While retailers across the country installing chip-and-PIN card readers to better protect consumers’ bank information during checkout, Walmart claims in a recently filed lawsuit that Visa is urging the retailer to use a less-secure method for verifying debit card payments. [More]
I know credit card fraud is rampant, but I’m not sure sending full scans of your card through email is the proper way to fix things. [More]
Chase froze Micah’s checking accounts with a $9.9 million overdraft fee after he took the ultra-suspicious step of opening a joint checking account with his girlfriend. Rather than merely freeze the joint checking account, Chase decided to freeze all of Micah’s assets until they could verify that their customer of thirteen years was really whom he said he was. Not even a letter from the Social Security Administration, handed to the local Chase branch and sent to Chase’s fraud unit could stop Micah’s debit card from being canceled. Now Micah has no access to his cash, a $9.9 million charge to his name, and still no joint checking account with his girlfriend. [More]
After reading about how Jesse was banned for life from Bank of America for no clear reason, other readers wrote in with similarly bizarre BoA stories. Wayne was locked out of his new account after he opened it and charged a $75 overdraft fee. Chris was sent checks linked to a duplicate account and then charged penalties when the checks bounced. Edward’s new account was closed but the CSR refused to tell him why, and he was charged a $60 “research fee” for the closing. When Edward went to a BoA branch to clear things up, he says the employee there told him, “That’s why you don’t open up accounts online.”
ArsTechnica reports that a judge has ordered Neovi, the company behind Qchex, to immediately stop offering their service, which allowed people to create and send checks drawn on any bank so long as they provided the account info. As you can imagine, this led to abuse by scammers who would use Qchex to create fraudulent checks.
What’s in your wallet? I said, what’s in your wallet? Oh, forget it. From a reader:
After getting blogo-lambasted for a gaping security hole that allowed anyone to call up and snag your name and home address by punching in your Sprint cellphone number into an automated system, Sprint has closed that selfsame privacy aperture.
Sprint is taking the lead for crappy customer verification after Boing Boing spilled that their new international call identity verification service will spill the name and address of the owner of a particular phone number just by typing that number into a robot-manned 1-800 number.