CIBC AC Conversion Visa Prepaid Card
About 2 weeks ago, I found out that my CIBC AC Prepaid Visa card was compromised. However, this card was never stolen or lost.
When trying to load my card online, I noticed scammers made 9 fraudulent transactions. The small transactions were made via PayPal and 2 large transactions were made from Malaysia. One of these was Expedia Malaysia and the other one was an airfare purchase from Malaysia.
CIBC is not the back office for this card. A third party prepaid credit card provider I2C (http://www.i2cinc.com/) in California is the back office and provides support maintaining this card and they don’t take calls, so I had to talk to CIBC customer service and file a complaint form. I was told that it could take up to 40 days to complete the investigation and reverse those charges.
The reason I use this card is because I can control how much credit availability the card can have and it’s especially handy when you are travelling. So scammers were able to extract only around $200 due to low availability.
What surprised me most is that I2C’s fraud detection system totally failed, as there were 9 transactions and they raised no flags whatsoever. In the past, I dealt with fraudulent activities on my credit cards and their systems flagged and blocked my cards after 1 or 2 transactions. After 9 transactions, my AC Conversion card had no more balance left for the scammers to take out and that’s why it stopped. No fraud detection system stopped it.
I will link a video I made on this on the top left and here: My Travel Visa Card Was Compromised. I will give some tips to help you protect yourself from credit card scams in that video as well.