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select-fire
Well I reckon there is always something to learn how the banks can screw one out of money.1. Commercial accounts are treated differently than personal accounts. 2. Commercial accounts have no protection or not as much as a personal account on hacking. Bottom line, my CA was hacked by someone and the bank basically doesn't care. So the only recourse is to take them to court to get the money back. I have read numerous articles of folks getting their accounts hacked with the bank doing nothing . So early next week I will withdraw all monies out and cancel the account, file suit and take Mr. Banker to the courthouse. They have to provide me with the so called services that were charged. FDIC rules to not apply to hacking. .... So that brings up a huge question... IF the whole banking arena..all large banks in the USA were hacked at once and the monies in those banks lost..just how would folks get their monies back? What a record day that would be..something like the stock market crash in 1929. Chaos.
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9 comments

Date Votes
  • bambihunter
    The head accountant at a company I worked ~4 years ago was 'phished' out of wiring money in excess of 30 grand. I was their I.T. admin and I just happened to send out a phishing warning message one morning and she approached me about what she had sent. I did some looking and sure enough it was fraud. We were able to get the money stopped. I had to submit a ton of logs from our Exchange server to various government agencies as well as the two banks involved. In the end, when the person came into the bank in CA, likely to draw or again transfer the money, all they did was question her and that was it at the bank itself not police department. That was it, not a scare by a ride down town, no hours long interrogation, nothing else. It is no wonder these people have become so brazen with a large potential payday with only a few examples of them getting more than a slap on the wrist.

    To me, whenever I get ANYTHING referencing wiring money, I'm like yeah "what the F ever", nice try. But, apparently the owner of the company was the emissary for a local chapter of a large charity and he would often travel to remote parts of the world to dispense the funds directly and that wasn't a uncommon occurrence.
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  • mogley98
    I truly wish you the best but according to this article you will spend more trying to recover than you will get https://www.npr.org/sections/alltechconsidered/2015/09/15/440252972/when-cyber-fraud-hits-businesses-banks-may-not-offer-protection

    I guess the bigger question is how can you protect a business account from these abuses?
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  • select-fire
    mogley98 wrote:
    I truly wish you the best but according to this article you will spend more trying to recover than you will get https://www.npr.org/sections/alltechconsidered/2015/09/15/440252972/when-cyber-fraud-hits-businesses-banks-may-not-offer-protection

    I guess the bigger question is how can you protect a business account from these abuses?

    Thanks for that link. They only hacked for under 150 bucks. Not the point of the money it is the fact the account was un secure. They gave me a new debit card and admitted it happens all the time. Not an issue.. Magistrates court is a simple solution. I will close the business account next week and leave it closed. Open up an account in my name at another bank. Vendor admitted they would send all the monies on the phone from the bank and didn't do it.. I will also close our joint account or leave just a little in it since my wife has direct deposit. However when she retires that account is closed. NO more debit or CC attached to the banks. Will use a sole American Express thru Lowes and pay it off in cash each month. That debit card could have been hit by a scanner filling up the truck. Not paying any more attention to co mingling money from a business or personal account. My personal account will be my sole account .
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  • Junkballer
    Have you ever noticed most bankers don't stay at one bank very long, they jump from ship to ship for reasons we aren't privey to .....;). They know how the system works. Don't trust them !
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  • BobJudy
    I never use a debit card at the pump. Only been hacked once and I think it was at the pump. Got an immediate call from the credit card company and reviewed the charges. Hadn't used the card much and the last legitimate charge was for gas. CC company disallowed the fraudulent charges and I was out absolutely nothing. Guess they figured I couldn't be in Colorado and Florida at the same time. As a side note I let the local police know and they did not seem interested in checking the pump. Bob
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  • neacpa
    That is the reason I do not have a debit card. I have two credit cards that I use exclusively (a Sams' mastercard for all my fuel -5%- or purchases at Sams -1%- and another card -2 or 3%- for all other) and have them set up on auto pay to be drafted from my account each month. I check the credit cards about once a week but get texts or emails from them occasionally about a possible situation. Only one time have I had problems, the others were either we were out of state making a purchase or maybe something unusual online.

    Debit cards are a lot more troublesome if there is a problem.

    We had enough "points" on our Capital One that we were able to send my oldest son and his wife to Hawaii 8 years ago for their honeymoon. Flight and Hotel. We have enough built up now that we are planning on taking an Alaskan cruise next summer.
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  • bambihunter
    BobJudy wrote:
    Guess they figured I couldn't be in Colorado and Florida at the same time. As a side note I let the local police know and they did not seem interested in checking the pump. Bob

    I got a similar call from our bank. They asked me if I got gas that morning. I told them I did. They asked me where, I told them (OKC, OK). Then they said, so the gas purchased in Ohio (less than 1/2 hour later) was not yours? I said my car is fast, but not that fast. :lol:
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  • nmyers
    My friends who work in computer security have told me for many years that the computer systems used by most banks are not very secure, & that it was only a matter of time before some of them get hacked. Problem is, good computer security is not cheap, & the folks who run the banks just don't want to spend the money. The merchants you deal with on the internet use similar software ---- look at the padlock & the https in the address bar; it's better than nothing, but there are a lot of bad guys out there looking to swindle us out of our money.

    At the least, if you do online banking, be sure to use 2-step verification; I haven't yet seen anyone beat that safe guard.

    Neal
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  • Marc1301
    Have 5 credit cards (MasterCard/Visa) with major banks,.....no debit card even in my possession. I use two factor authentication when doing financial transactions online, and obtain a 'virtual credit card number' if I am even remotely suspicious of using a CC at a new business.

    Never had an issue, and I have been using online bill pay since it became available, and credit cards since I was 18. I was an early adopter so to speak.

    I have also had a Corporate card for my business for 25 years with no issues either. Maybe it's just been luck,...but I tend to think it involves more than that.
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