'Newbie' here..........security question

Angel Morris!

As a victim of "identity theft" I am wondering 'why' it is necessary to enter our log on information for each of our personal banks that are in use?

Thanks very much for helping me to understand 'why' this is needed………wishing you well!

bmciance

It's only needed if you wish to download your data from those banks into Quicken. If you want to manually enter your data you don't have to. You can choose "I wish to enter my data manually" during the account

bmciance

It's only needed if you wish to download your data from those banks into Quicken. If you want to manually enter your data you don't have to. You can choose "I wish to enter my data manually" during the account

Angel Morris!

THANKS VERY MUCH…………..GOOD TO LEARN SOMETHING 'NEW' EVERY DAY………MUCH APPRECIATED!!!

NotACPA

I'll chime in with the comment that some years back, when a credit card of mine was lost and fraudulently used, it was the download into Q from that bank that identified the fraudulent use … and allowed the Police to capture the crooks when they used the card for the 2nd night at the same hotel.

The cops KNEW where they were!

Chris_QPW

https://community.quicken.com/discussion/comment/20390953#Comment_20390953

Quicken has been my go-to method for tracking such things for many years, (but in reality, it has always been the credit card company that has caught it before me the couple of times a mysterious charge was made), but in the recent past I have another way to do this that doesn't require Quicken downloading of transactions. It is quite simple, on each of my accounts I have it send me an email for every purchase (could be text too, but I prefer email). Note this is recent for me, about a year of doing it, but it has been available for many years at most financial institutions.

Angel Morris!

THANKS VERY MUCH FOR YOUR INFO……….MUCH APPRECIATED!

Angel Morris!

My apologies if I have missed thanking all of you personally………….very much appreciate the excellent info from each and every one of you. Wishing you all the very best! thaks again!!!

Ps56k2

yes .. @Chris_QPW - for our Chase accounts I have also setup ALERTS for email on our Credit Cards and various “special” transactions… did the same with Capital One credit card -

Chris_QPW

And something occurred to me - the email alerts are better than Quicken's downloading of transactions for detecting fraud. The alerts are sent as soon as the transaction happens (like seconds afterwards I get an email on my phone). Quicken's download will not happen in most cases until it clears, which can be quite a bit longer, even up to a day or so.

NotACPA

How would Chase, or any other bank, POSSIBLY know that a transaction is fraudulent? It's only via the download of an unrecognized transaction that I can spot such.

And for 2 of our credit cards, I'd be bombarded with alerts, since those are our primary form of payment.

Chris_QPW

How would Chase, or any other bank, POSSIBLY know that a transaction is fraudulent? 

Well for one of them, it was the fact that the transaction was in another state, when I was still making transactions in my state. Credit card companies have extensive data scanning on purchases for the very fact that they are the ones that are going to end up paying for it if they don't catch it.

And for 2 of our credit cards, I'd be bombarded with alerts, since those are our primary form of payment.

Your situation might be different, but one of the main reasons I didn't do this until about a year ago was this same fear.

There is only me and my wife, and it hasn't been an issue for us. It takes almost no time to look at and delete such an email.

Ps56k2

I forgot - I setup the Chase Alerts for Texting… and get the text almost immediately- I just have the emails setup for the mundane transactions

NotACPA

@Chris_QPW re: In another state.

How about those who live close to a state line and regularly shop in the other state?

Or, the case of Washington DC. When we lived there, we regularly purchased in the District, Maryland and VA.

Downloading and examining is STILL the best method, and the earliest, of detecting fraud.

Chris_QPW

@NotACPA you seem to miss the points I was making.

1. The credit card companies do have ways to look for "suspicious activity" and notify you, and in actually in one case they just immediately issued a new credit card. But I only mentioned this because you stated that you didn't think they couldn't know at all. Certainly, this isn't the best method for catching fraud.
2. The very fact that Quicken downloads "cleared transactions" means that there is a delay between the actual transaction and when you can download it at the earliest. The email/text it instant. Will this matter in most cases? Probably not, but it is still a faster way to detect it. And if you some Quicken users that only download like once a month, then that is no better than looking at a statement. If Quicken ever gets downloading of pending transactions done correctly then Quicken will "approach" the speed of detection that is given with setting up an alert with text/email.

NotACPA

@Chris_QPW and you're forgetting that I was previously the VP and Manager of Fraud Investigations for a major bank.

Chris_QPW

https://community.quicken.com/discussion/comment/20391178#Comment_20391178

And you are going to tell me that your financial institution(s) had no automatic scanning of transactions for fraud?

Or if they did, when they did detect it, it did nothing to try to alert the user or block future fraud?

NotACPA

We could, and did, look for aberrant transactions in a customer's account … but we couldn't automatically tell that they were fraud. Just as a very large, and unusual, purchase in my credit card account could simply be my purchase as the Wine Auction … or could be that someone hacked my account.

Since the Auction doesn't use the same bank that I do, my bank doesn't know the reliability of the Auction.

NotACPA

Also remember that "same day" detection isn't necessary, since the bank's are required, by Federal Law, to reimburse you for fraudulent transactions. My detecting them the next day is PLENTY of time to notify the bank.

Chris_QPW

Let me state this a different way. Even though the financial institution "might" detect fraud there is no way a person should rely on it as the only way to detect it. You should have another method. Doing it with Quicken certainly a good way to do it. I was just pointing out that getting text/email alerts and checking them are another way. And recently I was corrected in that not all financial institution's alerts are real time, Chase's and Citi's are, but others it can be delayed.

But as you said for getting your money back "real time" isn't needed at all if I remember correctly the law gives you something like 15 or more days after the statement close to report it. So, even reading you statement when it comes in a way to do it.