Topaz Posted June 15, 2011 Report Share Posted June 15, 2011 This is a article to alert credit card holders. Jason Monaco, founder of the First Canadians Capital Corp. which deals with investors, say the $81,276 bill for a car he isn't responsible. The CIBC says its impossible to process the transaction without the card , which is a chip and PIN credit card. Is it? Monaco said he found 2 transactions, the one for the car and another used in Vaughn On for $4972.00 for "rims and tires". After checking into this transaction the CIBC says it was a fraud and wiped off his account but not the car. I think between the dealer of the car and the business for the tires and the rims, they should be able to come up with the ID of the person who used the card. It looks like the chip and PIN aren't totally safe from fraud. Thoughts? http://www.theglobeandmail.com/globe-investor/personal-finance/customer-sues-cibc-over-purchase-of-81276-car/article2060790/ Quote Link to comment Share on other sites More sharing options...
AngusThermopyle Posted June 15, 2011 Report Share Posted June 15, 2011 Topaz, you forgot the part where you tell us its all Harper and the Conservatives fault. Actually my girlfriend just closed her accounts at CIBC last week after they froze her account three times in one month. They said they suspected illegal transactions, in each instance nothing untoward was discovered, she had enough and took her buisness to another bank. She had a chip card as well. Quote Link to comment Share on other sites More sharing options...
Sir Bandelot Posted June 15, 2011 Report Share Posted June 15, 2011 These chip cards that use RFID, such as "PayPass" seem absurdly vulnerable. When they came out I was quite surprised to hear that they would use such technology on a bank card. All one needs is to set up an RFID antenna in a discrete location, to potentially read data on a card. You don't even need to take the card out of your wallet. I have already read about such abuses taking place. Quote Link to comment Share on other sites More sharing options...
Smallc Posted June 15, 2011 Report Share Posted June 15, 2011 These chip cards that use RFID, such as "PayPass" seem absurdly vulnerable. You're talking about two different things. Quote Link to comment Share on other sites More sharing options...
Sir Bandelot Posted June 15, 2011 Report Share Posted June 15, 2011 You're talking about two different things. Credit card theft. Quote Link to comment Share on other sites More sharing options...
Smallc Posted June 15, 2011 Report Share Posted June 15, 2011 Credit card theft. No, paypass or paywave and chip technology are different things. Quote Link to comment Share on other sites More sharing options...
segnosaur Posted June 15, 2011 Report Share Posted June 15, 2011 Actually my girlfriend just closed her accounts at CIBC last week after they froze her account three times in one month. They said they suspected illegal transactions, in each instance nothing untoward was discovered, she had enough and took her buisness to another bank. She had a chip card as well. I've had my account frozen multiple times (although I bank with another institution.) Sometimes, they will cancel/suspend a bank card for people who shop at a particular store if its been found that there was a breech of security, even if the customer was not affected. Its kind of a "better safe than sorry" attitude, and its fairly understandable. Apparently gas stations are one of the worst for this... they employ people at a relatively low wage, the staff is very transient (people get hired/fired/quit regularly) and there is often no supervision (especially on night shifts). All you need is for an employee to 'skim' one credit card number, and the bank will freeze the cards of everyone who has used that gas station. Quote Link to comment Share on other sites More sharing options...
Sir Bandelot Posted June 15, 2011 Report Share Posted June 15, 2011 No, paypass or paywave and chip technology are different things. Technically they are, but both are used in credit cards, and both have vulnerabilities. Paypass uses some kind of RFID chip which communicates via microwave signals. In the OP, does it indicate which technology was use, to rip off the persons card info? I didn't see that being specifically mentioned. I was only pointing out what my recent concerns with credit card theft were. Quote Link to comment Share on other sites More sharing options...
Topaz Posted June 15, 2011 Author Report Share Posted June 15, 2011 Topaz, you forgot the part where you tell us its all Harper and the Conservatives fault. Actually my girlfriend just closed her accounts at CIBC last week after they froze her account three times in one month. They said they suspected illegal transactions, in each instance nothing untoward was discovered, she had enough and took her buisness to another bank. She had a chip card as well. Why would you think, I would think Harper had a connection? Quote Link to comment Share on other sites More sharing options...
GostHacked Posted June 15, 2011 Report Share Posted June 15, 2011 You're talking about two different things. Not really. Both use the same technology for the transaction. Lockheed Martin was hacked recently, but turns out, it could be a result of SecureID being hacked a couple months before. SecureID sold these devices to Lockheed Martin. http://www.pcworld.com/businesscenter/article/222522/rsa_warns_securid_customers_after_company_is_hacked.html http://www.engadget.com/2011/06/07/rsa-offering-securid-replacements-following-lockheed-martin-atta/ So no matter what you use, RFID is not secure at all. Quote Link to comment Share on other sites More sharing options...
Oleg Bach Posted June 16, 2011 Report Share Posted June 16, 2011 Topaz, you forgot the part where you tell us its all Harper and the Conservatives fault. Actually my girlfriend just closed her accounts at CIBC last week after they froze her account three times in one month. They said they suspected illegal transactions, in each instance nothing untoward was discovered, she had enough and took her buisness to another bank. She had a chip card as well. They always say that you are the crook when they are up to no good. Quote Link to comment Share on other sites More sharing options...
AngusThermopyle Posted June 16, 2011 Report Share Posted June 16, 2011 Why would you think, I would think Harper had a connection? Oh, I don't know. Perhaps its because you have a tendency to try and blame Harper for just about everything you can think of. Oleg, I wouldn't go so far as to say they are up to no good, it could just be a case of incompetence. Whatever the reason it is costing them, I know of several people in my immediate circle who have switched from CIBC because of similar reasons. Quote Link to comment Share on other sites More sharing options...
Oleg Bach Posted June 16, 2011 Report Share Posted June 16, 2011 Oh, I don't know. Perhaps its because you have a tendency to try and blame Harper for just about everything you can think of. Oleg, I wouldn't go so far as to say they are up to no good, it could just be a case of incompetence. Whatever the reason it is costing them, I know of several people in my immediate circle who have switched from CIBC because of similar reasons. That's what I try to tell my kid about the workers renoing the shop down stairs who never clean up...and have never heard of the word diligent...my son tells me "Pop - I am going to have a word with those guys" I say - don't bother - they can't help it...they are what they are so don't waste your time. Just like this banking buisness - what I do is never go through a problem but gracefully danced around it and move on. Quote Link to comment Share on other sites More sharing options...
GostHacked Posted June 20, 2011 Report Share Posted June 20, 2011 That's what I try to tell my kid about the workers renoing the shop down stairs who never clean up...and have never heard of the word diligent...my son tells me "Pop - I am going to have a word with those guys" I say - don't bother - they can't help it...they are what they are so don't waste your time. Just like this banking buisness - what I do is never go through a problem but gracefully danced around it and move on. If you keep dancing around those issues and never address them, then you are going to be dancing for the rest of your life. Deal with the issues, then sit back relax and enjoy a beverage. Quote Link to comment Share on other sites More sharing options...
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