Card security - a solution

Gorgeous_George · 10 September 2007 at 8:34PM

With so many card accounts accessible on the Internet, why don't we set our own limits (subject to a maximum limit imposed by the card issuer)?

Say I have a card with a £10K limit. I could go on-line and set the limit to £200 until I want to buy something expensive. Then, I go on-line and set the limit higher. If the card is lost or stolen, losses would be limited to whatever limit I set myself. Alternatively, a mobile number could be registered and updates made using a text message.

Rocket science it ain't but is it a good idea or have I missed something?

GG

dealer_wins · 10 September 2007 at 11:01PM

That is a really REALLY good idea IMO.

jojo1978_3 · 11 September 2007 at 8:48AM

I think you'll find that theres a clause with most cards, that if you reduce your limit, there will be no guarantee that it can be highered to the limit you require in future.
So perhaps a good idea in principle, but not one that will work with all cc's.

James · 11 September 2007 at 9:20AM

Good Idea.

Here are some more ideas.

Card issuers could provided a block/unblock facility for certain types of card spending in particular Internet shopping, ATM use and card use Outside the UK. (All three are Plastic Card fraud growth areas).

Internet/Mail Order/Phone Transactions:

If you want to do some on-line shopping first unblock your card on-line or by phone.

Set the amount you wish to spend.

Then order the goods or service. (On a world-wide scale very few retailers are signed-up to Verified by Visa or MasterCard Secure Code).

ATM:

Have a permanent block put on your Credit Card for ATM use, or opt for Chip & Signature Cards.

Card Use Overseas:

Have your card permanently blocked for face-to-face or ATM use overseas. Then if you are travelling unblock your card prior to travel using the same methods, on-line or by phone.

The pro’s: Card details would be of little use to a crook. They couldn’t use your stolen or cloned credit card in ATMs overseas or in the UK. They’ couldn’t use a cloned card overseas. They might try to use your cards for CNP transactions but the transaction should be rejected - card blocked on CARD HOLDERS instruction.

The Cons: You’d need to spend a little time logging on/off your Internet account to block/unblock your card. For those without Internet account facilities it may mean a phone call (Preferably to a Free Phone Number) prior to using your card for phone/mail order transactions. At the very least, card issuers should provide dedicated Free Phone numbers so you can alert them to your travel dates.

When card details are used fraudulently to purchase goods, nothing is lost until the goods are transferred to the crook at point of delivery. It would seem logical that if you can deter crooks at point of delivery you've won half the battle.

So here's another idea:

Card Fraud - How to Beat Most of It.

Card security - a solution

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