Find A Bitcoin ATM In Los Angeles, California - Buy ...

[Table] I work for the fraud department for one of the largest USA banks AMA

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Date: 2014-11-04
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What's the biggest "Oh shit" moment you've encountered in the fraud department? Biggest "Oh shit"? I had a lady that did gave identity theft and it was crazy elaborate. Not only did they intercept a new card, they signed up for FedEx and had a card rerouted to a FedEx store with a fake ID and picked up the card. Activated it then charge over 2 grand in a single day.
Thanks for the AMA! I have 3 questions. What is the most common type of fraud you deal with? Assuming you had their identity, what is/is there restitution or punishment for an individual who unsuccessfully tries to steal a customer's money? Do you attempt to track down people trying to engage in fraudulent behavior? As stated above. Counterfeit would be the most common. Basically someone copies a debit or credit card and sells the info online. Next type would be card info gained from merchants when a merchant is compromised.
Normally banks won't go after a perp if they try a charge and it gets denied. It's all because the funds weren't spent and the charge never accepted. So we usually let the customer know to pursue it with the local police.
I don't track people down myself. We do have a claims department and legal department that does assist with local and federal police. They are the ones that take down perps. So whenever you hear about someone getting caught for identity theft or a crime ring busted, your bank had some hand in it.
Why is fraud most frequently in these states? What isn't about these states that is being exploited? Well if you look at this way. These areas like Los Angeles, Las Vegas, New York, all have high population density. So these perps put a device on a card reader at a high volume gas station. They sit and wait. 4 hour of work could probably net about 500-1000 cards. They sell all those numbers off and make bank. That's why.
Where as in a smaller populated area they will get maybe 50-100 in 4 hours. It's all about the numbers.
What do you actually do? I deal with specifically counterfeit and friendly fraud.
I seriously have no idea why it's called friendly fraud. It's basically fraud committed by the customer to the bank ie fake checks, stolen checks, forged checks.
I used to look for fraud charges on consumer debit or credit cards. That's a whole other deal. People spend crazy on credit cards vs debit cards.
You mention stolen checks, do you actually look at people's signatures to determine fakes or do you wait for people to call and complain? Do you ever catch things before the customer knows? Look at signatures to determine if it's the same person writing it out, or if it was a stolen check and determine if said person actually wrote it out or someone else. I usually don't contact them, I submit a form and explain why we should put a hold on the account.
I always catch the customer committing the fraud before any serious damage happens. You would not believe how stupid people can be.
On top of that, I also look for forged money orders. You wouldn't believe how easy it is to spot a fake check, a forged money order or a stolen check. These people think it doesn't get by us. They also deposit it through an atm which automatically takes a picture of the check and stores it for me to look at.
Does the bank ever recoup losses from fraud? Banks normally recoup because of charge back rights. So if the bank had the right, the store or merchant loses. If it's atm fraud, banks losses. I've actually seen accounts where some guy had lost over $35k in atm fraud alone.
What would it take to implement better security for credit cards? You said yourself that copying credit cards is incredibly common and easy, so why not make a card that is not copyable? I've never heard of successful fraud with bitcoin... Well, you will see changes soon because most banks will be switching to a chip and pin system.
Now you or anyone can stop the human tenacity to copy cards. It will happen.
Bitcoin will not be used because no bank had the structure nor software for it. That would take years and millions of dollars to make and implement. Not to mention all the payment processing companies would need to change it.
How much of the fraud that does go on is perpetrated by people working within banks? Actually fraud doesn't happen to often and gets caught pretty quickly considering how stupid people can be.
Does the corporate culture ever feel stifling, unfriendly, or more focused on petty things like attire than important things like skill and effort? No. Where I work there is really no dress code except you know nothing too revealing and nothing too exotic.
How often does the FBI wind up getting involved? Now the FBI do get involved when there is large amounts of cards being compromised with the same fraud trend. That all happens with our legal team and Visa/Mastercard/AMEX.
Do not spell your name. It's 2014, we have computers with your info. Then how will the bank know that they are speaking with the card holder? Just remember that a perp can call in and pose as you if they have enough info.
That would be a reason not to tell you our name at all. We look for subtle clues and I have spoken to the actual perp trying to pose as a cardholder. I had one recently that passed through our automated system but when I talked to him, he had a Russian accent.
TIL Russian accent makes you a "perp" Look down below. The guy on the account vs the guy on the phone, 2 different people.
Why does the US not yet have chip&pin? Because the banks and merchant are too cheap to switch over. Now that fraud is running rampant with counterfeit and banks are losing more and more money per year, they decided to switch.
Also fun fact: Banks lose more than $100 million a year in fraud alone.
Do not use the word "hack" because you're using it wrong. Exact quote My account got hacked! No, your card got copied, or no your iTunes is being used by your child (I cannot say that, I wish I could but I do ask if their kids use itunes)
How do people use it incorrectly? So many times that iTunes got hacked. In actuality it's their kids or spouse.
In a general sense any unauthorized access to an account (like iTunes) could be considered "hacking" but I see your point and that would certainly be annoying. Right but did you know that any iTunes account needs a debit or credit card for it to be established? Not only that but alot of parents sset up kids account with their own cards and lo and behold, it gets charged.
Another question that came to mind is that many banks will ask, when you call in, to have you state your name and birthdate to verify your identity. This seems a small hurdle, what's the point of these questions, and if it is for actual validation shouldn't something a bit less common such as my last transaction be used? Actually, yes it's used for verification. Most fraud teams are trained to listen for subtle clues to know if we are talking with the card holder.
Like most people know their date of birth or last 4 of their social. If a perp calls in there are things they do like pausing or taking time to answer. So we use these to make sure we are speaking with the card holder.
Do you think the implementation of ApplePay will decrease the chance of fraud like Apple claims that it will? From what I understand the card information is never available to the vendors such as target, home depot, etc. Apple pay is just like every other electronic wallet. I still don't get why it's more popular than others since it charges the most for it. Do I think it reduces fraud? Yes and no.
You also have to look at people open up emails and will follow links so there are ways to compromise an electronic wallet.
If I get my credit card stolen (actual card), find out 4 hours later they've eaten at a few fancy restaurants and bought some stuff at best buy, and then call and report my card stolen... what is the process usually like from there? How likely is it that the other person ultimately gets caught? Do they just call the individual places and tell them to look at their cameras? How likely are they to be caught? I have no idea and the reason is that it's handled separately by a different department. I believe they do a investigation or if it is small enough, the bank will usually eat the costs.
What is the most common sort of fraud you encounter? Counterfeit fraud is the most common. Lots of people get their card copied. It isn't that rare. Lately it has been major compromises with a lot of merchants like home depot, target, Kmart and the likes.
Okay, so I look like I'm in Mexico and Mexican and all, but really... I'm Nigerian! Wanna partner up? I'm not interested in helping you unless you're interested in helping yourself and your family. I'm a family kind of guy and hope to see your kids grow up to be trust fund babies. So... how 'bout it? Lol, I have actually talked to customers that fell for that email and gave out ALL of their info. Also have had customers fall for the Microsoft tech support call and allowing them to get access of their computer.
We are talking about frog protection, right? I hate that fucking commercial. It gets it so wrong and offices are not that brightly lit.
How many people work on a case in relation to the amount of money? Be more specific?
Usually cases are worked by an individual and calls are made to verify activity.
Do you handle lots of money differently than a little money? I personally don't handle any money. All accounts relating to debit and credit cards.
Last updated: 2014-11-09 14:25 UTC
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