Ok I have an odd question. My credit card was compromised & im curious what does the bank or visa do to the people in question who may have used the card unauthorized? Do they prosecute or even look into it or didnt they not fully allow the fraudulent transaction to wvwn go through on my card? Do they contact the fraudulent user or no? Im guessing someone whos worked for a bank or credit card company may know? One reason im asking is because I believe I may know who is using my card unauthorized and she sells scentsy and uses a square card reader. I didnt report it and knew nothong of it. I used my card and it go declined I was told by my bank its been compromised and I will get a new one. Do they ever ask me to let them know which charges may be suspect of fraud? Or do they pick them out....
Yes, they prosecute if they can find who did it. They will do everything in their power to recover the theft.
I'm sorry. It sucks when this happens.
They will cancel your card and send you a new one. If they don't? I wouldn't bank with them any more.
They will cancel the transactions from the date you said "stolen" or "compromised". Typically, they will review the transactions - compare location, date of sale and items purchased against your normal transactions.
If the transactions are over a certain amount (usually $500) they will go to the store and view surveillance tapes to see WHO charged. If it was done on-line? They will usually do an IP track on it.
You need to work with the bank. For large charges, they will prosecute. for minor charges - they may not.
Good luck!
It depends on the fraud involved. We've had our card compromised more than enough. It is to the point now that I get calls from my credit card company fraud alert to let them know if something is wrong or not.
The reason for our calls from fraud is that we have a card for our company and it is not unusual for hubby to be out of town and I be in town and it triggers the fraud alert when the card is used say in Houston and in Dallas around the same time of day. A large purchase also triggers the alert.
Most of the time, they try to find out who did it. However, there is a limit on the criminal charges.. Say, if someone charges up to but not over $600 they would only get charged with a minimal crime. Therefore, many thieves tend to steal several cards and charge up to the limit of $600.
In other cases, people can be found. About 2 yrs ago I was notified that my card was being used on several websites and I happened to be on vacation out of town. They immediately shut the card down and send me a new one via express mail at no charge. After I got home, I started receiving packages in the mail and the duma$$ who used my card online, didn't change the ship too address so I got all the stuff delivered here, LOL. On top of that, there was an email on one of the packing slips so I made sure all the info went to the card company.
In the end, I called the companies who had shipped things to me and all 5 of them had me keep the merchandise which included a nice coffee maker and lots of coffee!
You make sure you know what your charged and where and you will not be held liable for charges you did not make. The card company will send an affidavit for you to fill out and sign stating what charges are fraud. You'll get a new card and move on from there.
I reconcile our credit card online daily in an effort to control any fraud. We own our company and just the 3 of us have and use the cards which are of course paid in full on or before any due dates.. We carry no balances.
So to answer your question, yes the bank tries to locate the thief but a lot of times, they write it off due to the amount of the charge. It takes a lot of manpower and $$ to follow up on everything and it is not worth spending more than the fraud charges on investigation.
Good luck.
Well, my aunts card was recently stolen, and they pursued it, caught the guy who did it, and she testified at his trial last month...
A couple years ago, however, a different aunt went through the same situation and they never caught the guy.
I think it depends on the level of fraud, amount stolen, and the company itself. Plus, some thieves know how to stay hidden and are very difficult TO catch.
We've had our credit card number skimmed a couple times and attempts at fraudulent charges on them. I go online nearly every day to double check that all charges are correct, especially if we've been at an activity where our card could get skimmed, so I catch them fast.
I call my credit card company and report them. They put a freeze on my card and send out new ones. They allow charges to go through that I verify were in fact ours and deny/reverse any charges that weren't ours.
If it's higher ticket charges I would think they would go after the person/people that did it if they can. We've never had anything big on ours. The first time it happened what they do is charge a really small amount like $2.15 to see if it goes through. If it does they come back and wipe you out. We caught it with the small amount. The second time they were using stolen card numbers in order to try to buy credit reports from Social Security numbers they stole. The first one went through ($20 maybe) and the second was denied by my card company. When I called to report it my credit card company made a 3 party call to the credit report company and I confirmed that it wasn't me. I don't know what they did after that.
I wasn't contacted either time after my initially disputing the charges so if they did persecute there was nothing I needed to do. But I've heard news stories of people being caught and tried for using stolen credit cards so I'm sure they do something at least some of the time, if not all the time.
My credit card company stopped a fraudulent transaction by rejecting the charge from going through. (someone was trying to purchase gas with my card number in CA. I live in PA and had just made another charge to my card...can't be in 2 place at one time). Any way they notified me, canceled the card and sent me a new card with new numbers.
In my experience they attempt to catch the person(s) involved and prosecute accordingly.
When you write up the report, which will be required to get your money back through the company, you'll include the information you know. If you think you know who it is, you'll include that and their investigators will check it out.
It's up to the bank/card company whether they prosecute or not.
I know when my Mom's credit card was stolen by my now ex-sister-in-law,the card was cancelled and the psycho(that is a nice word for her) was prosecuted. I do know that you should NEVER use an ATM in store,gas station or wherever it is not bank related. You do not know who owns it. Years ago my husband used one in a party store and the card was compromised as were several others.
I imagine you can call and ask them. BUT if it was the scentsy lady then how would they know it wasn't you? I think that they'd have thought it was you since you are in the same area. Just a thought. I would think it would be something else.
