We could stop credit and debit card fraud overnight, but I need martins help.

NickX

It is a good idea. Well Done.

The only drawback I can think of is that the fraudster could either steal your phone or they contact the Card Provider and request a number change to a Pay as You Go that they are using, then you wouldn't be aware of the transaction.

But as they say, every little helps.

FireworkCrazy

But then you would get a text to your old number to verify the change in phone, and fraudsters are not going to steal your phone to use your card. Too much hastle, your phone goes missing, you cancel the card, simple.

dmg24

FireworkCrazy wrote: »

OK. so I might aswell tell you what it is now.

Simple, Every time you make a purchase or cash withdrawl from your card you get a text message to your mobile with the full details of the transaction. If you haven't made the transaction you can reply to the message with a simple code to put a stop on the card.

The only way a fraudster would be able to use a dodgy card would be to either sign up for it and give the bank a false mobile number or hack the bank to change the number, but even then you would get an alert to the old number first.

ITS NOT ROCKET SCIENCE!

1. What about those without mobiles, or even just those that are not permanently attached to them?

2. What about when their are network problems?

3. How unimpressed are the people in the queue behind you going to be when you can't find your phone/ the message hasn't come through etc?

Good idea in principle, completely flawed in practice (and yes, it had been thought of before).

dmg24

FireworkCrazy wrote: »

But then you would get a text to your old number to verify the change in phone, and fraudsters are not going to steal your phone to use your card. Too much hastle, your phone goes missing, you cancel the card, simple.

My mum's boss loses his phone at least once a month, usually more. He is often out of the country when he does this. Is he supposed to cancel (and therefore be without) his card everytime this happens?

Swans1912

FireworkCrazy wrote: »

OK. so I might aswell tell you what it is now.

Simple, Every time you make a purchase or cash withdrawl from your card you get a text message to your mobile with the full details of the transaction. If you haven't made the transaction you can reply to the message with a simple code to put a stop on the card.

The only way a fraudster would be able to use a dodgy card would be to either sign up for it and give the bank a false mobile number or hack the bank to change the number, but even then you would get an alert to the old number first.

ITS NOT ROCKET SCIENCE!

To be fair it is a good idea..... :beer:

Would require real time processing of payment that some shops don't do?

For Example - I paid for food using my card and the payment didn't come out of my account for a couple of weeks.

bert&ernie

FireworkCrazy wrote: »

OK. so I might aswell tell you what it is now.

Simple, Every time you make a purchase or cash withdrawl from your card you get a text message to your mobile with the full details of the transaction. If you haven't made the transaction you can reply to the message with a simple code to put a stop on the card.

The only way a fraudster would be able to use a dodgy card would be to either sign up for it and give the bank a false mobile number or hack the bank to change the number, but even then you would get an alert to the old number first.

ITS NOT ROCKET SCIENCE!

Indeed its not. Its not quite the no-brainer that you think it is though.

There are costs for any fraud countermeasure. The bank needs to build a business case that demonstrates that it saves more than it costs. Your assertion that this could cut 80-90% overnight seems very impressive. Do you have evidence to back this up or is it simply hyperbole?

The technology already exists for this type of solution - check out Adeptra. Some UK banks are already using it to place automated outbound telephone calls to customers when suspicious transactions are detected. SMS has its place, but it isn't perfect - for starters timely delivery cannot be guaranteed. Its therefore only good for detecting fraud after the fact - it could never become part of the real time authourisation process.

Ultimately, the bank wants to balance customer convenience against an acceptable level of fraud loss. This kind of solution can help, but its no panacea.

kazwookie

Burlesque_Babe wrote: »

'Please swipe your bottom down the side of the card reader..........' :rotfl:

What if it won't fit??? :rotfl: :rotfl:

James

Unfortunately not every cardhodler has a mobile or is mobile coverage even in the UK 100%.

What if your card/pin and Mobile were all nicked together?

What about overseas transactions?

Just typing as I think.

Anyone any thoughts on my previous post

Card Fraud and how to beat most of it?

456789

dmg24 wrote: »

My mum's boss loses his phone at least once a month, usually more. He is often out of the country when he does this. Is he supposed to cancel (and therefore be without) his card everytime this happens?

or he could learn to stop losing his phone all the time?

moonrakerz

kazwookie wrote: »

A photo on each card might help of the owner

This was adopted some years ago by one of the big Scottish banks and a few smaller Building Societies. I did read that the Scottish bank did have a huge reduction in fraud on its cards, then they did away with the card. I had a card from N & P (if you're old enough ....................) with my photo on it until they were taken over.

I have always been very cynical about the banks attitude to fraud, I am convinced they they actually like a certain level - perhaps it enables them to hide other things under that heading ?