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Comment: Re:Loophole? (Score 1) 4

by Knowzy (#37476214) Attached to: Tax Loopholes No Longer Patentable

I apologize, AC, if my use of the word "loophole" offended you. The editors are free to substitute it with another.

Nothing in the Forbes article, my submission or my reply to you is suggesting that people shouldn't use clever, tax-saving strategies.

What makes this story interesting are a) that clever, tax-saving strategies were patent-able and b) as of a few days ago, they no longer are.

Patents

+ - Tax Loopholes No Longer Patentable-> 4

Submitted by
Knowzy
Knowzy writes "A section of the America Invents Act disallows issuing a patent "on a strategy for reducing, avoiding or postponing taxes," according to Forbes. The article describes one such strategy in some detail. The USTPO has already issued 161 of these "business method type" patents. 167 more were pending. The law only applies to future patent applications, leaving enforcement of existing patents an issue for the courts to decide."
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Comment: Re:Common practice...? (Score 1) 220

by Knowzy (#32814424) Attached to: HSBC Bank Sends Activated Debit Cards Through Mail

I do expect they send the pre-activated pin on a different shipment, on a different day. (The usual is about a week apart). TFA doesn't give any information on this crucial point.

Actually TFA does:

Sign up for an HSBC checking account online, put money in the account and days later, an activated MasterCard debit/ATM card appears in your mailbox. A few days after that, the PIN number arrives in a separate envelope.

But that's missing the point. These are MasterCard-branded debit cards. You don't need a PIN to use them. Just take the new card out of the envelope and start charging anywhere MasterCard is accepted up to the amount of money available in the checking account.

I think that pre-activated credit card are much worse...

The pre-activated debit cards have all the red flags you cite. However, in this case, the fraudulent transactions come directly out of the victim's account. On a credit card, the victim simply disputes the transaction without actually paying for it.

Comment: Re:tell em how you feel... (Score 1) 220

by Knowzy (#32814028) Attached to: HSBC Bank Sends Activated Debit Cards Through Mail

As it happens, just recently my debit card was used fraudulently online, and pretty much emptied the account to the tune of ~$4,500. The bank phoned me up...refunded (immediately, as in, the money was there when I logged in while talking to the agent on the phone) all the cash, and asked me if there was anything else they could do. The new card arrived two days later by courier...

That's good to hear that HSBC took care of you so well in this extreme case of debit card fraud.

Last year, I had $500 stolen via an HSBC card linked to my Bank of America account. It took BofA three weeks to return my money.

...they ordered me a new (unactivated, for the record) debit card...

Did you attempt to use the card before calling to activate it?

Both HSBC divisions I tested had the sticker claiming activation was required. The sticker was a lie.

Comment: Re:Friends don't let friends get debit cards (Score 1) 220

by Knowzy (#32805874) Attached to: HSBC Bank Sends Activated Debit Cards Through Mail

This is a bunch of bunk. If your debit card is issued through Visa, you have the exact same protections as with a Visa credit card.

Yes, AC, using a debit card as a MasterCard/Visa card does offer the same fraud protection as a standard credit card. The difference, as the OP explains, is you are on the hook initially for fraudulent transactions. They instantly flow out of your checking account.

When the bank gets around to agreeing with you that the charges are fraudulent, they will return the cash. This will be weeks later. You're bills may be due much sooner.

Comment: Re:Just one question. (Score 1) 220

by Knowzy (#32805502) Attached to: HSBC Bank Sends Activated Debit Cards Through Mail

Yes, you do get your money back eventually. According to one of my sources, the banks are obligated to replace the funds in two weeks.

In practice, it may take longer.

I was hit by a card skimmer last year. It took over three weeks for Bank of America to replace the $500 stolen from my account. (I never got the $3 foreign ATM fee back, FWIW.)

As LostCluster points out, having an empty checking account when you're not expecting it can put you in a tight spot with your landlord/mortgage holder, etc.

Comment: Re:They didn't do this to me (Score 2, Informative) 220

by Knowzy (#32805260) Attached to: HSBC Bank Sends Activated Debit Cards Through Mail

Details please, AC.

HSBC is a big, international company with many divisions. I'm not making this claim about all of them. Just the two I personally tested.

Also, how do you know the card you received wasn't preactivated? All of the cards in question had the standard "You must activate" sticker on it. The sticker was a lie.

Comment: Re:Just one question. (Score 1) 220

by Knowzy (#32805070) Attached to: HSBC Bank Sends Activated Debit Cards Through Mail

Actually, we're talking about MasterCard branded "check cards." No PIN required. Just swipe or enter online anywhere MasterCard is accepted.

You're right, though, it's not exactly a credit card. It's worse.

As a debit card the money comes directly out of the linked checking account. If it were a credit card the victim would simply dispute the charges and never pay for them.

Security

+ - HSBC Bank Sends Activated Debit Cards Through Mail->

Submitted by Knowzy
Knowzy (950793) writes "At least two divisions at HSBC Bank apparently failed card issuing 101 and are mailing out debit cards pre-activated. As debit cards, fraudulent transactions come directly out of a victim's checking account. A similar report from 2004 suggests this issue is longstanding and widespread. When confronted with the evidence, HSBC would not commit to fixing this issue, preferring instead to offer vague statements like, "Through our systems and analytics, we focus on the greatest and most active threats in an effort to avoid negatively impacting customer experience.""
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+ - FreeCreditReport.com Now Costs $1->

Submitted by Knowzy
Knowzy (950793) writes "We all know Experian's FreeCreditReport.com is not truly free unless you quickly cancel that credit monitoring trial. Now, Experian claims new laws force them to charge a buck for a free credit report. Credit monitoring enrollment still applies. Or you can just go to AnnualCreditReport.com for a government mandated, free credit report. Either way."
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