Banks Hang Fraud Victims Out To Dry

MSN Money reports that your ATM card and checking account are much easier for someone to target than your credit card and you have much less protection. According to the article “checking-account fraud appears to be rising, and some banks are playing hardball to try to stem their losses.”

Here are the reasons the article gives for checking-account fraud to be

• Banks typically don’t use software to spot suspicious trends like they do for credit cards.
• ATM machines often don’t verify a card’s magnetic strip is real.
• Banks can blame the victim especially if the person has your PIN.

The article goes on to give a number of ways that thieves get your account information as well as ways you can be smart and protect your account.

What is really scary is the story the starts the article. I cannot imagine watching the money drain out of my account, being hit for overdraft charges, and having the bank not allow me to close out the account and hold me responsible for all the fees.