DENNIS SEID: No, I didn’t buy shoes for $ 2,000 online | Business


Recently I did some shopping and a text popped up on my phone asking if I was trying to spend $ 41 and some change on my debit card at the store.

I answered “Yes” but the answer was that it would take a few minutes. The quick run to the store wasn’t that at all.

Curious, on my way home, I took out my checking account to which my debit card was linked.

Imagine my shock and horror to see that the balance was plunged into the red. Like four digits deep.

Quite a few words that don’t suit kids and probably even some adults spitting inside and out,

I normally check my balance every other day, but I had waited an extra day. It was a mistake.

It turns out that my account was affected by some three dozen charges that weren’t mine at all. Eighteen of the charges were laid against an online shoe store for a total amount of $ 2,000. The other charges concerned sporting goods stores and clothing stores.

Over $ 5,000 in fraudulent charges arrived in a matter of moments. How did it happen? I tried to go back to where I was the previous days and where I had used my card. All were familiar places I’ve been to before, except for a couple. I suspect, but cannot prove it, that the card was skimmed at a gas station that I have never used before.

This is the second time in six years that something like this has happened, and those of you who have been through it know the pleasure of redoing all those automatic bill payments that you set up earlier.

Kudos to my bank for getting all my money back in a few days, but I wonder why I got a text message about groceries and not 18 charges in one day from the same online site. Maybe it’s time to fix the algorithm?

Either way, a recent LendingTree survey found that nearly a third of consumers have had their linked bank accounts hacked. I was greeted at the party with a red carpet, it seems.

Main conclusions if this report:

• 57% of people with a linked bank account would consider doing their banking through a connected service instead of a traditional bank account.

• Almost a third (32%) of people with linked bank accounts have been involved in a data breach because of the connection. Still, most (64%) continued to keep their account logged in despite the breach.

• 39% of consumers trust budgeting apps to track their finances. And 84% could name at least one banking app feature they would use.

• 53% of Gen Z and 48% of Millennials would be happy if their bank partnered with a company like Google or Apple, and 37% of those 40 and under would rather do business with a fintech company than a traditional bank .

“Financial apps can be of great help,” said Matt Schulz, chief credit analyst at LendingTree. “For example, seeing a sharp drop in your credit score for no apparent reason may be a sign that you have recently been the victim of identity theft.”

Of course, LendingTree would love you to use their app. I am not pushing any application; what I’m asking is that all consumers monitor their accounts on a daily basis.

Unless you really want $ 2,000 worth of shoes.

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