Fraud, Watch Out For Yourself!

One of my most frustrating jobs in banking was tracking down fraud. Fraudsters work night and day to find ways to steal money. It is inevitable that these criminals will have some success. The most aggravating for me was the fraud that the customers made possible by neglect. You have to be aware of your surroundings and keep track of your financial instruments. Here are some examples of neglect. "I was in the restaurant and put my purse on the floor and someone stole it. My credit and debit cards, checks and I.D. was in it". The experienced criminal would be using those items within minutes because he/she knows the accounts will be locked, stopped, closed or frozen within a short time. How about "I lost my debit card somewhere. I don't know where. I had it yesterday". I know that in this day and age people rushed and spread very thin. Many banks have a zero liability policy when it comes to fraud. So you will eventually get your money back in many cases,but it could be weeks depending on the complexity of the case. Most retailers don't check I.D. when accepting debit cards or credit cards. Debit cards can be used like a credit card and only require a signature. Let's face it cashiers are not handwriting experts and are not likely to dispute a customers signature. Remember false Identification abounds. I have seen people sign their credit card slips with fictitious names just to prove a point. No one ever questions the signature.