Cahoot & ATM Fraud

Steve.W_2

My wife found out today that her cash card had been cloned as a few hundred pounds had been removed from her account using a ATM several hundred miles away from where we live.
This evening she contacted CAHOOT who she banks with to inform them of the fraudulent transactions & found them to be most unhelpful.
They informed her that their policy was to investigate the matter & that it would take about 3 weeks to complete & if it went in her favour then they would reimburse the money but no money would be returned before the results of the enquiry were made.
It didn't seem to make any difference that she still had her card & had made a withdrawal at a local cash point shortly before the account was ripped off.

Do all banks have this attitude to their own weakness in security or is it just an example of CAHOOTS poor customer service.

Now looking for a new bank to transfer both current accounts to...

Paul_Varjak

Steve.W

I think you have to give them reasonable time to investigate. Three weeks does not sound too long to me. But, then again, it has not happened to me yet!

davidcampbell

sorry steve, agree with paul

she has reported a fraud - these things take time to sort out.

in the meantime i would suggest she contacts local police and files a report with them - they will give a crime reference number which will probably come in handy for cahoot and possibly speed up the process.

can she get an overdraft? if so you will probably find cahoot will refund any interest incurred on the overdrawn balance once investigation is complete.

hth

DC

MoneyMonkey

I'm inclined to agree. Three weeks does not sound too long. I to had a suspected fraud take place (ultimately it was just me being a muppet:rotfl:) when I was with HSBC. That too took about 3 weeks to sort out.

I am now with Cahoot, and they provide me with a £250 overdraft for free. Perhaps you could get the same, just to tide you over.

Just out of curiosity, was it a chip and pin card? These are mean't to be clone proof. Although my dislike for this new technology is a different story :mad:

Curry_Queen

MoneyMonkey wrote:

was it a chip and pin card? These are mean't to be clone proof.

Apparently they're not and security of these cards has already been breached according to something I saw on tv earlier this week. Sorry, but I don't remember the full details so maybe someone else can verify with more info

george_2

most banks will also arrange a temporary interest free overdraft in cases such as this in order to cover dd's etc. Phone them and ask!

bonnie_2

it was on watchdog the crims have now got a machine that copies the details in the magnetic strip on card along with your pin number, do they still do the books that u used to get money out over the counter, been thinking about this lately. the strip contains all your account details as well.

thanks

I had a similar experience in December when about £450 was taken via my card. I informed Citibank and they cancelled the card and send me a form to complete. I had to inform the police and get a crime reference number. As soon as they received my completed form,they credited the money back into my account - total in about 5 days time - and I haven't anything from them so far. Atleast in this, the service of Citibank was Exceptional and so I am still with them!!,
hope this helps

Walletwatch

I stand to be corrected here, but I think banks have different processes for dealing with ATM fraud and other kinds of fraud - I'd accept that banks would need to take some time to investigate ATM frauds, simply because there is no way to trace the transaction (even if the ATM does have a camera, it's not very feasible to track who made the withdrawal, etc.)

On the other hand, fraud payments that are made on the Internet or by phone are at least traceable to the destination of funds, well, at least to a better extent than ATM withdrawals, hence, these are addressed immediately on completion of some forms. A colleague of mine who also has a Citibank account had such an experience - money being taken from his account using a debit card, and sure enough, he also got his money immediately on filling out a form.

jonesMUFCforever

Curry_Queen wrote:

Apparently they're not and security of these cards has already been breached according to something I saw on tv earlier this week. Sorry, but I don't remember the full details so maybe someone else can verify with more info

It was not the chip and pin security that was breached. It was/is the fact that retailers take a chance on swiping a card even when on chip and pin system.Jonathan Maitland (Trevor macdonut ??) did a very poor story in my opinion. All the fraud took place using the old way of cloning cards which is why chip and pin was brought in in the first place.
Once all outlets and cashpoints are chip and pin only this type of cloning will not work.
Eric

Zippy123

As I understand it the new fraud involves disabling the chip so that the retailer has to use the magnetic strip. This is done by finding the pin number and this can be done by connecting a device between the pin key pad and the EPOS terminal.

Once the crooks know the pin number the chip can be copied or disabled or the card duplicated.