 Hello everyone, this is financial author Amit Dan of amitdan.com. On this channel, you'll find financial travel and more videos just like the one you're watching right now. If you like what you see, please give me a thumbs up and consider subscribing. Walmart Bank declines to reverse fraudulent charges. Hello everyone, this is financial author Amit Dan of amitdan.com. Today I'll be talking about a news that caught my attention because if you have been watching my channel, you know that my credit card was scammed or hacked and there were fraudulent charges. So there is this news which caught my attention and I'd like to talk about that. And then I'll give you some tips on how to protect yourself from scammers or hackers to safeguard your credit cards. So the way scammers got a hold of my credit card information was they broke, they broke into the credit card processing system or somehow the marching system because I didn't lose my credit card and I had that credit card with me. But then I found out that there were transactions that were made from Malaysia, the larger transactions. For example, there are Expedia, Malaysia Vacation and there is an airline ticket from Malaysia, foreign Malaysian airline. And there are smaller PayPal charges made into my credit card using the information. But the news that caught my attention is slightly different than mine. This couple from Winnipeg, they went to Cancun, Mexico for a vacation and they did some groceries and they visited a local Walmart and on their way back to the hotel they found out that they got pickpocketed and the credit cards were lost. So they managed to call the Walmart Bank of Canada which issued them a mastercard that got pickpocketed and since then Walmart Canada Bank has been declining them to reverse $6,600 fraudulent charges. According to the Walmart Canada Bank, the hackers or the thieves had their pin number or had the person's pin number and once they use the pin number it is not credit card company's responsibility to refund fraudulent charges. Now this clause or whatever they are using to not to pay or not to reverse those charges is ridiculous. The best thing you can do read your credit card agreement and somewhere if it says that if the thieves use your pin number then you are not liable, then you are liable for those charges the credit card company is not liable. The reason this is ridiculous because it's very easy to get a hold of someone's pin number. For example there are high tech devices that can copy your pin number when you use your card at an ATM or at a store. This machine is called Shimmer. So what is this that this is a very tiny micro chip kind of machine and it can be inserted underneath the layer of the bank machine or the store machine and then whenever you are using your credit card with your pin number it records everything including your password. Another way thieves can get a hold of the pin number is that they have cameras set up from it could be right above the ATM machine or somewhere from a distance which gives them a very good shot of what pin number you are inputting and then also they can see the credit card information and everything and then that's the way they get a hold of the pin number and all your information to copy those information to make fraudulent charges. So this declining not paying this couple of $6,600 fraudulent charges is totally ridiculous because if you are issuing credit card then you should provide the support and service when someone gets hacked or schemed and lost their credit card and their fraudulent charges. So in order for you to protect yourself I would recommend doing a few simple things the first thing if you are traveling carry a credit card with a lower balance or lower availability do not take with you a credit card that has let's say lots of available limit for example $5,000, $10,000, $20,000. Take something with you which has below $1,000 or below $500. You can use prepaid cards with a very lower balance available and if you have to take cards with higher balance then you can leave them at your hotel locker or hotel safe deposit box and then just take the lower balance card with you. Then another thing you can do is to set up alert for your credit cards for example above a certain limit which could be $100 or $50 you should get an email alert or text alert letting you know that there have been these charges and then so you know that what's going on and then another way you can protect yourself is to set up a vacation alert on your credit cards by calling either the credit card companies or setting it up online although most of the credit cards are getting rid of the system right now they say that the fraud detection system does not require vacation alert anymore however check with your credit card if they still offer that feature and if they do then you know tell them that you know from this date to this date you are going to be visiting this country and you're not expecting more charges than this much amount for example $500 or $1000 so that way your credit cards will be flagged right away when you lose them and when someone tries to make charges so that's another way so coming back to this couple from Onipic I hope they're able to get their money back by the credit card companies I believe they're pursuing a legal action or they should be pursuing legal action for against these banks because you know they're reliable for the fraudulent charges because if you're issuing a credit card company then you have to give full protection and you have to provide full service and it shouldn't be you know turned away from reversing charges when time comes and again make make be careful about which credit cards you use go through the terms and agreements and read reviews online or try to find out how is that credit card company in terms of paying our reversing fraudulent charges there are some credit card companies which are bad there are some credit card companies which are good I do have some videos on my channel about some of these companies so if you go through them you will find valuable information and in the future I'll provide more information to keep you protected and to keep you informed thank you for watching if you like what you see please give it a thumbs up and consider subscribing thank you