credit card fraud?

Question

Someone stole my wifes debit card #'s and was in canada charging stuff up. the bank fraud department called because they were suspicious and shut the card off. the bank is giving the money back $638.00 but i was wondering does the bank loose that money or the stores were the stuff was bought have to pay the money back i think the stores should loose the money because the stores obviously didnt ask for id because it wasnt the correct person using the #'s the stores were abercrombie & fitch, towns shoes, and Mcdonalds i think they should have asked for id because the person didnt have the card just the #'s and that should have been a big red flag

Answer 1

I think you have a strong point for holding the stores responsable for for thier employee's not checking or proper I.D .

However , "...who pays the bill when credit-card fraud occurs depends on how the transaction was made. If it happened "face-to-face" with the cardholder signing in the presence of the merchant, the issuing bank is generally liable. But if it's a "card-not-present" transaction, such as on the Internet, over the phone, or via mail, the merchant is liable. The majority of transactions are still face-to-face. Visa says such transactions accounted for 77% of its business in 2004, vs. 23% that were card-not-present..."(Resource The Truth About Credit-Card Fraud by By Robert Berner and Adrienne Carter)

Great question and points

Devin Willis

Answer 2

Good question. I would suspect that the banks have insurance or have a write off for their taxes on that. But I agree with you that the stores that accepted the card probably should have, but when was the last time anyone asked you for your id on a credit card transaction when you bought something on credit especially in a Safeway? It's been years for me.

Answer 3

Several years ago when I worked at a pizza parlor someone had used a stolen credit card number to purchase over $120 worth of pizza. They had given us the credit card number over the phone every time they placed an order. Once the credit card company was notified that the card was stolen the credit card company called my boss and told him that we had to give them the $120 back because we failed to verify signatures and identification. Apparently whoever stole the credit card number also made purchases at papa johns pizza and papa johns had to give the credit card company over $230 back.

Answer 4

properly you should get something out of your mastercard organization that states the date you suggested your card stolen, deliver that to the nice and comfy line which will see the date you noted as and the date you suggested it stolen. (you noted as on the fifth and suggested it stolen the eighth) theres no way it would want to be fraud. you should pay them yet in case you do not it will be a mark on your credit status or pass into collections, i'm no longer extremely particular how those places artwork.

Answer 5

The bank goes back to the merchant, it at all possible. You don't really think the bank would eat all that as a loss.