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Another Brick in the Wall
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My wife is in banking and says that credit card fraud is rampant. Yes it is... She's had 3 personal accounts hacked in the last month...I pay cash for everything...everything.
X2 ... I used to use my debit card for nearly everything. But after the Target hack in December 2013 I decided to use cash as much as possible. On payday I go to a teller and withraw what I need for two weeks. Plus it makes balancing the checkbook a breeze when the statement comes. When I used the DC all the time there was almost always an error somewhere.
 

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Preparing
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10,972 Posts
I, too, have switched mostly to cash.

Question: is it possible to reserve hotel room or rent car with cash? Or, is a credit card required?

Tried to pay cash at a hotel recently and it wasn't allowed. Is this the usual policy?
 

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Keep It Simple, Stupid
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916 Posts
Some people are less sophisticated than others...

Don't use debit cards. Credit cards, on the other hand, are the safest and most reliable source of payment. They have 0 liability for fraud. At least ones issued by respectable banks do. Lose your credit card, no big deal. Lose your cash, you're SOL.

And do as much shopping online as possible. Online retailers (the respectable ones) actually have a better anti-fraud track record than brick & mortar.
 

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Don't care about fraud. It's a fact of life in an electronic economy. I have one card I use exclusively for bill-pay, one card I use for general purchases, and my debit card. My general purchase card is currently on one of it's longest runs without being compromised. The bill-pay only card has never been compromised. Never use my debit card except to withdraw occasional cash.

Seriously people, credit card fraud is ALL on the banks. You have nothing to worry about as long as you pay attention to you accounts.
 

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It's amazing the number of Luddites we have in this world. Or at least on this forum. The world has switched to electronic transactions and the era or personal security is a thing of the past. Get over it. Trying to cling to a small piece of old reality by living a cash-only life is self-limiting without any matching upside.
I just had my credit card hacked. Just this week. It was the third time in four years. So what? Remember, a credit card is not cash. It doesn't even represent cash. It's an abstraction of an account, owned and managed by a bank, for which I as buyer and the vendor as seller will be served with safe and monitored transactions, at no cost to the buyer. If the bank incurs fraud by enabling an unauthorized (by buyer and seller) transaction, the bank which is responsible for the account has to pay. Not I nor the seller.
Credit card account hacking is now a a given in life but as TonyDedo notes, it's not my problem. It's the banks problem. In this and prior cases they ID'd the potential fraud, contacted me via email, discussed the transactions, we both agreed to shut down the card and I got a new one and a new account in 24 hours. And the transactions were cancelled from my account.
I don't like it happening, and it will be a pain with auto-deposit systems that I use for monthly charges, but the alternate is sending cash to those institutions which makes no sense. Besides, where else can you get 30 days of interest free borrowing every month?
Credit accounts (now that there is Apple Pay and Google Pay - both more secure than U.S. credit cards) really are the safest means of consumer financial transactions that exist.
BTW, at some point, everyones credit account, social security number, drivers license, and passport information will be hacked. It will be up to the managing institutions to make it all right. But it is inevitable. Get over it.
B

Some people are less sophisticated than others...

Don't use debit cards. Credit cards, on the other hand, are the safest and most reliable source of payment. They have 0 liability for fraud. At least ones issued by respectable banks do. Lose your credit card, no big deal. Lose your cash, you're SOL.

And do as much shopping online as possible. Online retailers (the respectable ones) actually have a better anti-fraud track record than brick & mortar.
 

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Discussion Starter · #11 ·
It's amazing the number of Luddites we have in this world. Or at least on this forum. The world has switched to electronic transactions and the era or personal security is a thing of the past. Get over it. Trying to cling to a small piece of old reality by living a cash-only life is self-limiting without any matching upside.
I just had my credit card hacked. Just this week. It was the third time in four years. So what? Remember, a credit card is not cash. It doesn't even represent cash. It's an abstraction of an account, owned and managed by a bank, for which I as buyer and the vendor as seller will be served with safe and monitored transactions, at no cost to the buyer. If the bank incurs fraud by enabling an unauthorized (by buyer and seller) transaction, the bank which is responsible for the account has to pay. Not I nor the seller.
Credit card account hacking is now a a given in life but as TonyDedo notes, it's not my problem. It's the banks problem. In this and prior cases they ID'd the potential fraud, contacted me via email, discussed the transactions, we both agreed to shut down the card and I got a new one and a new account in 24 hours. And the transactions were cancelled from my account.
I don't like it happening, and it will be a pain with auto-deposit systems that I use for monthly charges, but the alternate is sending cash to those institutions which makes no sense. Besides, where else can you get 30 days of interest free borrowing every month?
Credit accounts (now that there is Apple Pay and Google Pay - both more secure than U.S. credit cards) really are the safest means of consumer financial transactions that exist.
BTW, at some point, everyones credit account, social security number, drivers license, and passport information will be hacked. It will be up to the managing institutions to make it all right. But it is inevitable. Get over it.
B
Nope, never been involved in fraud. But, what a PITA to constantly have to deal with it and it's inconveniences.
 

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My wife is in banking and says that credit card fraud is rampant. Yes it is... She's had 3 personal accounts hacked in the last month...I pay cash for everything...everything.
Just three? I used to see ten per month. Agreed though. People who use them are idiots. Survivalists should be paying cash.
 

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Renaissance Man
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7,503 Posts
Some people are less sophisticated than others...

Don't use debit cards. Credit cards, on the other hand, are the safest and most reliable source of payment. They have 0 liability for fraud. At least ones issued by respectable banks do. Lose your credit card, no big deal. Lose your cash, you're SOL.

And do as much shopping online as possible. Online retailers (the respectable ones) actually have a better anti-fraud track record than brick & mortar.
My debit card has the same protections as a credit card; I'm not responsible for any fraud. It's been this way for years as we've been hacked once and had a card physically stolen once. The first time was 25 years ago and we were not responsible for a single penny then, and we're not now.

I'm not sure where you guys are getting your info, but it's not correct, certainly not for all cards. Debit cards are a convenient and useful budgetary tool to prevent cc debt for many people.

Az
 

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I have been using credit cards for everything ever since the first credit card affinity programs started. I use them domestically, internationally and online and have never had an issue.

I sometimes flip cards for the signup bonuses and have done manufactured spending in the past. This has given me free hotel rooms and airline tickets galore, and status in hotel programs.

I take care to protect my data but don't fear losing my card or having fraudulent charges because the risk is on the card issuer.
 

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I got nailed 3 times in one year (Target, Harbor Freight and Home Depot). After the 3rd time of canceling my card, I decided it would be smart to go with a pre-paid.

The main company that runs those cards (Visa and Mastercard) - OMG. I'm in technology with a focus on security. After attempting to activate that card, I had issues. I emailed them, like it said. They wanted me to provide all kinds of evidence via email (BAD) to a department that used a shared mailbox in Outlook (BAD). After I replied and rattled off my complaints and what they were doing was very bad (including talking about privacy and credit card law violations), they decided to look me up on LinkedIn. Well - that's $50 down the drain that I chalked up to learning. I don't even want to call them to cut a refund check because of how bad it went.

Now, I'm trying to make the full swap to cash. It's a little hard to do, but I'm learning.
 

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Just some dude on the net
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2,327 Posts
I use both to be honest. I like cash because it's easy to keep track of and budget with. But in this day and age credit cards and the like are the norm, plus I don't always like flashing around cash so I find it easier just to slip a card out of my pocket like everyone else.
 

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Retired thinker
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7,337 Posts
I never owned a debit card, never would. I carry minimal cash. I have two credit cards that I have owned for over a decade. One I use for everything. One, with a low limit, I use only for that rare online purchase. Both credit card companies I use are outstanding, extremely vigilant (they call you if they suspect something), have very low interest rates (if you make payments - I pay everything in full each month), they stand behind disputes 100% and go to great lengths to protect your identity. One gives 1% credit back on their merchandise for everything you purchase elsewhere and 5% back for anything you buy from them with the card. You also get a nice year end statement that categorizes every purchase you made --- great for tax time.

Limit the number of cards you have to a few, stick with reputable and outstanding companies and use strong online passwords and change them frequently. Sooner or later, you have to trust somebody besides God. It's convenient and can save you lots of $. :thumb:
 
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