Credit Card was hacked is it worth getting another?

GillyFlower

I am in my 80's enjoyed my Credit Card for the vouchers I received. (I always paid the balance at the end of each month.) In May of this year I discovered that Card also was 'covering' 2 other Credit Card companies and the hackers opened accounts in those. OK my money was refunded but I decided there and then not to use that card again (I closed it officially) and never to have another one. The perks were not worth the risk again.

But - in hindsight - it did protect me against faulty purchases. I then decided to apply and have been approved, with another bank that I have decided to use who have a branches in local towns. All I have to do is sign the form and send it back to them …..

I am hesitating is it worth the risk has anyone found themselves wondering weighing up the pros and cons?

Barkin

In May of this year I discovered that Card also was 'covering' 2 other Credit Card companies and the hackers opened accounts in those.

What do you mean by this ?

flaneurs_lobster

Do you have any idea how your account details were compromised and how the "shadow" accounts were set up without your knowledge?

If mitigating steps have been taken then I'd be wanting the advantages that a credit card would give me.

GillyFlower

1st - they hacked my email address. Discovered BT had an issue 2 weeks before, long story.

2nd - So what happened - on the Sunday afternoon checked my emails. I did not open a suspicious email and gut reaction logged into my bank account. It had been blocked. I immediately phoned bank and they thankfully stopped payment. Asked if I have other cards and to check them. .

3rd. On the Monday morning first thing - I phoned Credit Card company who asked when was the last time I used it. I said the last Thursday and then he listed all transactions going through, etc. Then asked if I had heard of two other companies and I said I had not. He said accounts have been opened up in these.

4th Then report Fraud, CIFAS, etc went into play and thankfully money refunded.

So - here I am with a Nationwide Credit Application ready to sign docs and send back. But I am hesitating …

etienneg

As in the post above, it's important that you understand (as far as possible) how the fraud happened, as otherwise you can't hope to reduce the chance of it happening again.

Also, you mention protection against faulty purchases. I assume you are meaning Section 75 protection. This is only applicable to purchases where individual items cost over £100 (and up to £30,000) and are for your use. It only makes the credit card provider jointly liable with the seller for breach of contract. In other words, it is limited protection, unlike insurance which can be much wider. I'm not saying it's not worth having, but it's certainly not a "cover-all" protection.

I use credit cards extensively for the cashback, and pay off every month by direct debit. Most of what I buy is under £100, but the occasional purchase costing more gains the limited protection. Of course, if you purchase online you need either a credit or debit card. Either way you need to take care of the security of the card and information that could help hackers. If you only buy in physical shops you still can't avoid card security even if you use cash, as you need a bank card to get the cash!

Brie

Frankly I would find it hard to function without a credit card. I use it for almost all purchases and it would be impossible to travel without at least one. Like you I ensure thers's payment in full every month. I feel I am more likely to lose/misplace cash than I am to lose out due to card fraud.

GillyFlower

Thank you all for your replies. As I said my email was hacked and BT who I have my email with - had a problem. I never lost my cards, never loaned my card, so not out of my sight. (My husband leaves everything to me.) Only myself and husband in our home, no visitors, no going out to pubs, etc so my bag not left unprotected. In a way quite a sad life😂

Oh!! No mystery phone calls and giving our bank details, etc. I have BT Call Guardian on line and I can honestly say not had any nuisance calls let alone calls that were asking for bank details, etc.

So yes - I did use it for all my purchases, including those online, for the voucher rewards and paid each month.

I did have security measures on my laptop (I am the only one who uses it) but something went wrong. I am paying for even more security, as if I was a business, although I was told it was not really necessary. This whole experience has taken its toll on me.

amcc1

One reason I like to use a credit card for online purchases is that I can set a relatively low maximum spending amount on the account. Should the card be compromised, then it might be less of an issue than for a debit card on a main current account. I don’t see this mentioned much, so maybe this a false sense of security?

I don’t have a BT email address, but some other family members do and it does seem difficult to better protect email access i.e. with 2-factor authentication and still be able to access the email server using a mail client and relatively little hassle (sms codes every time?).

SacredStephan

But - in hindsight - it did protect me against faulty purchases.

Every UK consumer has protection against faulty purchases through the Consumer Rights Act regardless of the payment method.

 I am paying for even more security, as if I was a business, although I was told it was not really necessary.

It's completely unnecessary - more important to ensure the MS security updates are enabled.

I suggest you create a new gmail email address, with a strong password. You could then apply for a cashback (or rewards) credit card. Hundreds of millions of people use credit cards daily all over the planet with very few security problems.

Edit: What are the benefits of a Nationwide credit card compared to those cards suggested by MSE?

GillyFlower

Thank you again to you all.

1. MS Security always enabled.

2. Factor Authentication now set up with BT

3. I do have another 'outlook' email address set up.

4. It was suggested I think by Report Fraud to look at a Password Manager. Have not yet got around investigating that.

5. What are the benefits of a Nationwide credit card compared to those cards suggested by MSE? I already have a Nationwide account with a few pounds in, been dormant, now think it easier to have this bank as my second account. This bank has branches in towns even if I have to drive to get to them in case I wanted to speak to a human being. P.S. Are those suggested by MSE of a better 'standard'? Maybe I should find that article?

MEM62

https://forums.moneysavingexpert.com/discussion/comment/82109211#Comment_82109211

Ditto………….