Can't Use Coles MasterCard Due to Fraud

[Deactivated] on 03/11/2016 - 16:45

I got a text message today that I was a few hundred over the card limit (limit is around $1500). I log in and see fraudulent transactions (over $500) happening in the last 10 days from overseas business, being hit with international transaction fee and cross border assessment fees also. I never got any notification or calls of these highly suspicious transaction. First sign of trouble for me was when it went over the credit limit, and I dropped what I was doing and called immediately as soon as I saw it.

I know that the these charges will never hold up, but my problem is that all my available credit has been taken away and Coles want 45 days to investigate it. They will not offer any temporary credit in the mean time so I can actually use the card, and going further won't even send out a replacement card unless I pay out of my pocket to bring the credit limit back under (and even then, I won't have any credit available to use).

I thought that consumers were supposed to be fully protected from credit card fraud and that's why they have such lousy security precautions in place (anyone with the card number can charge the card freely without PIN or verification) but I'm ending up without a usable card until this is resolved.
How is this acceptable? Is this normal what they are doing?

Financial

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Coles Financial Services
Coles Financial Services

Comments

  • spackbace on 03/11/2016 - 17:06

    but I'm ending up without a usable card until this is resolved.

    So use cash…?

    • dasher86 on 03/11/2016 - 17:07

      his online habits won't let him.

  • ballsofsteel on 03/11/2016 - 17:25
    +1

    In all seriousness, I think it is the Norm. They will investigate and you should receive your money back.

    unfortunately, I do not think you will receive extra credit.
    May i propose that you apply for another card perhaps?

    • [Deactivated] on 03/11/2016 - 18:00

      Not easy to get more credit when self employed without going the nth degree of financials. They can't even put in a little bit so that the card can be used at all. I use it to pad out expenses and get flybuys points and now I can't even do that

  • anna10 on 03/11/2016 - 18:17

    Some cards give an option to sms you at spending and due dates etc. I have this Coles card and it does not have that facility. We should suggest it.

    • [Deactivated] on 03/11/2016 - 18:28

      Only notification I got was once it went over the (very small) credit limit. I purposely chose a small limit to limit any potential damage and thankfully that worked, but I would have expected an SMS, phone call or email for foreign transactions in another currency over $500, which happened 3 times in the last 10 days.

      One year I went a little crazy with Steam Sales (over $500 little by little) and 28 Degrees kept calling me up (which is also run by Latitude) and I kept confirming it, so I don't know why they couldn't do the same this time.

      What bothers me the most is their crap service. No interest in getting my card up and running. I have to make alternative arrangements for everything because they just don't care.

  • mbck on 03/11/2016 - 19:31
    +1

    Hahah this post reports of too little notification. Another post (ING) reports of too many notification.

  • imcjb on 03/11/2016 - 19:53

    Not sure why you think Latitude would go along with putting more credit on an allegedly compromised card. They need time to assess not only the validity of your assertions but to minimise their own business risk.

    Never used them but have followed their transition from AGC - GE Money - Latitude with interest.

    • [Deactivated] on 03/11/2016 - 20:36

      Well obviously that particular compromised card was cancelled right away, but I was expecting that they would temporarily credit the disputed amounts (and I would only have to pay if the investigation doesn't hold up. I know that other banks/financial institutions do this.) and get a new card sent out. They wouldn't even send a new card out at all unless I paid them the amount over the credit limit… and then I'd end up with a card which is already maxed so whats the point of even paying them off early to get that card.

      The validity of the charges is obvious. They are 3 $500+ amounts and 1 $300 amount from a US seller (+ various international fees) intermingled with domestic transactions (paywave/chip) of amounts $50 or less.

      • JIMB0 on 03/11/2016 - 21:02

        If they gave you another card with available balance that would be like them increasing your credit limit as you already owe them $1500 (at least until they establish you didn't make the transactions).

        • [Deactivated] on 03/11/2016 - 21:26

          it's pretty obvious that I did not. I didn't even ask for a full temporary credit- not even $200 - just enough to get it below.

  • citygal on 04/11/2016 - 08:38

    I got hacked few times with my Commonwealth debit cards. The bank needed 45 days to investigate and refused to lend any $ to me for me to use in the mean time. Even I didn't have much money in my account, they simply said they couldn't do anything about it until the investigation was done. I explained that the money was for rent and food but it didn't change anything. Well, my card was actually at home and that person who hacked my card probably used my card details for payment. I got my money back eventually but it's very frustrating.

    If it's a credit card, it may even be harder to ask them to lend you emergency money when you already owe them. If you ended up getting your money back, you might be able to get the international purchase fee or whatever card fee refunded based on fraud (I tried that and it worked).

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