kid I was a relationship freak, but I hardly expected that writing online would get me involved with people the way it did. First I was writing a post. Then I was commenting. It became a conversation. Then came bloggy questions and open comments without real posts. Now I’m blogging on the telephone, asking folks about how they started blogging.
It all started with that first comment. I answered it. Then I answered another. Soon I was answering every comment right after it landed, asking questions to find out who these people were that were reading my blog.
By the year 2000, two-thirds of American households will have a debit card. Debit cards are expected to rival cash and checks as a form of payment. With the debit card, you are using your own money, not the issuer's money.
Debit cards are also known as check cards. Debit cards look like credit cards or ATM (automated teller machine) cards, but operate like cash or a personal check. Debit cards are different from credit cards. While a credit card is a way to "pay later," a debit card is a way to "pay now." When you use a debit card, your money is quickly deducted from your checking or savings account.
Debit cards are accepted at many locations, including grocery stores, retail stores, gasoline stations, and restaurants. You can use your card anywhere merchants display your card's brand name or logo. They offer an alternative to carrying a checkbook or cash.
What is the difference between a debit card and a credit card?
It's the difference between "debit" and "credit." Debit means "subtract." When you use a debit card, you are subtracting your money from your own bank account. Debit cards allow you to spend only what is in your bank account. It is a quick transaction between the merchant and your personal bank account.
Credit is money made available to you by a bank or other financial institution, like a loan. The amount the issuer allows you to use is determined by your credit history, income, debts, and ability to pay. You may use the credit with the understanding that you will repay the amount, plus interest if you do not pay in full each month. You will receive a monthly statement detailing your charges and payment requirements.
What you should know about debit cards:
Obtaining a debit card is often easier than obtaining a credit card.
Using a debit card instead of writing checks saves you from showing identification or giving out personal information at the time of the transaction.
Using a debit card frees you from carrying cash or a checkbook.
Using a debit card means you no longer have to stock up on traveler's checks or cash when you travel.
Debit cards may be more readily accepted by merchants than checks, especially in other states or countries wherever your card brand is accepted.
The debit card is a quick, "pay now" product, giving you no grace period.
Using a debit card may mean you have less protection than with a credit card purchase for items which are never delivered, are defective, or were misrepresented. But, as with credit cards, you may dispute unauthorized charges or other mistakes within 60 days. You should contact the card issuer if a problem cannot be resolved with the merchant.
Returning goods or canceling services purchased with a debit card is treated as if the purchase were made with cash or a check.
You may not realize that you have a debit card. Many banks are replacing their standard ATM cards with upgraded ATM cards with a debit feature. You may also receive in the mail what looks like a credit card when in fact it is a debit card.
"On-line" debit cards: These cards usually are enhanced ATM (automated teller machine) cards which work the same as they would in an ATM transaction. It is an immediate electronic transfer of money from your bank account to the merchant's bank account.
To access your account at a store terminal, you must punch in your personal identification number (PIN), as you would at an ATM. The system checks your account to see if it has enough money available to cover the transaction.
"Off-line" debit cards: These cards usually look like a credit card and resemble a credit card transaction. The merchant's terminal reads your card, identifies it as a debit rather than a credit card, and creates a debit against your bank account. However, instead of debiting your account immediately, it stores the debit for processing later -- usually within 2-3 days.
Most, but not all, transactions are verified to see if there are adequate funds. Instead, of using a PIN number, the customer must sign a receipt, as he or she would with a credit card.
The "on-line" and "off-line" distinction may not matter to you unless:
your financial institution charges transaction or monthly fees.
you prefer the security of a PIN-required transaction.
Credit card fraud is a kind of fraud where a merchant (business, service provider, seller, etc.) is "tricked" into releasing merchandise or rendering services, believing that a credit card account will provide payment for goods/services. The merchant later learns that they will not be paid, or the payment they received will be reclaimed by the card's issuing bank.
Typically, the fraudster causes a credit card of another person to be charged for a purchase.
Credit card fraud exposed - Never give credit card details over the phone - not to call centre staff. Last time I ever give my details on the phone. They will lie to get your info.
If your card is lost or stolen, report the loss immediately to your financial institution.
If you suspect your card is being fraudulently used, report it immediately to your financial institution.
Hold on to your receipts from your debit card transactions. A thief may get your name and debit card number from a receipt and order goods by mail or over the telephone. Your card does not have to be missing in order for it to be misused.
If you have a PIN number, memorize it. Do not keep your PIN number with your card. Also, don't choose a PIN number that a smart thief could figure out, such as your phone number or birthday.
Never give your PIN number to anyone. Keep your PIN private.
Always know how much money you have available in your account. Don't forget that your debit card may allow you to access money that you have set aside to cover a check which has not cleared your bank yet.
Keep your receipts in one place -- for easy retrieval and better oversight of your bank account.
Be aware!
While some issuers give customers separate cards for ATM and on-line transactions and another for off-line uses, others combine the two on one card. If your card handles both off-line and on-line debits and the store accepts both, you will choose the function when you use the card. If you choose "debit" on the merchant's terminal and "swipe" your card through, the transaction will be done on-line and you will be asked for your PIN. If you choose "credit" on the terminal and swipe your debit card through, the payment will be off-line and you will be asked to sign the sales slip.
What if my debit card is lost or stolen?
Just as your money may be stolen and your credit cards may be lost or fraudulently used, a debit card may be lost, stolen, or used without your knowledge. As a cardholder, you need to know the extent of your protection.
Government regulations require debit card issuers to set a maximum liability of $50 if the debit card is reported lost or stolen within two days of discovery. Liability increases to $500 if the lost or stolen debit card is reported within 60 days. Neglect to notify the bank of the theft within 60 days after a bank statement is sent, and you could lose everything in your checking and overdraft accounts.
Check with your financial institution about your liability. Many issuers offer consumers better protection than what is required in government regulations. One type of check card offers consumers "zero liability" in cases of fraud, theft, or other unauthorized card usage if reported by the cardholder within two business days after discovery. After the two-day period, the cardholder could be liable for a maximum of $50. Some other cards limit consumers' liability for fraudulent use of stolen debit cards to $50.
When a card holder loses or has their credit card stolen, it is possible for the thief to make unauthorized purchases on that card up until the card is cancelled. A thief can potentially purchase thousands of dollars in merchandise or services before the card holder or the bank realize that the card is in the wrong hands. Self-serve payment systems such as gas stations are also highly prone to accepting a stolen credit card, as there is no verification of the card holder's identity. However, many stations are trying to prevent this by adding a check requiring the user to key in a zip code. The zip code must match the code registered to the credit card or the transfer will fail.
Account Takeover Fraud
There are two types of fraud within the identity theft category, application fraud and account takeover. Application fraud occurs when criminal use stolen or fake documents to open an account in someone else's name. Criminals may try to steal documents such as utility bills and bank statements to build up useful personal information. Alternatively, they may use counterfeit documents for identifications purposes. Account take-over involves a criminal trying to take over another person's account, first by gathering information about the intended victim, then contacting their bank or credit issuer - masquerading as the genuine cardholder - asking for mail to be redirected to a new address. The criminal then reports the card lost and asks for a replacement to be sent. The replacement card is then used fraudulently.
Credit Card Mail Order Fraud
Using a stolen credit card number, or computer generated card number, a thief will order stolen goods. This type of fraud is now known as "Card Not Present" (CNP) referring to card transactions that are requested by mail, telephone or over the Internet when the cardholder is not present at the point of sale. VISA points out that CNP merchants must take extra precaution against fraud exposure and associated losses. Anonymous scam artists bet on the fact that many fraud prevention features do not apply in this environment. 3-D Secure™ is an authentification protocol developed by Visa and MasterCard to protect online card payments, in which the card owner has to register with the issuing bank.
Skimming
Skimming is the theft of credit card information by a dishonest employee of a legitimate merchant, manually copying down numbers, or using a magnetic stripe reader on a pocket-sized electronic device. Common scenarios for skimming are restaurants or bars where the skimmer has possession of the victim's credit card out of their immediate view. The skimmer will typically use a small keypad to unobtrusively transcribe the 3 or 4 digit Card Security Code which is not present on the magnetic strip.
Many instances of skimming have been reported where the perpetrator has put a device over the card slot of a public cash machine (Automated teller machine), which reads the magnetic strip as the user unknowingly passes their card through it. These devices are often used in conjunction with a pinhole camera to read the user's PIN at the same time.
To prevent this type of fraud, cards in countries such as the UK are issued featuring a smart chip with public key encryption. The chip cannot be copied, but the card number, expiry date and security code can be, and this set of data is often sufficient to use the victim's credit card account for fraudulent purposes with so-called "card not present" transactions, e.g., manual input, over the telephone or internet.
Carding
Carding is a term used by fraudsters for a process they use to verify that sets of stolen credit card data are still valid. The fraudster will present each set of credit card details in turn on a website that has real-time transaction processing, making a purchase for a very small monetary amount so as not to use up the card's credit limit, and so as not to attract the attention of a human reviewer to the transaction. A website known to be susceptible to carding is known as a cardable website.
Often, an online donation site for a charity is used instead of an eCommerce merchant, since there is no need to find an item of a suitable price to put in the virtual shopping cart, nor to supply shipping details. The carder may do this manually with a web browser, or may write automated software to interface to the website's checkout or billing forms.
In the past, carders used to use computer programs called "generators" to produce a sequence of credit card numbers, and then test them to see which were valid accounts. Another variation would be to take false card numbers to a location that does not immediately process card numbers, such as a trade show or special event. However, this process is no longer viable due to widespread requirement by internet credit card processing systems for additional data such as the billing address, the 3 to 4 digit Card Security Code and/or the card's expiry date, as well as the more prevalent use of wireless card scanners that can process transactions right away.[1] Nowadays, carding is more typically used to verify credit card data obtained directly from the victims by Skimming or Phishing.
Skimming Method - Im not Teaching u Guys :) just be aware!
