

Debit Card (Lack Of) Security - eamann
https://eamann.com/biz/debit-card-lack-security/

======
PaulHoule
I had my debit card # stolen from am e-commerce shop in 1998, my credit union
made me whole but the security officer told me there was just one digit that
could be changed so I'd better not let it happen too many times.

I think these days it would be a little harder because of the cvv code, which
you almost always need to have for a card not present transaction. To test out
numbers in a card present situation you'd have to make a lot of fake cards and
try them out, and I think you'd get caught pretty soon.

Payment security practically depends on defense in depth; since financial
transactions are fairly traceable you need to DL some kind of money laundering
such as sending mules out to buy luxury goods and then selling them on e-bay;
as the other commenter puts it, the fees are enough to eat some losses now and
then.

------
DigitalSea
I think banks are aware of the shortcomings of debit cards, but the risk far
outweighs the need for any more security, why? Debit cards are like credit
cards in that they are insured by the bank that issue them. Most debit cards
even though they are tied to a real bank account thus resulting in varied
availability of funds still have a limit on how much you can spend per day
(unless you get the limit lifted).

The bank knows that they can take the risk of credit/debit card owners getting
their details skimmed and an occasional rogue purchase being made. The amount
will be merely written off, a relatively minor loss compared to what your bank
will lose in a day from bad investments.

Pretty alarming nonetheless, but it is what it is in the financial world.
Losses are expected.

