Identity theft

>>1436974
I may be wrong but I feel like once you get into big money, you get treated better along with protection. Like detectives will actually care about ID stolen..idk

>>1436974
>How do millionaires and billionaires protect themselves from the evergrowing threat of identity theft?
They dont have to. Thats the banks problem.

Banks will eat the loss to keep customers.
They then have plenty of ways to pass said loss on to other partys. Like for example, all businesses that accept credit cards are required to be PCI complaint (most are not) and if someone uses a stolen credit card, and the business accepts it without being compliant the banks refund the money to the client and the business loses whatever the thief stole.

>>1437012
True but what about when millions are stolen?

Ive heard of that happening in the news and I'm curious if and how quickly banks fix that. Even if they're unable to retrieve the actual funds.

>>1437017
>True but what about when millions are stolen?
Depends on how it was stolen. Most of the time all thats stolen is bank credit and not real money.

>Ive heard of that happening in the news and I'm curious if and how quickly banks fix that.
Depends on the bank/person. If someone had millions to lose, they probably had a way to make millions, and they probably still have that way to make millions, so losing them as a customer over a small theft is bad business in the long run.

>Even if they're unable to retrieve the actual funds.
it's pretty dam hard to make money completely disappear. And it usually costs less to find it, then the total amount stolen.

>>1437046
Then how do Russians do it? I've read too many news stories about this stuff and it raised some questions for me.

Last I read about a small business getting their money stolen and then getting fucked because the bank said they wouldn't do anything. Seems really messed up desu

>>1437054
>Then how do Russians do it?
Everything I said only applies to the U.S. banking system. I have no idea what the case is in Europe.

As far as country to country money transfers in the US. Most banks wont do it, or make it very difficult and only in small amounts.

>>1437062
No I meant how do they steal it from the US then

They definitely do it somehow, I'm guessing routing it through numerous mules and different bank accounts quickly before anyone catches on. Still all this stuff just seems so common

And it's weird how banks don't offer zero liability for small businesses as they do for individuals which makes them footing the bill often

My debit card was compromised a couple months back.

Got a text from my credit union asking if I was trying to blow $200 at Wal-mart halfway across the country. I texted back no, they called, had it cancelled then and there.

It's more of an annoyance than a threat, but I have a good cu.

>>1436974
Tug on the card scanner before you swipe your card at the ATM/gas pump/point of sale.

If it pops off look your cashier dead in the eye and say with smile "That'll be tree fiddy"

>>1438623
that doesn't matter so much, I'm talking shit that is actually damaging