advice Bank Fraud When Using Cards for Domain Transactions

[Pusang Gala]

Hi everyone, I recently became a victim of bank fraud involving unauthorized transactions, resulting in a loss of around $7K. This experience has made me extremely cautious about using my bank and credit cards for domain transactions. This is the first time something like this has happened to me, and I’ve been using this card (not my primary card) for domaining since I started in 2015.
Given that buying and selling domains often requires using these cards, I'm curious about the strategies you all employ to avoid such incidents.

Questions:

Do you use separate cards for purchasing domains and receiving payouts from domain sales?
After receiving funds from a sale, do you transfer them immediately to another account, such as your primary account card?
Additionally, are there any other security measures or best practices you follow to protect yourself from fraud? Any advice or insights you can share would be greatly appreciated. Thanks in advance for your help!

 

[zotix]

It's very unusual; all the more relevant Banks / Card issuers have implemented 3D Secure - just called differently for each Provider.
So you had a loss of 7k$ - I'm sorry for that!

I assume you don't use a Prepaid credit card, which means you have a Debit Card (which deducts Money from your current account connected to a particular Card) or a "regular" Credit Card, which would be even better for you since Insurance would be easier to support.

Do you mind telling me what kind of transaction you had? Who was the Merchant? If you want, you can blur the Transaction Details.
The exact End2End Txt Code is not relevant.

Using a credit card is very secure nowadays - depending on your Card issuer.
Even when the Card is connected to PayPal and crosses a certain threshold, you need to verify with your 2-Factor Authentification Method.

So everything sounds like a Phishing Fraud.

Best
zotix

Edit: It could also be that you used your Card physically somewhere, where a Scanner was implemented on top of the Keyboard of the Point-of-Sale (POS—the Terminal where you confirm your Transaction by entering the PIN).

With those methods, people can extract two Rows of your Essential credit card details, decode them, and prepare them accordingly with some Methods I can't write here to duplicate your Credit Card.
In that case, you will have a Transaction, or probably two or three Transactions, where someone paid in Real life or went to the ATM.
But since it's $7k$, the "regular" weekly/daily Limit should not be enough (default) to withdraw this amount.
It's a bit different with Amex. But just to "calm you down," you should be fine calling the Bank. In Germany, you have to go to the Police as well.
But first things first: Call the Card Issuer and let the Card get blocked; as soon as you know about it, it's mandatory for you; otherwise, it's "partially" your fault (Check the TOS of your Card).

 

[DomainRecap]

It's almost certainly an International/Global Money Transfer as those are relatively new and as such, don't have any legal regulations surrounding them in many countries, so banks just run wild and do whatever they want.

Up here in Canada, the (cough) 'daily limit" is $75,000 to $100,000 to a maximum of $3 million a month (!) and there is no way to disclude yourself from the program or to lower your daily limit to something rational These insane $$$$$ figures are like ringing the dinner bell for every lowlife imaginable.

As such, Global Money Transfers have quickly become the hottest method for thieves to steal money and get away scot-free. It's also grown into very sophisticated schemes of multi-party video surveillance (to gain your phone codes and PIN numbers), combined with robbery or faking car accidents in order to get your phone, ID and bank card, and then you're potentially out $75,000! Maybe even $100K!

And the banks will always say "Sorry, but you didn't protect your card or devices!" and refuse to give your money back. One guy had a gun to his head and was robbed by well-known criminals and even intervention by the police couldn't get him his $35K global money transfer back.

Banks offer zero protection for these transfers, and then allow massive and idiotic daily "limits" like $100,000 a day. Can you spell "Recipe for Disaster"?

And don't think your loss will be limited to the amount of money in your account, as banks are helpful enough to allow criminals to use your Line of Credit, or even apply for a new loan, in order to properly fund these scumbags with a free $75K-$100K international money transfer.

It's like the banks are working with the criminals to steal as much of your money as possible. It's insanity.

 

[Pusang Gala]

Hi everyone, I wanted to update you all that my bank has refunded the money I lost due to the unauthorized transactions. I'm relieved and grateful for their quick resolution. Thanks to everyone for your advice and support.

 

[DomainRecap]

Hi everyone, I wanted to update you all that my bank has refunded the money I lost due to the unauthorized transactions.

That's great news and you're one of the lucky ones.