Equifax Breach

[ConstitutionCowboy]

Anybody heard or read anything about who did the hacking? I haven't. I have a few theories, however. My first thought was to follow the money and who could profit the most. My conspiracy-sniffing brain said "credit protection companies".

Thoughts anyone? Facts anyone?

Woody

 

[deerwhacker444]

 

[KOPBET]

Anybody heard or read anything about who did the hacking? I haven't. I have a few theories, however. My first thought was to follow the money and who could profit the most. My conspiracy-sniffing brain said "credit protection companies".

Thoughts anyone? Facts anyone?

Woody

https://blog.savagesec.com/equifax-breached-no-eyebrows-raised-4ac57bf3bb9c

 

[Chuckie]

Sigh...

I never said you can't get refunds from a reputable vendor. Again, RIF. I guess you didn't read the part about disreputable vendors and DCs. Yes, for the most part things can and do work smoothly. But if you have a problem and the vendor doesn't cooperate you're stuck. The FI can't/won't help because DCs are guaranteed funds. Rules forbid a stop pay on an approved DC transaction. Ask your bank. At least with a CC you can contest and have the possibility of a charge back. If you want to play catch me if you can with your money that's certainly your prerogative.

Maybe you also missed the "steal and empty my checking account". This cannot happen with a CC.

DCs (marked with a Visa or MC logo) can be run as credit without a PIN. Try it. And we're talking POS machine here for the PIN, not online where the card is not present.

Cashiers are not supposed (yes some do, I know) to check ID (per Visa). Didn't know that did ya? Visa rules do not require a signature check or ID check (and actually forbids ID check as a condition of sale). Read the Visa Merchant Agreement rules.

The electronic chip is on both CC and DC, unless the bank hasn't implemented it yet so it is a mute point.

How someone controls their "debt load" is not germane to the discussion. If one can't use a CC responsibly that's on them. All you have to do is pay the damn statement monthly and you're golden. That's very easy to do if you don't write checks, use check cards or otherwise diminish your bank balance. Some folks may need or want a DC for various reasons. I get that.

For all you DC users, just keep on believing and have fun with your opinion. I'll keep mine as it is as well (and continue to get the perks only available with a CC), thank you.

I'm done with the dead horses.

- I would certainly hope that no one knowingly uses a "disreputable" vender but I do understand it can happen if one is not vigilant. Personally I purchase items only from 'known' venders or those with good BBB scores and/or positive customer reviews.
- I am not concerned about the idea of 'guaranteed funds' because my FI delays processing of the transaction for two business days (it shows on my statement as a 'pending') to allow time for me to dispute or stop the transaction, though you are correct in that a stop action cannot be performed on an already approved transaction. So yes, I also can stop an invalid transaction from happening and I don't have to have a 'kickback' because the transaction was never processed in the first place.
- Yes, the DC can be used as a CC at a POS negating the need for a PIN, which in that case, makes both equally vulnerable to fraudulent use during POS processing.
- I spent many years working as a cashier at both a major convenience store chain as well as a major home improvement store chain and the policy at both places were that the cashier ALWAYS verifies the DC/CC with the users picture ID to help reduce fraud. I have never seen nor heard (from VISA. MASTERCARD. AMERICAN EXPRESS, DINERS CLUB, or any other source) that checking DC/CC cards with a separate picture ID was "forbidden". In fact, VISA encouraged the verification of their cards. I was also thanked by an untold number of my customers for verifying that their DC/CC cards were indeed, theirs.
- It is a fact that the vast majority of personal debt in this country is via CC's and that [again] the vast majority of those with debt problems are because of their overuse of CC's. Yes, if everyone was judicial in the use of their CC's and always paid what they owe each month there would be no problem and that the fault lays with the card holders (irresponsible or not) and not with the CC's themselves. It would be nice if we lived in a perfect society where everyone was uber reponsible, but we just don't and they are not.

My point was not about whether DC's are better than CC's. They both have their place, but by using DC's primarily, one is FORCED to control their debt load and maintain fiscal responsibility at it applies to purchases.

 

[CHenry]

- I would certainly hope that no one knowingly uses a "disreputable" vender but I do understand it can happen if one is not vigilant. Personally I purchase items only from 'known' venders or those with good BBB scores and/or positive customer reviews.
- I am not concerned about the idea of 'guaranteed funds' because my FI delays processing of the transaction for two business days (it shows on my statement as a 'pending') to allow time for me to dispute or stop the transaction, though you are correct in that a stop action cannot be performed on an already approved transaction. So yes, I also can stop an invalid transaction from happening and I don't have to have a 'kickback' because the transaction was never processed in the first place.
- Yes, the DC can be used as a CC at a POS negating the need for a PIN, which in that case, makes both equally vulnerable to fraudulent use during POS processing.
- I spent many years working as a cashier at both a major convenience store chain as well as a major home improvement store chain and the policy at both places were that the cashier ALWAYS verifies the DC/CC with the users picture ID to help reduce fraud. I have never seen nor heard (from VISA. MASTERCARD. AMERICAN EXPRESS, DINERS CLUB, or any other source) that checking DC/CC cards with a separate picture ID was "forbidden". In fact, VISA encouraged the verification of their cards. I was also thanked by an untold number of my customers for verifying that their DC/CC cards were indeed, theirs.
- It is a fact that the vast majority of personal debt in this country is via CC's and that [again] the vast majority of those with debt problems are because of their overuse of CC's. Yes, if everyone was judicial in the use of their CC's and always paid what they owe each month there would be no problem and that the fault lays with the card holders (irresponsible or not) and not with the CC's themselves. It would be nice if we lived in a perfect society where everyone was uber reponsible, but we just don't and they are not.

My point was not about whether DC's are better than CC's. They both have their place, but by using DC's primarily, one is FORCED to control their debt load and maintain fiscal responsibility at it applies to purchases.

Well put. The bolded part is my main point. While KOPBET mat pay his off each month, so many will turn to their CC when an emergency arises and they need a new AC unit in Aug. because they have no emergency funds set aside for a rainy day. I keep 3 months salary set aside just in case murphy moves in my house.
I'm simply against debt, I have non and I'll never have any again so I'll never have a CC. I havent had one since college and that was only a gas card my parents got me to buy fuel to commute. Never had a CC and never needed one because they have no practical use other than getting you into debt.
Banks are rich, if you dont believe me just look at their big fancy buildings and the debt consumers paid for it all.

 

[Chuckie]

Well put. The bolded part is my main point. While KOPBET mat pay his off each month, so many will turn to their CC when an emergency arises and they need a new AC unit in Aug. because they have no emergency funds set aside for a rainy day. I keep 3 months salary set aside just in case murphy moves in my house.
I'm simply against debt, I have non and I'll never have any again so I'll never have a CC. I havent had one since college and that was only a gas card my parents got me to buy fuel to commute. Never had a CC and never needed one because they have no practical use other than getting you into debt.
Banks are rich, if you dont believe me just look at their big fancy buildings and the debt consumers paid for it all.

I agree with you completely.
At one time I and my wife (mostly my wife) had run up thousands in credit card debts which took years to completely pay off. Cut those cards up and never looked back. By limiting my purchases to the 'cash' I have available, as well as judicial management purchases, I now have enough socked away to cover just about any emergency situation that I would come across.

 

[MacFromOK]

Finally got freezes on all mine and the wife's info (EQUIFAX, EXPERIAN, TRANSUNION, INNOVIS, and CHEXSYSTEMS).

I highly recommend NOT doing this on dialup...

 

[dennishoddy]

Well put. The bolded part is my main point. While KOPBET mat pay his off each month, so many will turn to their CC when an emergency arises and they need a new AC unit in Aug. because they have no emergency funds set aside for a rainy day. I keep 3 months salary set aside just in case murphy moves in my house.
I'm simply against debt, I have non and I'll never have any again so I'll never have a CC. I havent had one since college and that was only a gas card my parents got me to buy fuel to commute. Never had a CC and never needed one because they have no practical use other than getting you into debt.
Banks are rich, if you dont believe me just look at their big fancy buildings and the debt consumers paid for it all.

Disagree.
If you use a CC responsibly, and keep the balance paid off monthly they can be a great advantage with using rewards cards.
We use American Airlines, and basically send every bill we have like insurance, CC, cell bill, Groceries, gas, internet bill, etc, through the card and acquire points for trips.
You can fly to Barbados during off season at the same price as flying between OKC and Tulsa.
We've done Alaska twice, multiple trips to the Caribbean, British Columbia twice, and others for no money out of our pockets other than lodging and expenses while there.
Great benefit.

 

[Glocktogo]

Disagree.
If you use a CC responsibly, and keep the balance paid off monthly they can be a great advantage with using rewards cards.
We use American Airlines, and basically send every bill we have like insurance, CC, cell bill, Groceries, gas, internet bill, etc, through the card and acquire points for trips.
You can fly to Barbados during off season at the same price as flying between OKC and Tulsa.
We've done Alaska twice, multiple trips to the Caribbean, British Columbia twice, and others for no money out of our pockets other than lodging and expenses while there.
Great benefit.

That's how we use ours. Haven't carried a balance over in 22 years. While those irresponsible cardholders are paying for those big shiny banks, they're also paying for our airline tickets. It's literally free money, so we'd be foolish to refuse it.

 

[dennishoddy]

That's how we use ours. Haven't carried a balance over in 22 years. While those irresponsible cardholders are paying for those big shiny banks, they're also paying for our airline tickets. It's literally free money, so we'd be foolish to refuse it.

Exactly. My parents when alive did the 2% cash back deal on discover cards. They got a check every year for a couple grand or so for using the card and never carried a balance.
I know people can get in trouble using CC, but we use it for convenience, and not because we have to.