jamaicajeanne, what are the 'authorities' who set up VISA/MC processors doing to intercept the code-hacking that is occurring within the software? For example, the Brazilian processor for the Caribbean/Latin America? This is a new method they have found to exploit and is flourishing.Originally Posted by jamaicajeanne
Also, do the banks have to eat the costs or do they recoup from VISA & MC?
Does anyone know if Scotia bank in Negril will still cash travelers checks? We always brought travelers checks in the past and called our money changer friend come to our room to cash them or cashed them at Scotia bank when we were downtown.
I have been using my mastercard debit card tied to my checking account while on vacation for at least 10 years . Always worked fine . I did notify my bank of our travel dates . I called my bank from Ja after being denied twice at the Times Square ATM . no record of attempted transaction . I also tried it twice in Lucy with same result .
Pine Tree,
No real answer for you on this one. Usually when there is no record of the attempted transaction it means that the networks could not connect. There could be lots of explanations but generally it is an "offline" situation.
plondig,same thing to happened to me about 3 weeks after coming home and giving dates to the credit union of when i would be away. also i get direct deposit on many checks and really don't have the cash for a long trip
John, and others who said they could not get cash, it may have been the machine was out, which can happen especially during holiday or celebratory times (aka Bob Marley birthday 1st week in Feb). They do service and refill the machines frequently; I find going back an hour or so later it is able to dispense again.
Lola, I am not sure what the processors are doing to intercept the code hacking, but is it an ongoing battle with new information sent out daily. Most processors are now issuing the new chip cards which add an additional layer of security. With a regular card, your personal information is stored in the magnetic strip on the back of the card. The chip cards keep your most sensitive information stored in the chip and it issues a one time use code instead of using all of your personal data in every transaction.
Individual banks eat the cost of debit card fraud. This is why I do not give my clients a choice to keep the card open once fraud is discovered. We currently pay for 2 distinct "extra" layers of security. One is the transaction scoring system and the other is the system that will not allow the card to be used internationally unless we have prior notice. This allows us to take a very active role in attempting to deter fraud. The client also has to be diligent....be aware of your surroundings, protect your pin, watch your account, etc. In addition, if you are traveling internationally and using your debit card, it is important that you "stay connected" and check your phone for calls from the bank or fraud department or check your account with web access. We do everything we can to try to protect you, but we need your assistance too. For example, before we halted international transactions, we had a client travel to Thailand. They used the ATM in the airport after landing and never checked their account for the rest of the trip. A month later, we were alerted that the card had been skimmed and was being used in Italy. The transactions totaled $65,000 (US)....our loss.
I completely understand why so many want to use their cards while traveling, but you need to be aware of the potential risk you are taking. It is also very important that you understand what measures your bank is taking to try to protect you by talking to someone at your bank who specialized in debit cards. It is all very frustrating to need to "stay connected", but it is for your protection that we take these measures.
Debit cards also have daily use limits. I hear frustrations from clients all of the time..."it is my money and I don't want a limit on my card". The daily limit is another layer of protection and helps to protect your account from being instantly wiped out. Our cards default to a daily limit of $310. This limit can be adjusted up or down in minutes if you give us a call. My recommendations to everyone are to set your daily limits low and stay connected to your bank if you are using your card internationally.
It is also important to keep in mind that this is not just an issue with Jamaica. It is an issue world wide and their is no easy answer at this time.
Cool runnings!
Good info BrianJM!
It is also imperative that you understand your specific bank's policies regarding fraudulent debit card transactions. Although the Federal rules are listed above, many financial institutions (including the one I work for) follow the $0 liability rules of Visa and MasterCard even for a pin based transaction. Credit Unions operate under a different set of guidelines.
Last edited by jamaicajeanne; 03-01-2016 at 04:29 PM.
jamaicajeanne, I just saw your post above mine. Daily limits are also a good idea.
You are correct. Each institution has different policies.It's hard to keep track of them.
Here is the best I could find relating to Visa and MasterCard:
http://www.visasecuritysense.com/en_...#ZeroLiability
This actually states that ATM & PIN-based transactions are not covered. Maybe it's out of date?
https://www.mastercard.us/en-us/abou...onditions.html
This is not explicit, but other articles indicate that MasterCard offers zero-liability on all transactions. With that in mind, it does say that the cardholder should promptly report the incident (which implies federal law?).
It is definitely difficult to keep track of all of the changing rules and regulations. This thread has caused me to re think all of the procedures I thought I understood. As I think about all of the situations I have encountered as an employee of a financial institution, I have to admit that we have seen very few pin based fraud transactions. Generally, when the card is compromised, we see international fraud where a card has actually been duplicated and is being used as POS (point of sale using a vendor). We also see a lot of fraudulent internet transactions that are usually being processed outside of the US. We were able to gain some control over this by implementing no international transactions without prior authorization.
I went out on the internet looking for 2016 $0 liability rules. It appears as though Master Card has changed to $0 liability for some pin based transactions and Visa lists a lengthy list of hoops to jump through for $0 liability on pin based transactions. Our institution abides by the $0 liability....for example if you live in the US and you are at my desk and we are seeing international ATM transactions, there is definitely some fraudulent activity occurring. We have you sign a dispute form, provide you with provisional credit and allow the card companies to investigate the "fraud". I have only seen one case where the consumer did not get to keep their provisional credit...in that case, they rented a U-Haul, used the U-Haul for the day and upon returning the U-Haul, complained to a manager that they received poor service. The manager indicated that they would receive a credit and when they did not get the credit, came to us. We followed the dispute process and Visa decided that they indeed used the service and should pay the cost.
We live in a world where our information is definitely not secure! I am anxiously awaiting the decision with the FBI trying to force Apple to write new codes that will make our phone information even more available.
Putting information out regarding fraud helps us to be more informed consumers, but will not stop the fraud. We need to become more proactive and protect ourselves.....maybe not use debit cards on the internet or at an ATM in downtown Negril or Timbuktu? I guess the thing I wish people understood is that it is not just Jamaica.....it is everywhere.
We have become so accustomed to having immediate access to our money that we do not even stop to think about the consequences of swiping our cards. I have visited Jamaica often and have never found the need to use my debit card. I am one of those people who use cash, however carrying cash also presents security issues and headaches. Again, the best advice I can provide is to know what your bank's policies are so you can make an informed decision, keep your daily limits low and even though you are on vacation, stay connected to your financial institution.
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