Protect your PIN
For years, I've heard about the dangers of bank card fraud, but never thought I would fall victim to the crime. I rarely use my bank card, because not often do I require cash. Even so, I have always protected my PIN and used only bank machines belonging to my bank, RBC.
This past weekend, I attempted to get cash from a Royal Bank machine, but it would not process the transaction, instead giving me an error message. I thought my card was euchred, so I figured I would have to visit a branch to obtain a new card. Monday morning, I logged into my on-line bank account only to find a transaction amount of more than $800 withdrawn from my account. This unauthorized transaction worked wonders for all of my monthly withdrawals scheduled for the beginning of the month.
After working with my bank to resolve the issue, I was impressed by how they try to alleviate the stress of the situation by doing much of the required work themselves. Apparently, bank fraud is fairly common. When I walked into my branch mid-Monday morning, the Account Representative assisting me had already handled FOUR other cases that morning - at a relatively obscure branch!
From what they told me, these crime rings are fairly organized. They know to drain bank accounts on the weekend when the fraud departments of banks are closed. In my case, I luckily tried to withdraw money, which triggered an automatic security alert freezing my account. If I had not done this, they would have taken more money, which they tried to do unsuccessfully.
Once the bank completes their investigation, I will have my money back, but to add insult to injury, I was charged a "Plus" network service charge of $5.00 from the thieves stealing from my account.
I hoped I have impressed upon you that bank card fraud is a real and present danger. The banking industry does not want the public to know how often it occurs, because then, people may feel safer putting their savings under their mattress than their bank account.
This past weekend, I attempted to get cash from a Royal Bank machine, but it would not process the transaction, instead giving me an error message. I thought my card was euchred, so I figured I would have to visit a branch to obtain a new card. Monday morning, I logged into my on-line bank account only to find a transaction amount of more than $800 withdrawn from my account. This unauthorized transaction worked wonders for all of my monthly withdrawals scheduled for the beginning of the month.
After working with my bank to resolve the issue, I was impressed by how they try to alleviate the stress of the situation by doing much of the required work themselves. Apparently, bank fraud is fairly common. When I walked into my branch mid-Monday morning, the Account Representative assisting me had already handled FOUR other cases that morning - at a relatively obscure branch!
From what they told me, these crime rings are fairly organized. They know to drain bank accounts on the weekend when the fraud departments of banks are closed. In my case, I luckily tried to withdraw money, which triggered an automatic security alert freezing my account. If I had not done this, they would have taken more money, which they tried to do unsuccessfully.
Once the bank completes their investigation, I will have my money back, but to add insult to injury, I was charged a "Plus" network service charge of $5.00 from the thieves stealing from my account.
I hoped I have impressed upon you that bank card fraud is a real and present danger. The banking industry does not want the public to know how often it occurs, because then, people may feel safer putting their savings under their mattress than their bank account.
posted by Jason at 6:24 AM
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