Credit card companies don't give a fuck about fraud?

[BSdetect]

This discussion thread was locked as off-topic by Omaha Steve (a host of the DU Community Help forum).

So I canceled my CC early Tuesday morning.

Three small amounts appeared on my account.

Call Mastercard and they say they can't dispute an obvious fraud until the payment goes through.

So I cancel the card to prevent any further transactions. Or so I thought.

This morning three more appear for much higher dollar amounts.

Meanwhile two of the original amounts are paid but their call centre does not open till 8am PT. Can't start an actual dispute till then.

Obviously fraud does not happen only in business hours?

I now have to make a 5th call to go through all the security questions (often twice per call) in the hope of getting some confirmation
that these latest amounts cannot possibly go through as the CC was canceled two days ago.

I just know what they will say.

It takes a few days to cancel a card.

Why is this happening? I think it's because these companies can claim fraud losses as tax deductions.

So why would they give a fuck?

When you report a fraud the payment should be stopped immediately.

If people abuse that they ought to be charged (Stopping legit payments that is by reporting false disputes).

[drmeow]

1. My CC company

contacts me if they suspect fraud, closes my account immediately, blocks any pending charges I didn't make, and refunds any that already went through. It is not all CC companies! Mine is througha credit union, not a bank.

[greatauntoftriplets]

2. So does mine, and it's not through a credit union.

In fact, they just caught two fraudulent attempted purchases on my card last night. They sent me an email asking if it was authorized or not. When I responded that it wasn't authorized, they had me call them.

The nice fraud representative I talked to shut down the old account. I'll get a new card FedExed to me, and they'll investigate.

Frankly, this is why I have this particular credit card vs. the others. No annual fee either.

[drmeow]

3. Mine has an annual fee

But has a great mileage program (not tied to a particular airline and no blackout dates) - although it became significantly less useful with the pandemic!

[Phoenix61]

4. That's not Mastercard. That's the company that issued

you that card. I’ve had them lock my account because they suspected a fraudulent charge. Apparently, a $1 charge followed by a much larger charge is what triggered that.

[progree]

5. I have two credit cards, one is a "wild card", and the other one is for recurring charges

They are both Chase Visa cards. I learned the hard way when I had a card with a lot of recurring charges closed due to a fraudulent charge, and then I had to painstakingly resume the recurring billing -- with about 10 different entities -- on the new card, a process that took several hours given flaky websites (I had to go to each biller's website, e.g. the electric company, and change the card info. And then on to the gas company's website. And on and on - each different and each with their own way of doing things and eccentricities)

Anyway that new card is the "recurring charges" card that I rarely use for anything else (except accidentally).

The other card is a "Wild" card which I use at restaurants and stores, online purchases, and other non-regularly-recurring situations. So that card number is more likely to get hit with a fraudulent charge. If it does, well, what happens happens. At least I don't have to establish recurring billing on the new card.

[BSdetect]

6. My credit union issues the Mastercard and there is no annual fee

They have started an investigation as to why charges are happening two + days after the card was canceled.

I now have to deal with 6 disputed charges. Wait till they are posted first then dispute.

Account should be locked immediately.

Multiple phone calls going thru security checks.

[Omaha Steve]

7. After a review by forum hosts....LOCKING

Can be posted in Economy & Education > Consumer Advice.

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