Co-Op Basic Account - They gonna pay a reg bill and let me go overdrawn? Legal? ASAP

inmypocketnottheirs

pqrdef wrote: »

Chip & Pin prevents the use of cloned cards in chip-reading terminals. If the card was in fact cloned, the bank has no evidence that it wasn't. If the bank knows that a chipped card was used, then the bad guy had the real card and your friend was telling you porkies.

You clearly believe the banks. I don't.

thatsean

OP, you owe someone £190. You've offered them a form of payment that commits your bank to honour it. Deal with it.

moneymattersnow

don't trust chip and pin. experts proved it is not 100% unbreakable.

jonesMUFCforever

moneymattersnow wrote: »

don't trust chip and pin. experts proved it is not 100% unbreakable.

On the balance of probabilities today I would say something like 200 million transactions would have been done by chip and pin - how many of them will result in cards being cloned - very few IMO
A risk ratio well within safe guidelines.
Absolutely nothing you do in your life is 100% safe!:D

pqrdef

inmypocketnottheirs wrote: »

You clearly believe the banks. I don't.

But if your friend knew the bank was only trying it on, why give in? If he'd pursued the case, he'd have got his money back.

aldredd

If you're running a tight budget, and have occasions where an unexpected expense means you're without funds to pay your basic bills, then I would suggest doing what I did when I was once in a similar situation (and still operate in a similar way, fairly good practice).

Open a 2nd account - using a different bank can be a good idea, but I used the same bank, and it made transfers easier (before Faster Payments came in).
Each week/month whenever you're paid, transfer all the money you need for essential bills / rent etc into the separate account. This way, if something comes up, or you lose track of spending, your bills will still get paid.

Also helps with budgeting, as you can then see what you have left to last until you next get paid.

aldredd

moneymattersnow wrote: »

don't trust chip and pin. experts proved it is not 100% unbreakable.

Yes, because signing a bit of paper that 9/10 retailers won't look at is sooo much securer!

(anecdotally, currently living overseas, where chip&pin isn't universal yet. Nearly everyone gives me card back at the same time as they give me the slip to sign - I'm having a little competition with myself to see how many different Disney Characters I can sign with! - Oh, and even when I do Chip&Pin here, I have to sign as well)

notts_phil

The OP has gone very quiet.....

Fiddlestick

inmypocketnottheirs wrote: »

It is clearly flawed!!! Chip and pin has not stopped card fraud, just ensured that the victim is the customer and not the bank.

Interestingly enough all statistics show that card fraud where the "cardholder" is present is way down on what it was before Chip and Pin was introduced.

The majority of fraud is now down to Cardholder Not Present transactions such as internet purchases.

Fiddlestick

moneymattersnow wrote: »

don't trust chip and pin. experts proved it is not 100% unbreakable.

Nobody ever said that it would be, only that it would help combat fraud due to the difficulty in cloning an EMV chip versus reading the magnetic stripe and re-encoding it onto a false card.

In that sense it has been spectacularly successful as the vast majority of fraud is now CNP transactions.