Credit card looking out for me

Discussion in 'The OT' started by armophob, Sep 25, 2014.

  1. armophob

    armophob Difficulty Concen........

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    Do I not understand this?
    In the Home Depot breach they took my credit card numbers.
    Not the security code on the back. Right?

    But go ahead and send me a new card that makes me feel safer.



    Looking out for you


    Your new card will arrive in 3-5 days.
    It has a new security code and expiration date. Your account number, benefits, rewards, terms ad online access will stay the same. Once your new card arrives, activate and sign it right away.
     
  2. WestDC

    WestDC Well-Known Member DBSTalk Club

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    I got the same notice except mine said 2-3 weeks keep using your card while U wait for russian porn charges to fill up :)
     
  3. The Merg

    The Merg 1*

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    They've always changed my credit card number in these cases. Not sure why they are not doing that for you. And the security code only protects you from on-line orders. If someone makes up a fraudulent card with your number for use in a store, it doesn't matter what the security code is.

    - Merg
     
  4. dpeters11

    dpeters11 Hall Of Fame

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    And next year, likely an all new chip and signature card (I wish it was chip and pin, but most likely won't go this route).
     
  5. peds48

    peds48 Genius.

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    Apple pay is looking better every day. No account number is ever exchanged with the merchant


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  6. AntAltMike

    AntAltMike Hall Of Fame

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    Capital One issued me a new card every year until 2012, when they finally issued a three year card. Funny thing though. They have kept the same sixteen digit card number for the decade and a half that I've had a card with them.

    A couple of years ago, I saw a small, unauthorized charge on that card. I probably would not ordinarily have noticed such a charge, but I had nearly maxed out that infrequently used card and the unauthorized charge had put my account over the limit and caused my next attempted charge to be declined.

    I reported the unauthorized charge and found it was for a local pizza joint that I had never heard of. That charge was, of course, immediately removed from my account. I don't remember if they issued me a new card at that time, but if they did not, then I would imagine that the unauthorized charge did not involve the use of my security code.

    My curiosity got the better of me, and so I called back and asked if there had been any other declined charges in that interval. I was told that a few hours after the unauthorized charge, someone had tried to make another small ($20) charge at another pizza joint I had never heard of but it had been declined.

    FWIW, this card is infrequently used and never leaves my custody or control. I obtained it in the late 1990s as a clever way to prevent anyone from ripping me off big time. What I did was, I set it up with a real low limit ($1,000) and carry a $900+ balance on it, so if anyone ever tried to make an unauthorized charge, they couldn't get much. Then, whenever I was going to use it for something larger, like plane tickets or a car rental, I'd pay the balance down just enough that day.

    It was more than a coincidence that someone local was abusing the number. A few weeks earlier, I had used a Kinkos/FedEx desktop internet terminal where my credit card gets "locked" into a tractor vault while I am online, and I had heard in the news that the FedEx/Kinkos system had been susceptible to hacking, so that is how someone local must have recently gotten that number, as I hadn't otherwise used it in months.

    Maybe six months later, another resident here saw me as I was coming home and asked me if the guy from Ratsie's Pizza had ever gotten in touch with me. The neighbor told me that six months earlier, he had come by looking for me, claiming that a card I had used for a purchase from that restaurant was declined. I was tempted to go to that restaurant just because my curiosity had been piqued. I had to wonder how a bogus charge could have been put through without cooperation of an employee, since I would think that if someone had ordered over the phone, they would have to have furnished the security code, which they wouldn't have, whereas I think that if a card scanner fails to read a card on premises, the sales person can manually enter then number through a keypad, but then such a person would have been complicit, because he or she would know that the customer did not display a physical card. It seemed likely to me that in order for an employee to be able to manually key in a card number, he would first have to have entered his employee authorization code. And if that employee worked at both restaurants, he would have had some serious 'splainin' to do.
     
  7. jacksonm30354

    jacksonm30354 Icon

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    Mar 29, 2007
    Atlanta
    The security code and expiration date are sent with the swipe as well. So it maybe enough security just changing that information.
    Just about every bank/card issuer in the US is going Chip and Signature. The US HAS to be different :) I heard someone in the industry say it would be too hard for people to handle 2 big changes - inserting vs swiping and then having to enter a PIN - at once in the US. :nono2: Some cards will have multiple profiles and will also have Chip and PIN. But if a reader is set up to be Chip and Sig, it will choose that first. This can cause a problem overseas if the reader is set to expect Chip and PIN such as automated machines at toll plazas and ticket machines.

    Hopefully it will give a boost to tap and go here in the US. It's caught on most everywhere else.
     
  8. peds48

    peds48 Genius.

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    according to this article the security PIN is not stored on the magnetic stripe

    http://en.wikipedia.org/wiki/Magnetic_stripe_card


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  9. The Merg

    The Merg 1*

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    That's correct. I use a card reader all the time and the security code is not on the mag strip.

    - Merg
     
  10. peds48

    peds48 Genius.

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    I stand corrected. According to this other article the PIN is on the stripe

    "This code is automatically retrieved when the magnetic stripe of a card is swiped on a point-of-sale (card present) device and is verified by the issuer."

    http://en.wikipedia.org/wiki/Card_security_code#CVC_.2F_CVV


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  11. dpeters11

    dpeters11 Hall Of Fame

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    They're probably right...

    And in reality, most would use the same PIN they use for their bank and it will be their birthdate or something that limits that as a viable two factor.

    But then I'm a guy that wants my bank PIN to be more than 4 digits. No thanks to Caroline Sheperd-Barron for that :)
     
  12. The Merg

    The Merg 1*

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    Here's a breakdown of what is on the strip.

    https://support.authorize.net/authkb/index?page=content&id=A755

    While there is the discretionary section where the PIN or CCV number can be stored, I have yet to come upon a card that has that information there.

    - Merg
     
  13. Rich

    Rich DBSTalk Club DBSTalk Club

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    Amex has given me a slightly different credit card number and a totally different security code each time my card has been used by someone else. I've gotten to the point where I only use the Amex card for just about everything. I'm pretty sure my bank wouldn't treat me as well as Amex has and does.

    Rich
     
  14. WestDC

    WestDC Well-Known Member DBSTalk Club

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    Well in the Banks case –It’s really not about the customer – It’s more about reducing the Banks Liability of eating the disputed charges.
     
  15. Rich

    Rich DBSTalk Club DBSTalk Club

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    I really dislike banks. We use them as little as possible.

    Rich
     
  16. dpeters11

    dpeters11 Hall Of Fame

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    I think when my CU has issued me a new card, it's come with a different number. But I think Fifth Third did as well before I switched.
     
  17. Cholly

    Cholly Old Guys Rule!

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    Credit card issuers have until October 2015 to switch to EMV Chip and Signature cards. That will give retailers time to switch to new POS card readers. Gas stations will be allowed a two year delay.
     
  18. peds48

    peds48 Genius.

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    I stand corrected, yet again.


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  19. dpeters11

    dpeters11 Hall Of Fame

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    I just got a letter today, new card coming due to Home Depot.
     
  20. trh

    trh This Space for Sale

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    NE FL
    We got new cards today. But our bank didn't indicate what merchant caused our info to be compromised. And since we've never used this card at any Home Depot, I don't think it was caused by them.

    Did your financial institution specifically mention Home Depot?
     

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