[GNC] Help with downloading transactions.

[Stan Brown]

On 2023-03-18 06:13, Simon Roberts wrote:
> I feel compelled to add my agreement with Alan. This kind of crime is on
> the rise and we're all vulnerable.

And that's why it's important to monitor accounts no less often than
every few days -- waiting till the end of the month gives fraudsters too
much time to operate.

Most banks these days (at least in US) let you configure your account to
send you an email or text notification with the amount every time your
card is used. All that I have used let you specify a minimum transaction
amount for such alerts. IMHO the proper choice of a minimum of one cent.

> Credit card companies insist on giving
> many fiscally prudent folks much higher credit limits than they actually
> use, and that just adds to the risk.

It does. But as long as credit scores are higher for people for utilize
a lower percentage of their credit limits, there is a good reason not to
turn down a higher limit if you can get one. (Credit scores can affect
not just loans you may apply for but also whether you can rent an
apartment or get car insurance at normal rates.)

> Debit cards are worse since the
> protections are far weaker (at least in the U.S.).

Many banks extend the same protections to their own debit cards that the
law mandates for credit cards, so protection is not necessarily worse --
in theory. But even in those cases, you're correct in practice since a
fraudulent withdrawal from your checking account via debit card takes
the money out immediately, which may cause legitimate checks or
withdrawals to bounce.

> I check my data twice monthly with downloads.

Better than not checking it at all, but IMHO not often enough.

Stan Brown
Tehachapi, CA, USA
https://BrownMath.com