Cius
Honorary Master
Have been with Nedbank for 15+ years. Never had fraud on any of my cards. I do want to open a virtual card for online stuff going forwards but have not gotten round to it yet.
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Question of the Day: What is your non-negotiable item, device, or app for international travel?
Jet-Fighter7700
Honorary Master
good question, as Apple does some weird things sometimes,
other week say multiple alerts from FNB regarding my Virtual card saying its needs to be verified, even though I wasn't buying anything,
immediately deleted and created NEW Virtual cards just to be safe.
that is the big advantage with virtual cards, delete and create new ones whenever you want.
Nope. I have a virtual credit card that I use for all online purchases, including Checkers Sixty60, Netflix, etc. I never used my Debit card online.
So I finally got through to someone in FNB's fraud department. FNB froze my cheque account without my consent to prevent further possible fraud. At least I can dispute the D/O fees, so there's some hope. They are also processing my refund to get the stolen money back.
And then feedback from their fraud department:
My debit card details were used in Mexico on an insecure website. These websites allow insecure VISA transactions meaning they don't require OTP / Auth from the user and can process money freely. They also mask transactions, so Uber*EATS is free text. FNB argued that it is VISA allowing these insecure transactions to get processed, it's not up to FNB to decide what transactions to decline. They advised me to set my online limits on my debit card to R0.
The same happened with me, 2 transactions to Uber Mexico and Amazon. The interesting thing is, that it was a fairly new card that had never been used for any online transactions and was only used at Checkers twice in order to draw cash. I can promise you, the leak didn't happen on my side.
Technically FNB is liable for these losses. I think FNB is supposed to obey VISA/MC rules here. Most American sites do not do 2FA for card transactions and there the merchant is liable. FNB should refund the money and VISA should pull the cash from the merchant.
Its fine, FNB will still retroactively request a refund on those card transactions. Even if they've already posted to your account they can be refunded. Just be patient.
I've had my credit-cards saved at Amazon and Paypal for years and years and never had fraud on them.
I used a debit-card at a car wash in Johannesburg once and it was billing up a storm a few hours later at multiple online stores....
Moto Guzzi
Expert Member
What baffles me is that the banks are not on top of this, with most expensive IT systems and security, and they brag about it, same for all the banks in the world, remember we don't have a choice, our money must be in a bank somewhere to use it by RULE, so they must manup, it not their money its other peoples money they sit on and enjoy.
Koos Custodiet
Expert Member
In my experience FNB is 100% committed to make sure that they can't be blamed for the fraudulent transactions. And maybe 1% concerned with getting your money back.
Right now it seems that their systems are failing in weird ways, it might be a good time to not rely on them too much.
Right now it seems that their systems are failing in weird ways, it might be a good time to not rely on them too much.
F
Former member 61586
Guest
Similar thing happened to me with Capitec. Cancelled card. Capitec however didnt pay back sht.
RedViking
Nord of the South
It's important to stay calm.
Fraud happens on all banks.
Debit transactions takes longer to resolve, but after an investigation will be refunded.
Follow through with the process and treat the bankers with respect so they can assist and give a refund.
You will get your money back.
Recently similar thing happened on my Absa Credit Card. It was small amounts though.
Fraud happens on all banks.
Debit transactions takes longer to resolve, but after an investigation will be refunded.
Follow through with the process and treat the bankers with respect so they can assist and give a refund.
You will get your money back.
Recently similar thing happened on my Absa Credit Card. It was small amounts though.
Moto Guzzi
Expert Member
Where is the AI in all of this, it should note when transactions are not my behaviour.
PaulGherkin
Honorary Master
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FNB will always argue and blame shift. K@k bank is k@k. More than that I cannot say but my advise would be to change banks. Overseas excepting dodgy countries like LATAM it's not really allowed to happen.
Jet-Fighter7700
Honorary Master
gotten one or 2 automated responses from FNB once, so there is some AI involved,
but the criminals know this and keep transactions under a certain limit, or just do multiple transactions from different locations to attempt to cheat the system.
Your card was likely skimmed at a shop / restaurant. Happened to me before at Checkers. The cashiers / waiters will distract you then quickly palm the card. The card information is read from the magnetic strip. Devices can be very small - half the size of a match box.
I only ever pay with my credit card everywhere because the credit card is not my money, it's the banks. So any fraud, it'll be them out of pocket while it's being sorted out, not me. Cheque card I keep solely for backup.
NeonNinja
Neon Resident
Had this happen three times on international transactions. All times they've reimbursed me.
NarrowBandFtw
Honorary Master
gotta say, much as I prefer Capitec over most banks, their fraud department / dispute resolution process for fraudulent transactions is complete and utter kak
just getting to the right person at the call center is a mission, then they tell you about the fee which is stupidly high compared to the zero fee charged by pretty much all other banks
and the ETA is something laughable like 2 months
I've disputed two transactions in the past, ultimately one was reversed, the other just disappeared into the void, phoning the call center for an update on fraud investigations is equally useless
compare that to Virgin Money (well ABSA I guess) and it never cost a cent, got fixed in a matter of days, and the moment you describe the issue you get the card fraud guys on the line right away
I dunno wtf is up with Capitec when it comes to dispute resolution, but I'd think twice before getting a credit card with them after that experience
It happened to me with my ABSA credit card too. Some purchases at a travel agency in France. SMSs came though for a couple of failed transactions, but eventually 2 did go though. I do not know how this works.
modern10
Expert Member
Pretty stupid statement considering the only bank with no fraud over the past 18 months is Bank Zero. For goodness sake all banks have fraud departments because it's a common occurrence