Customer says a bank manager told him his “credit card chip design was 100% foolproof.” But something was amiss.
Chaithanya Kumar says he received a fraud alert from Bank of America on his new credit card. But later, the bank denied the $1,200 dispute.Chaithanya Kumar calls himself a loyal customer of Bank of America.When the card arrived on Nov. 7, he used it to pay his electric bill. It was his only charge on the card, he said.
Kumar said he’s never given the card to anyone and he didn’t make the purchases, much less ever shopped at that mall. On March 3, he received a response from CFPB saying its investigation revealed that no fraud occurred because the card’s chip was read at the time of purchase. He said he thought it was odd that Bank of America flagged the transactions as potential fraud on a card that had little other activity.
“Furthermore, most terminals are set up to allow for transactions to be processed off of the magnetic strip to accommodate older cards without chips or to handle cards with malfunctioning chips,” he said. “Normally, the magnetic strip contains the card verification value in its encoding which is the same as the 3-digit code on the back of the card,” he said, noting some banks don’t verify that. “Past incidents have already demonstrated that bad actors breached point-of-service systems, capturing the EMV data. They then created magnetic strip clones with the captured data and use those cards in card-present transactions if those issuing banks don’t verify the CVV information properly.
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