I was stolen $2.9k thanks to Neo Financial's unsured system design and they don't care | Page 2 | Neo Financial | Discussion forum

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I was stolen $2.9k thanks to Neo Financial's unsured system design and they don't care
November 25, 2023
11:54 am
lost-6k-Neo
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November 25, 2023
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Doug said

Wow, that's great. And by "they," I assume you mean Neo Financial? 🙂  

How did you get refunded? Was it resolved right away?
I am having a similar situation and looking for options to resolve this. Collections are telling me I still owe 6k.

November 25, 2023
12:40 pm
savemoresaveoften
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lost-6k-Neo said
This happened to me. Still hasn't been resolved yet and now affecting my credit score. Someone hacked my email and took over my online banking. I phoned customer support to lock the credit card right away and change the email. I was told they did and we even went over the security steps to secure my email and phone. I recovered my email myself but still not the online banking so I asked them to freeze it. Support told me the fraud department would call me and they will investigate.

Months gone by. I haven't got any call back from them. I received a call from Collections that I owe $6,694.22 from Neo financial credit card. I called support after being on hold for almost an hour every time, I was told that the email had not changed, and the card was unlocked. How in the world does that happen without my CONSENT? My maximum credit limit is only $1,000.

I feel like my case was neglected and no actions were taken which I thought they were working on it. After numerous phone calls trying to change my email address and submitting all required documents so I can see the transactions and tell them which are fraudulent charges, Neo Financial told me the account was CLOSED! without any permission and that it's more than 120 days (It's been more than a year now) Neo Financial is telling me that it is long overdue and can't dispute anything beyond that.

It affected my credit score big time and now hindering me from buying a house when I learned it was reported to my credit report. I filed a dispute with Equifax and made a police report. Will I get these fraudulent transactions disputed still? Do I need to make a police complaint to Neo Financial? I run out of options. Please HELP.  

If ur credit limit is only $1k a month and u now owe $6k, how long has this been going on that you were not aware of ?? Even at 23%, it takes a while for $1k balance to become $6k+.
And how is it that you are not aware something is wrong, it’d the email on file is still urs, and u have the ability to log in to check too ? U just completely forgotten about it ? If so it’s more of a personal neglect snowballing when it could have been caught a long time again maybe.

November 25, 2023
4:19 pm
Doug
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Norman1 said
As well, those software FIDO tokens are not much more secure either.

After hijacking the cellphone number, the thief will call the financial institution with a story that the original cellphone is now at the bottom of the Pacific Ocean after it was dropped while trying to take a photo during a whale watching excursion. Now have new phone.

The financial institution's agent will authenticate caller with date of birth and other info. Caller ID shows the call being made from cellphone number on record. Agent sends a text message to the cellphone number on record. Thief provides the code in the received text message. Authentication passes.

Agent then proceeds to pair the FIDO token from the app installed on the thief's phone. Thief now has FIDO-authenticated access to the bank accounts.  

Sure, in that rare scenario, but then that is a fraud perpetrated on the financial institution by a fraudster. That is social engineering fraud. In any case, the financial institution is obligated to reimburse the client, and seek restitution from the fraudster. sf-cool

Cheers,
Doug

November 28, 2023
4:44 am
RetirEd
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E-mail as it exists today is fundamentally NOT secure. Financial institutions routinely remind world+dog of that to cover their asses, but people keep using it for instructions that can affect their assets.

To quote Joseph Biden: DON'T.

RetirEd

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