Watch your money go up in smoke (1.Viewing)

Cash is king

Tap on Debit is the biggest scam every perpetrated by banks - they act all nice with smiles, and "guarantee" that they will cover all fraud, but the MINUTE the card is stolen and the thieves go tapping, the banks will try to weasel out of all responsibility and leave you holding the bag.

The recent news is full of people getting jacked with Tap. One lady is still out $10K (the thieves spend more) because she had multiple CC and bank cards all with lovely "$1K to $2K minimum limits*" that the perps made short use of. The guys stole her purse right out of the car (they opened the door while she was at a stop light) and took off on a spending spree.

She got her money back from the credit cards, but the banks absolutely refused (as it's real money at stake) and she literally needed a policeman to call in and give info on the perps in order for one to refund, but I believe BMO and another bank has still refused and blame the victim for allowing her cards to be stolen.

She is currently out $10,000 and the banks are standing firm. And she's hardly alone - another guy was in the news and he lost $5K on fraudulent Tap with no return. Banks are greedy buggers when dealing with "real money". Remember that.

If you have Tap active on your Debit Card, then I would highly recommend that you call and disable it - VISA/MC still seems safe, again, because it's not real money. It's just insane how many people are getting their wallets or purses stolen in brazen daylight robberies and then having to fight banks (and lose) for thousands and thousands of lost dollars.

* And yes, that $25 Tap service we signed up for "small purchases like coffee or food" has now grown to a massive $1K minimum daily limit (i.e. you can't drop it any lower) - and sometimes higher - all for your "convenience" .

And the banks have a laundry list of TOS items they can use to refuse to give your money back.

One of the big outs the banks use is that if you make use of Tap then this "habitual behavior" makes it increasingly difficult to prove that it wasn't you buying the allegedly fraudulent purchases - the only way to get around that "out" is to NEVER use Tap and always use your chip & access code.

So then why have Tap? Exactly.

Victim blaming is another one, and they regularly contend you didn't protect your debit card properly so they have no responsibility to refund the lost money. Four guys surround an old lady and steal her purse, and BMO and TD will expect her to a) run away (she can barely walk) or b) go all "Bruce Lee" and fight them off... right.

I hate the idea of tap and the fact that scammers could be using it. Using a pin should be mandatory....

Taps typically have a max limit of $250 per tap. After that it’s really dependent on your bank daily limits. Banks never protect you in anything. So it really doesn’t stop at just tapping your card. They never protect you when it comes to cash in your account. They don’t want to take the loss so they do everything they can to deflect and make it your fault.

This applies to interac transfers (EMT’s) as well. Send a transfer to the wrong email and it gets auto deposited. You’re out of luck.

theinvestor said:

This applies to interac transfers (EMT’s) as well. Send a transfer to the wrong email and it gets auto deposited. You’re out of luck.

Click to expand...

E-transfers are as close to cash as it gets. If you give it to the wrong person you are out of luck.

theinvestor said:

Taps typically have a max limit of $250 per tap. After that it’s really dependent on your bank daily limits. Banks never protect you in anything. So it really doesn’t stop at just tapping your card. They never protect you when it comes to cash in your account. They don’t want to take the loss so they do everything they can to deflect and make it your fault.

This applies to interac transfers (EMT’s) as well. Send a transfer to the wrong email and it gets auto deposited. You’re out of luck.

Click to expand...

Yeah, there is some cause for concern about auto-deposit too. You definitely have to be careful when adding an email for e-transfer the first time. You do have to enter a pin, but, it could easily be made much safer. It would be better if at least the very first transaction to any new email address HAD to have a password and that subsequent deposits from that sender could be auto-deposited - but only IF auto-deposit is approved by both sides.