Bank and Information Security

In summary, my bank canceled my debit card after some merchant or investigative agency contacted them to say that my card information may have been compromised. I asked who I could contact to find out more information, but was told they didn't have any numbers for me to call. The answer to all my questions seems to be "no." I am frustrated that I will never be able to find out what happened or who was responsible. I am considering switching banks or branches.
  • #1
The other day I learned that my bank canceled my debit card. After talking to several people on the phone I was able to find out rather little about what happened. Apparently some merchant or investigative agency contacted my bank to tell them that my card information may have been compromised. That's it. Nothing else. I expressed a desire to find out who contacted them and/or why it had been believed my card information was compromised and I was told they did not have that information. I asked whom I could contact to find out these things and was told they hadn't any numbers for anyone I could call. The answer to all of my questions seemed to be a simple "no" I will never under any circumstances be able to find out anything at all from anyone about what happened.

Its pretty damn frustrating to find out that somewhere out there someone may have appropriated my personal information and there's absolutely nothing I can do about it. Certainly my card was canceled and so I have no worries on that score but I have no idea what other information of mine may have been taken. I can't even avoid doing business with whom ever it is that may have been responsible.

Funny though that right about the same time my bank started aggressively advertising their new Premium Consumer Protection Racket... er I mean Service.
 
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  • #2
I hope you followed up, by talking to bank managers, on up to VPs. If they have evidence that your debit card was compromised, it is a no-brainer the compromisee have access to the same information (i.e. merchant or agency that reported it). Rattle their cages! :grumpy:

If they still ignore you, sounds like a good time to change banks.
 
  • #3
Ouabache said:
If they still ignore you, sounds like a good time to change banks.

Or, (much more effective), change branch. Banks don't care much these days about losing customers, (they're much more focussed on new business), but if a branch manager sees that someone wants to change branch, questions start to be asked and you might just get some customer care.
 
  • #4
Your bank might of used this company to route payments.

http://www.h-online.com/security/Over-100-million-credit-debit-cards-compromised--/news/112452 [Broken]Or anyone of the new information breaches that I have heard of in the past month. When you signed up for your card, one of the agreements was that...you do not own your card, they do. If its a on going investigation, they can't tell you anything anyways.
 
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  • #5
@ TheStatApe: That sucks, I'm sorry to hear that.
I understand the frustration, having seen just last night that $1500 left my account and I didn't spend it.
I second the suggestion to follow up with as many people as possible. You really need to know what information was compromised to take effective action: was it only your debit card number and pin or was your account number stolen too? Is there any chance that they now know your credit identity? I hope not. :-(
 
  • #6
You won't be able to find out who has taken your card details, since there will be pending court cases between the bank and the company/individual involved in order for them to recover money that may have been stolen from other accounts.

This situation is annoying, especially if they don't tell you whether it's just your card that's been compromised. It happened to me a while ago when I was on holiday: I went to use my card in an ATM and it didn't work, so I had to call back home to my bank and they advised it'd "been held" due to suspcious activity. I then had to have my card cancelled.. whilst I was abroad. Needless to say, I wasn't best pleased!
 
  • #7
I've not had the opportunity yet to harass more bank people but I'm considering it and seeing if I can find a bank that will give me more information in such a situation.
cristo said:
You won't be able to find out who has taken your card details, since there will be pending court cases between the bank and the company/individual involved in order for them to recover money that may have been stolen from other accounts.

This situation is annoying, especially if they don't tell you whether it's just your card that's been compromised. It happened to me a while ago when I was on holiday: I went to use my card in an ATM and it didn't work, so I had to call back home to my bank and they advised it'd "been held" due to suspcious activity. I then had to have my card cancelled.. whilst I was abroad. Needless to say, I wasn't best pleased!
a friend of mine said she had a similar issue. apparently her particular bank has some sort of system that monitors transaction patterns and raises a red flag if there are a series of transactions it finds suspicious. perhaps your bank does the same and found your out of country transactions to be suspicious. you may want to check so you can let them know if you plan to be abroad again.
 

What is bank and information security?

Bank and information security refers to the protection of sensitive data and financial assets within a bank or financial institution. This includes preventing unauthorized access to customer information, safeguarding against cyber attacks, and maintaining the confidentiality and integrity of financial transactions.

Why is bank and information security important?

Bank and information security is important because it helps to maintain the trust and confidence of customers. It also helps to prevent financial losses and reputational damage for banks and financial institutions. With the increasing use of technology in banking, strong security measures are necessary to protect against cyber threats and fraud.

What are some common security threats faced by banks?

Some common security threats faced by banks include data breaches, phishing scams, malware attacks, and insider threats. These threats can result in the theft of sensitive information, financial losses, and damage to the bank's reputation.

How do banks protect against security threats?

Banks use a variety of measures to protect against security threats, including implementing firewalls, encryption, and multi-factor authentication. They also regularly conduct security audits and provide training for employees on how to detect and prevent potential threats.

What can customers do to protect their information when using online banking?

Customers can protect their information when using online banking by using strong and unique passwords, avoiding public Wi-Fi when making transactions, and regularly monitoring their account for any suspicious activity. They should also be cautious of phishing scams and only use secure websites for banking transactions.

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