U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Maine
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-25-2008, 04:13 PM
 
Location: Florida/winter & Maine/Summer
1,175 posts, read 2,308,767 times
Reputation: 1164

Advertisements

Being a computer geek kind of guy....the Hannafords disaster was one that was calculated, but not taken seriously. Most theft of information takes place in a main frame computer located in the basement of some building. The theft of the Hannaford information took place in the transmission phase of the transaction. The transaction phase is when the data is transmitted to the bank computer, and an approval comes back. This information is often unencrypted. In fact it is unencrypted so that you don't have to wait 3-4 minutes for your purchase to be approved. (and back up the lines). Hannafords was operating within recommended criteria of national standards for data transmission. In fact, the reason that the problem remained undetected was that it took a while for the information that was taken to be used. When the use of the information was realized, the breach of security had been going on for some time. In fact, it went on even after the notification of a breach was issued.

Long story made short. Thieves are pretty smart, and companies that use minimum security, even though nationally recognized, are likely to provide minimum protection. That is what Hannafords is guilty of. Forget those debit cards, and take out a credit card. You are protected in more ways than you can imagine. This is not a commercial, but Chase and Capital One are both large banks who are extremely security conscious. I have been alerted twice that purchases were made using my number that are outside my "normal" purchasing pattern. Both times I was issued an immediate credit and a new card within days. Give up those cards that are tied to your checking account and use a REAL credit card. Then pay the card balance electronically from your checking account. Case closed. Those debit cards were designed by banks who wanted to move your money without a paper check. That is why they can offer free accounts to everyone who has a nickel in the bank. Hannafords has no idea of how long their data was "monitored" during the transmission phase. By the way, if you ever have a waiter/waitress bring you one of their wireless machines to pay your restaurant bill at the table, refuse to use it. In most instances the data transferred between the remote unit and the restaurants cash register is not secure. Many computer hackers hang out in these restaurants capturing credit/debit card information all night long. This information goes up for sale on the internet. Most charges then occur in a foreign country. My fradulent purchases always came out of India or Hong Kong.

Last edited by maine4.us; 03-25-2008 at 04:19 PM.. Reason: omission.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 03-25-2008, 04:22 PM
 
Location: Forests of Maine
33,226 posts, read 54,492,697 times
Reputation: 23715
Quote:
Originally Posted by maine4.us View Post
...
Forget those debit cards, and take out a credit card. You are protected in more ways than you can imagine. This is not a commercial, but Chase and Capital One are both large banks who are extremely security conscious. I have been alerted twice that purchases were made using my number that are outside my "normal" purchasing pattern. Both times I was issued an immediate credit and a new card within days. Give up those cards that are tied to your checking account and use a REAL credit card. Then pay the card balance electronically from your checking account. Case closed. Those debit cards were designed by banks who wanted to move your money without a paper check. That is why they can offer free accounts to everyone who has a nickel in the bank. Hannafords has no idea of how long their data was "monitored" during the transmission phase. By the way, if you ever have a waiter/waitress bring you one of their wireless machines to pay your restaurant bill at the table, refuse to use it. In most instances the data transferred between the remote unit and the restaurants cash register is not secure. Many computer hackers hang out in these restaurants capturing credit/debit card information all night long. This information goes up for sale on the internet. Most charges then occur in a foreign country. My fradulent purchases always came out of India or Hong Kong.
I agree



.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-26-2008, 07:40 AM
 
Location: Chaos Central
1,122 posts, read 3,871,348 times
Reputation: 900
I would love to toss out my debit card and only use my credit card. I pay my balances off every month so that would not be a problem.

The problem is, I might be seeking approval for a home mortgage this year.
In order to quality for the best interest rate, I've been told that it's important not to exceed a certain percentage of your total available credit each month. I've been variously advised to put no more than 20% on the credit card for the best FICO score, no more than 35% as a "norm", and never more than 50%, even if the balance is paid in full each month.

If you tally up the costs of food, gas, and all incidentals each month that you would typically put on a debit rather than a credit card, it's quite a lot of money, easily over 35-50% for many people's available credit line. Since I have to travel for business, if I were to add all my personal expenses in addition to my travel costs to my credit card each month, I could get up to 50% in a hurry.

I've gotten conflicting recommendations about whether it would be a plus or minus to a) raise the limit on my existing card so I could put more on the card per month and still stay at the golden 20% mark, or b) open a 2nd card to increase the line of credit. My scores are pretty good right now so I don't want to do anything to mess them up.

If businesses can't or won't provide adequate security for debit card users, and I can't or shouldn't use my credit card as I'd like, then I guess I'll have to grit my teeth and go back to old-fashioned cash. Ah, the modern age.....
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-26-2008, 08:16 AM
 
Location: Big skies....woohoo
12,421 posts, read 3,023,912 times
Reputation: 2193
Fleet (Now Bank of America) called me one time on a Saturday to tell me someone was using my credit card in the UK. They handled it so well...it was incredible.

Last edited by Mainer61; 03-26-2008 at 08:17 AM.. Reason: error
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-26-2008, 08:37 AM
 
Location: South Portland, Maine
2,356 posts, read 5,353,068 times
Reputation: 1530
My dads credit card company called him the other day. There was 2 transactions on his card...1 was in Romania and the other in Bulgeria. It ammounted to about $900.00. They cancelled the card and are sending him a new one. He of course is not responsible for the balance.

We have the same card..........so far mine is still intact.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-26-2008, 11:04 AM
 
1,594 posts, read 3,784,408 times
Reputation: 1096
Time to go back to cash and paper checks, I guess.

The tip about using the approval machine in a restaurant is a good one. The TJMaxx numbers were stolen after hackers recorded the wireless approval process in a Marshall's (same company) store.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-26-2008, 01:35 PM
 
Location: Florida/winter & Maine/Summer
1,175 posts, read 2,308,767 times
Reputation: 1164
If you are concerned about being over a certain percentage of your credit limit, you may make a weekly payment if you wish, that way your balance never exceeds the percentage you desire. The rule of thumb from bankers I talked to was that under no circumstance did you want to exceed 60% of your total credit limit. A series of inquiries will also drop your FICO score. That is why a mortgage broker will pull a single report and submit that to his lenders. If you went to different banks and had a report pulled, you would drop your score.

Lenders look at several things when approving a mortgage. I know the brokers here can tell you more than I can, but I am very familiar with the lending process. The length of time you have lived at the same address, kept the same job, and had open credit accounts is the foundation of a good credit score. Then comes late payments, and debt to income ratio. A bad debt in your file is a real killer. Bad debts can lower a score 100 points. A bankruptcy within 7 years makes you almost untouchable by a lender. Many people who find they have accumulated several credit cards over the years would do well NOT to close accounts. If you close an account you have had for 10 years, even if it is inactive, you will lower your average account age. A good credit portfolio would contain several accounts that are over 5 years old and have been paid as agreed. The higher your average account age the better. So closing accounts before applying for a mortgage can actually lower your score. If you need to get your total available credit down, close the newest accounts first. There are ways, which are legal, but not ethical, to raise your score. Those are the methods that the credit repair people use.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Maine
Similar Threads
View detailed profiles of:

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top