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  1. #51
    DEPLORABLE TheDan's Avatar
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    Quote Originally Posted by Charlie View Post
    I'm sure they are doing it out of the goodness of their heart!
    They are hoping that you'll carry a balance. Most people do, so it's worth it for them to dangle that carrot for the few people that don't normally carry a balance.

  2. #52
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    You guys aren't even seeing the big risk of using a credit card.

    The issue isn't skimming at the POS (point of sale level) that's small fry and the chance of them getting you is a drop in the bucket.

    The real issue is them monitoring the data transmission from the retailers server to the clearing houses.

    As of last year MOST of that data transmission is still unencrypted. When that happens they get everything, pins, numbers etc. They can sit on it, for a while so you'll never know your stuff got hacked. Then they can clone your stuff later.

    The problem is the hardware at the POS for the most part doesn't have the programming to encrypt at the POS level.

    The only folks where this isn't a problem. Are the tiny mom & pops with new systems off the shelf and systems like apple pay.

    The only thing consumers can do is compartmentalize their money.

    One credit card that is used. One bank account to pay that card off.

    Then a different account for the bulk of your $$. That you only use to transfer to your bank that pays credit card.

  3. #53
    TGT Supporter ZX9RCAM's Avatar
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    For a while, my CC was getting compromised about every 18 months. It was a hassle, but never cost me a dime.
    If there are no dogs in Heaven, then when I die I want to go where they went.
    -Will Rogers

    Im a big fan of the .22LR for bear defense.
    Just shoot the guy next to you in the knee and run like heck.

  4. #54
    DEPLORABLE TheDan's Avatar
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    Quote Originally Posted by stdreb27 View Post
    The real issue is them monitoring the data transmission from the retailers server to the clearing houses.

    As of last year MOST of that data transmission is still unencrypted. When that happens they get everything, pins, numbers etc. They can sit on it, for a while so you'll never know your stuff got hacked. Then they can clone your stuff later.
    Used to work for a company where more than 90% of our business was setting up MPLS and IPsec VPNs for point of sale systems, and this was several years ago now... If the transmissions coming from your POS aren't encrypted, you'll fail a PCI audit and lose your merchant accounts with the card companies.

  5. #55
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    Quote Originally Posted by TheDan View Post
    Used to work for a company where more than 90% of our business was setting up MPLS and IPsec VPNs for point of sale systems, and this was several years ago now... If the transmissions coming from your POS aren't encrypted, you'll fail a PCI audit and lose your merchant accounts with the card companies.
    Crap I misspoke the gap was between the pos terminal and the retail servers.


    That's how they got target and a host of others...

  6. #56
    DEPLORABLE TheDan's Avatar
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    There should be multiple layers of encryption. On top of the transport encryption the card numbers are supposed to be encrypted in the system itself. There's definitely some bone headed vulnerabilities in some of these, tho... Remember that Home Depot issue a few years ago? Insider information says they were only encrypting half of the credit card numbers. The 1st half... You know, those digits that are the same for every card from that particular bank. If they had just encrypted the 2nd half of the card numbers none would have been stolen.

  7. #57
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    Quote Originally Posted by Charlie View Post
    Correct, but there is risk involved.
    Risk that I control. I have been putting every expenditure I can on cash/miles cards and pay them off every month. I have never paid CC interest. Ever. And it there is an annual fee it is way small compared to what I get back. A very good investment, IMO.

  8. #58
    Senior Member peeps's Avatar
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    Quote Originally Posted by stdreb27 View Post
    You guys aren't even seeing the big risk of using a credit card.

    The issue isn't skimming at the POS (point of sale level) that's small fry and the chance of them getting you is a drop in the bucket.

    The real issue is them monitoring the data transmission from the retailers server to the clearing houses.



    The only thing consumers can do is compartmentalize their money.

    One credit card that is used. One bank account to pay that card off.

    Then a different account for the bulk of your $$. That you only use to transfer to your bank that pays credit card.
    Still, any fraud going on with this sort of scenario means nothing to the consumer if you have a solid customer-based card.

    Interesting point regarding compartmentalization. I like it.
    Quote Originally Posted by AustinN4 View Post
    Risk that I control. I have been putting every expenditure I can on cash/miles cards and pay them off every month. I have never paid CC interest. Ever. And it there is an annual fee it is way small compared to what I get back. A very good investment, IMO.
    Boom, there ya go. Why use debit card that pays 0.0000000000001% interest when you can get $1000+ cash back per year from a CC? All it takes is some financial discipline. And, if you really want to tighten up, just make sure to have enough cash to plop down on the CC at a moment's notice to pay off the highest monthly expenses you've had - as a contingency.

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