Should I withdraw all my money?

My dad just filed a police report regarding a fraudulent ATM withdrawal made with his debit card. The person withdrew $760 and no one aside from my father knows his pin/debit card #, so he is absolutely enraged as to how this happened. This has happened to at least 17 other people, we went to the bank today. He

My dad just filed a police report regarding a fraudulent ATM withdrawal made with his debit card. The person withdrew $760 and no one aside from my father knows his pin/debit card #, so he is absolutely enraged as to how this happened. This has happened to at least 17 other people, we went to the bank today. He needed that money for his rent this week and, of course the processing takes 2-3 weeks for his claim to either be accepted or denied. I have the same bank as him and am considering withdrawing my money because he believes the bank has something to do with this.. otherwise how can almost 20 people (that we know of) have the same problem on the same day?! Should I withdraw the majority of my money from the account? ($9,000)
Thank you so much for all of your advice and suggestions! Yes, my dad immediately disabled his debit card. I use the same bank and ATM several times, but have not made a withdrawal in over 2 weeks. The 17-20 people were all using the same bank. Most of my money is in my savings, so I am not sure if there is more or

Thank you so much for all of your advice and suggestions! Yes, my dad immediately disabled his debit card. I use the same bank and ATM several times, but have not made a withdrawal in over 2 weeks. The 17-20 people were all using the same bank. Most of my money is in my savings, so I am not sure if there is more or less risk for my money to be fraudulently used?

Best Answer:

Spock (rhp): immediately disable the debit card for your account at the bank. you'll probably have to go in person.

Q; does your father have his debit card in his possession?

if yes, the only way this could have been done is by stealing the card number and PIN from the bank or a merchant. Frankly, I thought the PIN number was encoded in the systems so that this couldn't happen — suggests the thieves broke the coding mechanism which would mean that all debit cards at the bank are endangered [which is why you disable yours]. Alternative, the thieves may have skimmed the card numbers and PINs from the ATM, or from some merchant's card reader where your father used his debit card.

If no, your father's debit card was stolen somewhere. [Which leads to the question of did he write down his PIN?]

While the bank's ATMs are fairly secure, AND if they are hacked or otherwise tampered with the bank will take care of any losses, merchant debit card readers and systems are less secure. For this reason, I never use my debit card at any merchant — I always use a credit card so that the credit card company's fraud policy covers theft of the number. {I use my debit card only and solely to get cash at my bank's ATM. NEVER for anything else. Ever.}

You need to get onto the bank about that debit card — NOW.

Other answer:

Spock (rhp):
Anyone's bank account can be hacked. I guess you could close your account.
Nitin:
Instead of removing better block the ATM access
tro:
as fast as you can
if you had ANY debts on your account that you cannot account for, get your money out of there as fast as you can
efflandt:
Were the other 17-20 people all using the same bank? Someone may have had a skimmer in the card slot of an ATM machine or other machine where he used his debit card along with video camera to record his PIN. So with magnetic strip info and his PIN they could take money from his account.

Unless you used your card on the same machine your dad did at about the same time, they are unlikely to have your info, unless someone at the bank itself is crooked.

Casey Y:
You can tell the bank to disable your ATM access, but you could also move the money.

Someone used a skimmer and then hit everyone at once. The bank wasn't in on this, that's simply absurd.

Marie K:
is the money in an account with a debit card? did you loan him the rent money?
Barkley:
If what you claim is fact and it will make you feel "safer' , take your money out. Otherwise the accounts in the bank are FDIC insured.
Kaysibabes:
camera recording pin and device over atm machine to capture magnetic details or restaurant copies your card and watches you input pin or they just swipe your details as you walk past if you have a card you don't need a pin for
Matthew:
Yeah you should. Go sign up for a credit union they're nicer

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