Mathematically minded people

[Anonymous]

I recently had my bank card 'cloned' and am looking at ways to protect my funds from future fraud. I was thinking of putting some money into a different bank, with the thought that it won't all be at risk if there is another security issue. My friend says by opening another account, I'm more at risk, as there are now 2 ways for crooks to get at my money.
Any thoughts?

[Anonymous]

I think it is 1/2 dozen of one, 6 of the other. Just a fact of life now. For the most part, you'll eventually get your money back.

[Anonymous]

Bank card or credit card? Bank card, I'd request a new account number. Credit card, I'd not give a shit.

[Anonymous]

Cheaper and more effective to buy fraud insurance?

If they cloned your bank card, how did they get any money without your PIN?

[Anonymous]

Anonymous wrote:I recently had my bank card 'cloned' and am looking at ways to protect my funds from future fraud. I was thinking of putting some money into a different bank, with the thought that it won't all be at risk if there is another security issue. My friend says by opening another account, I'm more at risk, as there are now 2 ways for crooks to get at my money.
Any thoughts?

The purely math based answer is that assuming the risk of fraud at either bank is independent and equal, the risk to your money is exactly the same with either plan.

[Anonymous]

What's a bank card?
I would keep everything under one roof to manage it better.
Risk is the same anyway whichever way to hack it.

[Anonymous]

Don't use your debit (bank) card. Use a credit card.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I recently had my bank card 'cloned' and am looking at ways to protect my funds from future fraud. I was thinking of putting some money into a different bank, with the thought that it won't all be at risk if there is another security issue. My friend says by opening another account, I'm more at risk, as there are now 2 ways for crooks to get at my money.
Any thoughts?

The purely math based answer is that assuming the risk of fraud at either bank is independent and equal, the risk to your money is exactly the same with either plan.

Even if iid the odds would be higher having two accounts.

[Anonymous]

If your money is drained from a bank account as a result of fraud like that, then it is the bank's responsibility rather than yours. The risk is that you have no access to your money for days or weeks while they investigate, not that you lose all the money.

With this in mind it is worth having two accounts, so you can survive if one of them is temporarily inaccessible.

[Anonymous]

I recently had my bank card 'cloned' and am looking at ways to protect my funds from future fraud. I was thinking of putting some money into a different bank, with the thought that it won't all be at risk if there is another security issue. My friend says by opening another account, I'm more at risk, as there are now 2 ways for crooks to get at my money.
Any thoughts?


The purely math based answer is that assuming the risk of fraud at either bank is independent and equal, the risk to your money is exactly the same with either plan.

No, the risk of fraud would not be the same. She/he will access one account with her bank card, checks, computer(phone, over open wifi etc) and have less funds in it. The other she/he will only deposit funds(the majority of her/his money), transfer funds to the other account, and use a $200 lap top that is only used for accessing that account, hard wired connected, password protected, and never leaves the house or not access it at all electronically. Otherwise, why do it. The $200 lap top is what many of my cyber security friend do.

[Anonymous]

[Anonymous]Don't use your debit (bank) card. Use a credit card. op here That is what I usually do. I have never used the bank card anywhere but at an atm and it is usually my own bank branch so it just is crazy it was cloned

[Anonymous]

Anonymous wrote:[Anonymous]Don't use your debit (bank) card. Use a credit card.

op here That is what I usually do. I have never used the bank card anywhere but at an atm and it is usually my own bank branch so it just is crazy it was cloned

How did you find out it was cloned? Did the bank alert you, or did you see fraudulent withdrawals?