Wells Fargo debit card fraud

[ChuckS1]

Just got a call from the Wells Fargo fraud department asking me to verify some debit transactions in California and Kanas (I live in Virginia). As we were talking I logged on to my Wells Fargo account and sure enough, there they were in the "pending transactions" log. All small amounts, testing to see if these would go through before the larger amounts were debited. The Fraud CSR said I was one of many customers whose card number was being used on counterfeit cards. Luckily, none went through on mine and I have new cards on the way.

So, if you're a Wells Fargo customer, might want to double check your account.

 

[THE PILGRIM]

You were using a debit card?
Rule number one- do not use a debit card.
Rule number two- do not Use a debit card
Rule number three- how many rules do I need to give you?

 

[Wyatt Burp]

Seven or so months ago we were hanging out at a friend's house in the mountains and then found out someone used my W.F. debit to buy McDonalds grub in the Bay Area over two hours away from where we were at. Then more trivial purchase working his way south to L.A., but no big purchases...yet. We canceled the card, got reimbursed after some detailed discussions for verification, and I got a new card. Scary, but we got it cleared up, too. Wells Fargo handled it all really well and fast.

 

[Alpo]

Rule three - do not use Wells Fargo.

We had an account with Wachovia. Wells Fargo bought Wachovia. The first month we were hit with a 100-dollar service charge. Why? HellifIknow. There was over ten grand in the account. But they hit us with the charge, with no explanation. And the next day we closed the account.

 

[ChuckS1]

You were using a debit card?
Rule number one- do not use a debit card.
Rule number two- do not Use a debit card
Rule number three- how many rules do I need to give you?

Keep going, I guess. I use my debit card all the time for Point of Sale (***, though there's another meaning that acronym stands for and was not what I meant, sorry) purchases. Very rarely carry more than $10 in cash and most of that gets used in the Coke machine at work. I try to live in the world as it is, not in the way I'd like it to be. But, this is a first for me since debit cards started. I've had maybe 3 or 4 credit card fraud incidents, the most recent about a year ago.

 

[RSBH44]

This is happening so much more frequently. I received a call from the fraud department of my credit card company yesterday. They called to verify unusual activity on my account. It seem that somebody tried to purchase an air line ticket on the internet with Tiger air to Singapore !.
Luckily the transaction was denied by my credit card company until they could verify weather or not it was legitimate. WHEW !
For the life of me I cannot figure out how the card number was stolen since it gets used VERY little. It just goes to show, you can't be too safe when guarding your personal information.

 

[vrichard]

I had a Wells Fargo debit card for over 10 years,and canceled it last Friday
Dick

 

[TucsonMTB]

As I understand it, all of the credit card companies consider reimbursing customers for fraudulent charges "part of the cost of doing business". This makes getting credit card charges reversed fairly easy, but it may also mean they are sometimes a little careless handling your card information.

Debit card issues are not so nicely handled by most banks and represent a real risk for loss of funds by the customer. So, we avoid using ours.

It's just as easy to simply pay the entire balance each month on your credit card to avoid any charges. None of ours have annual fees, so they become "no cost", payment cards.

The ongoing record of good payment behavior also boosts your credit score, which is increasingly important in today's America . . . in so many ways that you probably don't want to know about them all.

 

[BobC357]

You were using a debit card?
Rule number one- do not use a debit card.
Rule number two- do not Use a debit card
Rule number three- how many rules do I need to give you?

Rule number four - do not use Wells Fargo

 

[long colt frazier]

I hate Wells Fargo !
Mark

 

[Damn Yankee]

Got a call Friday from Mastercard fraud dept. Two charges to my card, one for $1500.00 and the second for $1300.00 at Best Buy. Told them that it wasn't me and the card has been locked. Guess I'll try cash for awhile.

Do they ever catch these scam artist? and what do they do to them.

 

[Ogandydancer]

This is good to know they are on top of things, I have a CC with them it's a visa signature with a rather large limit. Thanks for the heads up I'll keep an eye on it.

 

[LVSteve]

Used your debit card at Target in the last six months?

 

[Mcwsky09]

Only certain types of fraud can result from use of the card other forms only require that the account number exists. Not sure there is any way to eliminate 100% of fraud when dealing with electronic transactions.
Even all the talk about how other countries have chips in their cards only makes any difference at all if you are physically swiping the card unless everyone's home is also equipped with card readers.
The bank seem to have gotten pretty good at detecting potential fraud almost instantly. Even if you got a text message or phone call to approve every single transaction there still might not eliminate all fraud.

 

[carpriver]

I use my debit card as a credit card. I was told that was the best way to avoid problems with stolen information. I don't use any bank I use a credit union. no fees

 

[walkin jack]

Probably just a little bit off topic but while we're on the subject of Wells Fargo I used to use WF to finance gun purchases at my LGS. 12 months at 0 interest. Then they got a new CEO and he turned out to be a gun hater so WF discontinued their deal with the LGS and I discontinued any business dealings with WF.

 

[ChuckS1]

Here's how I got to be a Wells Fargo customer:

First & Merchants Bank got bought by Sovran Bank who got bought by Wachovia Bank who got bought by Wells Fargo. All the big banks are the same. Maybe if a local bank could switch over my direct deposits and automated bill payments easily I would switch, but right now there's no reason to. I can't blame Wells Fargo for this breach, just one of the things you have to be aware of.

 

[old bear]

As I understand it, all of the credit card companies consider reimbursing customers for fraudulent charges "part of the cost of doing business". This makes getting credit card charges reversed fairly easy, but it may also mean they are sometimes a little careless handling your card information.

Debit card issues are not so nicely handled by most banks and represent a real risk for loss of funds by the customer. So, we avoid using ours.

It's just as easy to simply pay the entire balance each month on your credit card to avoid any charges. None of ours have annual fees, so they become "no cost", payment cards.

The ongoing record of good payment behavior also boosts your credit score, which is increasingly important in today's America . . . in so many ways that you probably don't want to know about them all.

Te only thing Tuscon did not mention, is reward points, earned with your credit card. I pay my balance in full every month and by the end of the year I've earned enough reward points to get some very nice gift cads to be sent to the S.I.L.'s at Christmas.

 

[hittman77]

As I understand it, all of the credit card companies consider reimbursing customers for fraudulent charges "part of the cost of doing business". This makes getting credit card charges reversed fairly easy, but it may also mean they are sometimes a little careless handling your card information.

Debit card issues are not so nicely handled by most banks and represent a real risk for loss of funds by the customer. So, we avoid using ours.

It's just as easy to simply pay the entire balance each month on your credit card to avoid any charges. None of ours have annual fees, so they become "no cost", payment cards.

The ongoing record of good payment behavior also boosts your credit score, which is increasingly important in today's America . . . in so many ways that you probably don't want to know about them all.

This nailed it; at least from my experience in the credit, collection, banking business. Excellent post.

 

[yaktamer]

Long time WF customer. 100% satisfied. Wife had a similar incident around the holidays (not Target related). WF identified the fraudulent transactions immediately and promptly cleared them up.