Cash is king.

Tyga11 wrote

Cash is king.

Why? I get roughly 2% of everything I purchase back when I use my CC and who covers you when your cash is stolen? Good luck going on a long trip carrying a huge amount of cash.

Since the introduction of the Fair Credit Billing Act, consumers in the United States are liable for no more than $50 in fraudulent charges. This is regardless of the total value of unauthorized charges made to the credit account.

David70 wrote

. Since the introduction of the Fair Credit Billing Act, consumers in the United States are liable for no more than $50 in fraudulent charges. This is regardless of the total value of unauthorized charges made to the credit account.

Not really a Fair Credit Billing Act, North of the border you are liable for $0.00

vreihen16 wrote

This really sounds like an ongoing email phishing scam, where a fake order confirmation shows up with a phone number to call (or less often a link) to cancel the transaction. They ask you to provide your card number to authorize the refund, and bingo your card is compromised.....

I thought so too which is why I logged on to my Walmart account (not through a link or anything to do with the email) and found there was in fact an order placed. Apparently Walmart has a huge security issue they are sweeping under the rug. Tons of people complaining about the exact same thing issue and how it doesn't make sense.

David70 wrote

Why? I get roughly 2% of everything I purchase back when I use my CC and who covers you when your cash is stolen? Good luck going on a long trip carrying a huge amount of cash.

Since the introduction of the Fair Credit Billing Act, consumers in the United States are liable for no more than $50 in fraudulent charges. This is regardless of the total value of unauthorized charges made to the credit account.

That's why I also use my credit cards. Cash back on various purchases with promos that give you X amount back that's above and beyond the normal cash back percentage. Or 3% back when I use the card at gas pumps and restaurants.

In addition to cash back, my AMEX card gives me 90 days of accidental damage, lost/stolen coverage and up to a year extension of the manufacturer's warranty on various products. I've used the accidental damage and the extension of the manufacturer's warranty and AMEX came through on both.

Our03z4 wrote

Apparently Walmart has a huge security issue they are sweeping under the rug. Tons of people complaining about the exact same thing issue and how it doesn't make sense.

Do they offer 2FA/MFA for login protection? Do you have it enabled? It's a royal PITA, but this is where our society is these days.

I don't know anything about Walmart's web site because I refuse to do any business whatsoever with the company.....

Cash is best then you can't get scammed, anyone who says to me card only accepted gets me leaving, bye.

I’m a fan of cash, too, but I use credit cards more often.
My experience is fraud is under-disclosed but a serious problem. Like shoplifting these days, it has to be built in to the prices of merchandise and credit.

My approach is:
1. Debit card for emergency and ATM, that account never has more than $500 and is not linked to any other account. That’s the limit of my debit card risk.
2. Bank credit card with $1 threshhold for notification via text. I get every charge, even subscriptions like Netflix texted. Easy to know if a bad charge is tried.
3. AMEX for other purchases, but I’m using it so little I may kill it.
4. Checking account is the pay account for all direct debits (electric bill) that can’t go on credit card. I prefer the credit card for the free loan and rebate.
5. Checking account is not linked to any other account (no overdraft protection); balance is kept below bank’s fraud/Internet scam protection limit ($10k).
6. “Savings” account for excess funds that may be needed in a month or two. Transfer from this account to checking as needed. Since this account is not visible to anyone else, it is pretty well secure.
7. $1 notification levels on all bank accounts as well as the credit card.
8. Credit service (I use credit karma) but I only access by typing in the URL (same for any online activity involving spending or holding money). Check as needed to be sure there is nothing going on with my credit (new accounts) and have alerts set up.
9. MFA/2FA on all accounts involving money; try to change passwords 90 days but not very diligent about that. They are very long and complicated though.
10. Mobile devices have password access on, with “hard” passwords. Only use the iPad for most trx to limit exposure if phone is stolen/lost. Plus my old eyes can’t see the phone that well!
11. Don’t store cc info on most sites. Exceptions where very frequently used.
12. Check for skimmers on every gas pump and ATM I use, every time.

Seems like a lot, but easy to maintain once set up.

Banks will soon push for adoption of CBDC to help limit fraud. As always, we will willingly give up liberty to achieve perceived security.

M5Rick wrote

Cash is best then you can't get scammed, anyone who says to me card only accepted gets me leaving, bye.

Cash you can't get scammed but can easily be stolen and with virtually no chance of getting it back. CC you can be scammed but worst case (and unlikely) you are liable for $50 of it.

Travel must be tough, flights, hotel, rental car, reserve/pay with cash (how do you reserve and pay for a flight with cash?) ? Buying tickets, going to events, virtually all cashless where I live. How much cash do you carry to avoid the scam possibility?

Buy something or need a car repair for $2k and you show up with cash? I would worry far more about the risks involved with this.

JJ 911SC wrote

Not really a Fair Credit Billing Act, North of the border you are liable for $0.00

I think it is completely fair as it is what is required by law and consumers need something to be concerned with when it comes to reporting credit card problems. Your system allows the consumer to do nothing about the fraud or reporting it and have no responsibility for it? No thanks.

As said below, most CC's will take care of all of it if you just report it which is reasonable to me. -

Most credit card companies today offer zero-liability fraud protection if you report the charges within 30 days. By law, your liability is limited to $50 for card-present fraud. Meaning, the most you could be liable for is $50, thanks to the Fair Credit Billing Act.

David70 wrote

Cash you can't get scammed but can easily be stolen and with virtually no chance of getting it back. CC you can be scammed but worst case (and unlikely) you are liable for $50 of it.

Travel must be tough, flights, hotel, rental car, reserve/pay with cash (how do you reserve and pay for a flight with cash?) ? Buying tickets, going to events, virtually all cashless where I live. How much cash do you carry to avoid the scam possibility?

Buy something or need a car repair for $2k and you show up with cash? I would worry far more about the risks involved with this.

Well my nephew just bought a trailer off of FB Marketplace with cash...got pulled over on the way home and charged with receiving stolen property. He had no clue and thought it was legit, no title needed in his state. Doesn't matter he didn't know. Now he is out his cash, phone and his truck was even impounded. Poor kid is only 18 and didn't know the world is full of people that lie. Looks like there is no way out of having a record and he is just beside himself.

Cash is good unless you get scammed or have it stolen.

What you say is true, I'd worry as well.

David70 wrote

... Your system allows the consumer to do nothing about the fraud or reporting it and have no responsibility for it? No thanks...

I'm sure that it is reported as the other option is not reported and pay your full balance.

Since 1980, I had to report fraudulent charge 3 times.

RickFLM4 wrote

We usually have at least one fraud incident per year. To deal with it, I am using 3 cards: to year and 1/2
1 exclusively for recurring payments set up online (utilities, insurance, business email hosting, etc.)
1 exclusively for when we drive to NC (gas, meals, etc.)
1 for everything else

So today I got an alert of suspicious activity on the card we use only when driving to / from NC, which we haven’t used in about a month. It consisted of clearly fraudulent purchased at a Publix in Jensen Beach. Account closed and new card will be here in 1-2 days, right before we leave for NC again. Minimal impact because we use multiple cards, so no need to update recurring payments anywhere. Very minor hassle to update in Quicken.