Shopsmith Forums

I hope this is helpful.

http://www.usaastories.com/budget/credi ... SMNEWS3-12

Steve, the old swampgator

reible wrote:So is this related? http://www.shopsmith.com/ss_forum/commu ... 18621.html Ed

It seems likely to me.

tomsalwasser wrote:

reible wrote:So is this related? http://www.shopsmith.com/ss_forum/commu ... 18621.html Ed

It seems likely to me.

I discounted the email username issue/passwords as unrelated to my bank card issue because all of my financial work is done on a separate computer - dedicated only to family financial matters. The computer is turned off and disconnected from its ISP when not in use.

No, I don't think the two are related. The bank card issue has been taken over by the fraud unit at the bank. All of my(our) plastic has been frozen. We are now a cash only operation until this is all resolved.

I have added a level of security to my casual email that should take care of the password issue discussed in a different thread.

dusty wrote:No, I don't think the two are related.

Good points Dusty and you've probably gotten to the bottom of it, but I find the coincidence troubling.

You are absolutely correct about checking your bank statements regularly. And not just banks, any account. It's your number one defense against fraud and identity theft. Constant, daily vigilance. It takes just a few minutes of my morning routine, every day. I log on to everything and reconcile accounts with a home bookkeeping program, similar to Quicken. It's remarkably easy when you only have a days worth of transactions.

If I am able and have access to my computers, I log onto both frequently and check not everything but most. I typically log onto Shopsmith right after my first coffee in the morning. I think I may attempt to make this a daily ritual rather than just "frequently".

The bank is taking action to isolate the checking and savings accounts so with the card issue dealt with (new cards and account numbers). I feel better now. Not totally safe but better. This whole affair has been an eye opener for my wife and I. The kids and grand kids all think that they have nothing to worry about. After all, they are more computer and social network savvy than we are. I hope they are right.

We (as in my wife) check our credit card statements every night. As a result, last month she discovered that i bought $304 worth of groceries in a store in Iowa. I live in Connecticut, never been to Iowa! To make matters worse, it was an "in person tranaction", as in the card was present! Our card had been hacked. Quick call to the credit card company fraud department resulted in the charge being removed and new cards issued. If you think this is a pita to us, think of what it costs the credit card company!

Talked to my credit union about my debit card. They will not issue a ATM only card, however I found out I have 100% fraud protection on both my credit and debit card. Any charge made on either fraudently will be refunded to me.

I have an iPhone and have been told to start using Apple Pay. Apparently it generates a different code every use which makes it very very difficult to hack. More and more online sites are using Apple Pay.

I was also told to start using my finger print reader instead of passwords. I'm told that is almost impossible to hack.

Also told to have two credit cards. One that is never used, just in case there is fraud I can always use that one to carry me over while new cards are issued.

Credit Union treated fraud protection.very seriously but left me with the impression it was a common occurance that they had to deal with. Almost like the price of doing business.

In addition to constant vigilance, second factor authentication is a major tool against fraud. Factors are defined as ways to identify you when you access your accounts. There are 3 possible factors: Something you know, like a password. Something you have, like a cell phone. Something you are, like a fingerprint or retina scan.

Currently most people just use a single factor to log in, a password. As ERlover pointed out, the Social Security Administration and most other financial entities have implemented a second factor authentication option or requirement. For example, you begin your login process with your password. This triggers a text message to be instantly sent to your cell phone. This text message has a one time use code that you must then enter to access your account. A fraudster needs to know your password AND have your cell phone to access your accounts, which is highly unlikely.

Second factor or multifactor authentication as it is often called, is a very good thing.

tomsalwasser wrote:In addition to constant vigilance, second factor authentication is a major tool against fraud. Factors are defined as ways to identify you when you access your accounts. There are 3 possible factors: Something you know, like a password. Something you have, like a cell phone. Something you are, like a fingerprint or retina scan.

Currently most people just use a single factor to log in, a password. As ERlover pointed out, the Social Security Administration and most other financial entities have implemented a second factor authentication option or requirement. For example, you begin your login process with your password. This triggers a text message to be instantly sent to your cell phone. This text message has a one time use code that you must then enter to access your account. A fraudster needs to know your password AND have your cell phone to access your accounts, which is highly unlikely.

Second factor or multifactor authentication as it is often called, is a very good thing.

Great concept one that should be implemented across the board.

Ed in Tampa wrote:Great concept one that should be implemented across the board.

I agree Ed. Even gmail offers it. Someone can get into a lot of mischief if they can access your email. It's probably not a bad idea to give it a try if you use gmail. Even if you don't use gmail it's free to set up an account and try it out.

A good bank or credit union providing a fraud guarantee safety net like you described is important too.