Life lesson - In case you're not aware

Tinstar wrote:

FormerBoater wrote:

Tinstar wrote:

bshpilot wrote:
the only reason the bank (or cc company) is calling is out of concern for themselves.
the card holder is not liable for charges they didn't create.

To me it's not just who is liable. I am always concerned if someone steals my credit card info and makes purchases under my name? Anything that concerns my credit card company concerns me too. I figure it's a partnership and they are not only looking out for themselves but for me too.

I know what a hassle it is to try and reestablish my identity and restore my credit because if it's stolen, my credit will suffer, at least in the short run. Sometimes it takes a couple of years to accomplish it too. I'd rather not have that hassle.

Your credit report/score would not be affected. Your Issuer will credit the bogus charges immediately or you can lodge a complaint directly with Visa or MasterCard.

This thread is not about identity theft...it is about your card issuer denying authorizations when you, the cardholder are attempting to make a purchase because you are on the road.

Prior to my retirement, business travel took me to Europe and Asia. Never had to notify my issuer(s)...all was well.

After the breaches at the big retailers, had my diesel fuel purchase denied in South Carolina...not acceptable IMHO.

Not actually correct FormerBoater. I think your are confusing the Credit card companies and the big three credit reporting services; TransUnion, Equafax and Experian. They are not the same. Depending on who and what gets reported to them, they can and will (at least in the short run) report everything about your attempts at credit, loans and payments. If someone tried to open credit in my name, it's reported. If it's denied, it's reported. If someone checks my credit report, it's reported. If someone gets a Best Buy card, it's reported. If a payment is not made when it's supposed to be, it's reported.

In the long run, you will likely be able to straighten it out but like I said, it can take months or maybe years. You can't just call and say "it wasn't me" and all is forgiven. Like the advertisement on TV; "That's not the way it works."

As far as what this thread is about, I think if the CC companies deny my charges due to them thinking my card info was stolen, then that's close enough to identity theft or at least suspected identity theft.

We are not discussing attempts to establish new credit (which is reported to TransUnion, Experan et al).

We are talking about a fraudulent transaction with a credit card in which the zero liability guarantee by both V and MC guarantees that you can just call and all is forgiven.

The links to the policies of V and MC are found below:

http://usa.visa.com/personal/security/zero-liability.jsp?ep=v_sym_security

http://www.mastercard.us/zero-liability.html

Any unauthorized charges to your account are reversed immediately by Issuers who are following the V and MC rules in good faith. Then the specified Chargeback procedures are followed by the Issuers, Acquirer's and Merchants. You may have to fill out an affadavit attesting to the fact that you did not participate in the transaction, but even that is usually waived when the Issuing bank knows that your card account information was hacked as in the Target or Home Depot compromises.

It all spelled out in the V and MC rules and regulations which the Issuers, Acquirer's and Merchant are contractually bound to.

If you as the Cardholder initiate a Chargeback, this will not be reported to the TransUnion, Experian et al.

It seems many on this thread are willing to sacrifice their privacy for fear of imaginary impacts on their credit ratings or some other imaginary detrimental impact.

Visa and MasterCard have protected the rights of the Cardholder (you and me) very well.

Those that want to relinquish those rights (like providing I.D. at the point of sale in a retail transaction by stating that on the signature panel of the card) do it voluntarily.

As far as where I travel and how long I am on the road, it is none of the Issuing bank's business.