Reminder to check your bank accounts

[braindoc]

Noticed a $1 something charge on my bank account today from a website I did not recognize. Googled it and there was a whole reddit thread with others having the same issue within the past few hours.

https://www.reddit.com/r/Advice/comm...ount/?sort=new

and now on bogleheads too

https://www.bogleheads.org/forum/vie...+card#p5827830


Called the bank to have a new card issued and they said that recurring payments to this website were scheduled and that it was most likely a scammer testing out the card with a small charge before they make a larger one.

I DID NOT get a fraud alert because the charge was so small! Keep an eye on your accounts!

[Eye3md]

Thanks for the warning.

out of curiosity, do you use your debit card to pay? Or do you only use your debit card to withdraw money from that bank?

[Lordosis]

I use Personal Capital and get an email every day with all the transactions on my accounts the past 3 days. Caught a few things earlier because of it and caught a few things I might have misses if not for it.

[Hatton]

I check frequently. I learned this from owning a practice. Lots of sketchy charges so you really need to check frequently. Not once a month.

[Larry Ragman]

It is good advice in theory, but if you use a credit card it really doesn't matter much in practice. Once the scammer makes the big score, the credit card company will notify you, stop the charge or reimburse the funds, and send you a new card. This is all included in their business model. On a personal note I am not all that excited about going through the inconvenience of getting a new card if someone sends a 98 cent charge through to test the card and then doesn't hit the account.

[legobikes]

I had this happen TWICE on new cards from CapitalOne that had not been used for any transactions. If the cards are coming unprotected from the company then it's certainly not worth my time - I just cancelled my account with them.

[braindoc]

Thanks for the warning.

out of curiosity, do you use your debit card to pay? Or do you only use your debit card to withdraw money from that bank?

pay

[braindoc]

It is good advice in theory, but if you use a credit card it really doesn't matter much in practice. Once the scammer makes the big score, the credit card company will notify you, stop the charge or reimburse the funds, and send you a new card. This is all included in their business model. On a personal note I am not all that excited about going through the inconvenience of getting a new card if someone sends a 98 cent charge through to test the card and then doesn't hit the account.

isn't much of a hassle because my bank instantly gives me a virtual version of the new card to use and they overnight the physical card.

[Peds]

Who is still using a debit card? Stop that....

[braindoc]

Who is still using a debit card? Stop that....

What am i missing?

[CordMcNally]

pay

My debit card sits at home after never being used. Debit cards generally have minimal protection. I'd never use one unless it was an emergency.

[braindoc]

My debit card sits at home after never being used. Debit cards generally have minimal protection. I'd never use one unless it was an emergency.

Do you only use cash or credit cards?

[CordMcNally]

Do you only use cash or credit cards?

Credit card exclusively.

[braindoc]

this forum never fails to teach me something new...

[Eye3md]

What am i missing?

Maybe I’m wrong but I’ve always been scared to use my debit card to pay. That’s too many potential interactions where my bank card can be compromised and thus allow entry into my bank account. There are some smart criminals out there.

I pay for everything with a credit card. I earn miles and it’s easy to cancel the card, or have the card company call/text me with any unusual activity (which they do). The cards are paid off at the end of every month.