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Money taken from ATM

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Thasnow
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Money taken from ATM

Postby Thasnow » Mon, 26 Feb 2007 8:29 pm

Hi all,

something unusually happen to me last October.
I was looking for my ATM card and figured out that the card was not anymore in my wallet. I immediately called the bank to stop the card. After that I checked my account and have seen that someone withdrawed $800 Sing (my 6 digit pin is only in my head, never written down or communicated to someone). So I went back to my bank and told them, there was money taken out of my account without knowing it. After a long procedure and being several times at the Police, I couldn’t recognize any suspect as they have showed me. I contacted again the bank and informed them that I don’t know any of the persons who took the money. The bank said, well it’s now difficult to get from someone the money back. “What”

David91
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Postby David91 » Tue, 27 Feb 2007 11:10 am

I'm sorry that you've lost money. I hope it was not too much.

Most banks have contractual terms and conditions which require their customers to take care of their cards and to ensure that people cannot easily acquire their pins. The most common method for obtaining the pin is skimming where a dishonest employee at a bar or restaurant notes down your pin or where someone watches over your shoulder at an ATM. The thief then steals your card. At least you had that warning. Card cloning is only detected when you get your monthly statement.

Your problem (and also that of the banks) is that you could be the one drawing the money out. It is only your word that the card and pin are lost. It is more easy to establish your innocence when the card was used to buy goods and services over the internet or in places where you can prove that you were not present. The pattern of card use will also potentially change which may alert the card carriers fraud department. Thus, banks more usually compensate in those cases. Sadly, banks are more reluctant to compensate in your case. Although you have done all the right things by notifying the card carrier, contacting the police, etc. whether you will get any compensation will be determined by the contract you have with the card carrier (banks tend not to be very generous out of goodwill—they can lose too much money to fraud that way). You should also check the wording of your general insurance policies. Some do cover theft outside the home, while on holiday, etc.
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Thasnow
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Postby Thasnow » Tue, 27 Feb 2007 9:26 pm

Thanks a lot for your info, and part is that I was working at that day (was a morning)... Well as I already mentioned, I checked all the police videos and there was nobody that I know.. You right, it could be abused, but in my case it was the opposite side... Ill try next week to contact the bank again, and will see if there is any hope.

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ksl
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Postby ksl » Wed, 28 Feb 2007 1:47 pm

Thasnow wrote:Thanks a lot for your info, and part is that I was working at that day (was a morning)... Well as I already mentioned, I checked all the police videos and there was nobody that I know.. You right, it could be abused, but in my case it was the opposite side... Ill try next week to contact the bank again, and will see if there is any hope.


Personally I would demand that you are compensated! The security is the banks problem not yours, and you have followed the procedures laid down, just tell them if you are not compensated, you will go to the newspapers. Although they will be hoping the card is used again, so that they can catch the culprit.

No harm in trying!

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Postby huggybear » Wed, 28 Feb 2007 1:54 pm

i agree with KSL.

you should ask for your money back. i think most american banks do this. if you put up enough of a fight i believe they will eventually just fold.

i think for credit cards if you report it stolen or lost and say that the following charges aren't yours, the card company will just eat the loss. i don't think they keep you on the hook for it. (it has to be something out of pattern ... for instance your spending increases by 2,000% in a matter of three days).

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Kurozu
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Postby Kurozu » Fri, 02 Mar 2007 11:44 am

That is ridiculous. What nonsense coming from your bank? Such lame excuse. Bank should be able to help you find out who took your card and withdraw your money. Even if they cannot find out, they should have the courtesy to cooperate with you n the police.

Here is why.

1. Unless I am ignorant in Singapore Bank ATM system. Mini-Security camera should be installed in all ATM location or ATM itself. This is to prevent break-in or illegal ATM transaction. Hell, if there isnt, I should go to Singapore, go behind a person who is withdrawing cash, n stick a knife on him.

2. All transaction record should be recorded and kept. From the data, Frequent Location, timing, usual amount withdrawn etc can be analysed. Even if the miser Bank cannot afford a camera, they should be able to tell you more than that.

3. All bank has insurance on ATM. When something happened like a break-in or "the ATM eats my money" (something like that) the Bank has reason to claim insurance for you since a police report has been filed.

Now even if the robber is smart enough to wear a mask, which I doubt, the bank should have the vid tape and the transaction data to cooperate with the police. And if they claim that maybe you are the one wearing a mask, then they must be really stupid to be a banker.

All these 3 pointers are fundamentals security measures the bank should have. It is unthinkable to know that the Bank cannot help you out like that.
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