With credit cards, you dont have to pay a disputed transaction until the card company investigates Dear Liz: I think Ive been scammed, but my credit union has decided Im simply forgetful. I noticed a debit to my checking account that I did not recognize from a merchant I cannot identify. The merchant name appears on my statement as simply Portland Portland OR. My credit union can tell me only that it is a used-merchandise store or secondhand store. I questioned the charge by email and replaced my card. Then I got a letter from the credit union upholding the charge, saying that my card and PIN were present at the time of the transaction. I never did learn the merchants name. Can this merchant really not be identified? The $10.48 in dispute is unimportant compared with the complete opacity of the supposed purchase. No name, no address, only a day and time. Is this mystery the best the banking system can do? lRelated Husband being hounded to pay debt on car he returned to dealer Business Husband being hounded to pay debt on car he returned to dealer See all related 8 Answer: Your credit union could identify the merchant by contacting the card network that processed the transaction, but has apparently decided its not worth the effort, said Odysseas Papadimitriou, chief executive of Evolution Finance, which operates the CardHub card comparison site. You can demand the credit union identify the merchant for you, but theres reason to believe this transaction is legitimate, he said. cComments Got something to say? Start the conversation and be the first to comment. Add a comment 0 Its not just because a personal identification number was used, however, since PINs certainly can be stolen. Hackers have compromised keypads at Michaels stores and Barnes & Noble, among other retail chains, while Target said encrypted PIN data were stolen in its massive database breach. But the use of a PIN combined with the small amount of the transaction indicates the culprit here likely is forgetfulness rather than an identity thief, Papadimitriou said. ID thieves are unlikely to make one small transaction and then wait, he said. They try to extract the max they can before they get shut down, Papadimitriou said. Still, your experience should make you think twice about using a debit card for a retail transaction. With debit card fraud, you may have to fight with your financial institution to get the money back, since the transaction comes directly out of your checking account. With credit cards, you dont have to pay a disputed transaction until the card company investigates.
Posted on: Sun, 26 Oct 2014 12:58:22 +0000
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