The sooner the banks open their eyes and realise that chip and PIN is far from as secure as they would like to believe the better.
There are numberous ways (which I wont go into here) that a PIN can be compromised totally unaware to the cardholder , banks taking the line that the cardholder was negligent is a cop-out.
There are numberous ways (which I wont go into here) that a PIN can be compromised totally unaware to the cardholder , banks taking the line that the cardholder was negligent is a cop-out.
The banks don't care that CHIP n' PIN is not secure. The system is cheaper to operate than the old verification methods and the onus is now on the customer to ensure that transactions are secure.
The mantra is now "Stupid customer, you failed to secure your PIN" for disputed transactions rather than "Stupid bank, that's not my signature".
Brendan Burgess
Founder
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There are two isssues here.
If the OP was negligent with his pin, then he has no claim in my opinion and should not be compensated. The bank has to investigate this. If he has used the card in an atm where there has been a scam, he will be compensated.
The bank should have cancelled the card, but a chip and pin card is relatively safe and not cancelling it, is not the issue here. I would guess that far more is defrauded through people who are careless about their pin than through organized fraud.
The bank has to investigate it. It's not a time for ranting and raving. It's a time for putting out the facts and determining if the OP was negligent or not.
If the bank denies liability, then he can take the case to the Financial Services Ombudsman.
If the OP was negligent with his pin, then he has no claim in my opinion and should not be compensated. The bank has to investigate this. If he has used the card in an atm where there has been a scam, he will be compensated.
The bank should have cancelled the card, but a chip and pin card is relatively safe and not cancelling it, is not the issue here. I would guess that far more is defrauded through people who are careless about their pin than through organized fraud.
The bank has to investigate it. It's not a time for ranting and raving. It's a time for putting out the facts and determining if the OP was negligent or not.
If the bank denies liability, then he can take the case to the Financial Services Ombudsman.
On the timing of the transaction, it could be that a laser/debit card transaction was authorised and happened prior to the report of the stolen/lost card. I know from my card that it can take a few days for the transaction to come off after using a laser card. My available balance reduces but my ledger balance stays the same. If the OP was negligent with the PIN not covering their handset when keying for a previous transaction then they have inadvertently disclosed it much like calling it out loudly in a busy shop, also having the Pin written down and kept with the card would be negligent.
To the OP. I would get the facts first, times of transaction authorisation etc. I would also question why a large transaction wasn't flagged based on suspiciuos activity, unless it was a number of small transactions. Its definitely not a cash withdrawal from an ATM because even over a weekend you would only get the max limit per day. Certainly not 3200 , I can only get 450 per day from an ATM
To the OP. I would get the facts first, times of transaction authorisation etc. I would also question why a large transaction wasn't flagged based on suspiciuos activity, unless it was a number of small transactions. Its definitely not a cash withdrawal from an ATM because even over a weekend you would only get the max limit per day. Certainly not 3200 , I can only get 450 per day from an ATM
When my PTSB card was skimmed (before it became Chip & Pin enabled) I was horrified to find out how much could have been bought on it. I am unsure of the exact figures now but I think it can be used up to 15 times a day even though the max cash withdrawal from ATM is Eur600 per day I think. When paying for large transactions like holidays or domestic appliances the shop simply splits the bill and does 2 transactions. I found out that it's not possible to have a limit put on one's account transactions like one can do with a a credit card.