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

poppy_f1

moonrakerz wrote: »

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 ?

yeah RBS done it, my mum had her photo on her switch card, except hardly anyone looked at the signature strip let alone the photo

Paul_Herring

FireworkCrazy wrote: »

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.

Dead battery.

No signal.

Network supplier suspended your mobile account.

Sick of spam texts.

Time delay between transaction and message.

Cost of the messages.

Problem server-side in sending them.

Annoyance factor from customers continually receiving texts while shopping.

Those who don't/won't own a mobile.

Time delay between losing a card, and recognising fraud on said card.

Willful (identity) theft.

ITS NOT ROCKET SCIENCE!

Indeed, it isn't. Overcoming all the problems (of which I mention only a few above,) however, will be.

It'd cost more to implement than it would recover (not save,) in fraudulent transactions.

It won't happen. Nice idea, but it wouldn't work.

LongTermLurker

kazwookie wrote: »

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

Don't be so naiive - such an implementation would require them to be standardised :rolleyes:

poet123

Years ago a company my husband worked for mooted a system which would have cut (not eliminated)card fraud. The banking fraternity collectively decided that they were not prepared to pay the upfront costs,even though they acknowledged it would be cost effective over the years.....they decided to take the fraud,and pay as they went.

Voyager2002

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!

How about people like me, who do not use mobile telephones?

bitterSTAR

I believe the OP didn't intend for the SMS service to become part of the transaction process, but is there to alert you that a transaction had been made on your card. Therefore if it was a transaction you didn't think you authorised, you could contact the card provider to find out more information on the transaction to make a decision whether it was you who made the transaction or someone else. In this case, I don't think any of the issues like dead battery and no signal are factors, cause without this service you wouldn't be alerted of the transactions at all - hence being alerted by text a few hours later is better than nothing.

I do think if they were to implement this service it should be opt in/opt out - not compulsary.Most users would most likely be sick of all the text messages filling their inbox.

FireworkCrazy

Hi Bitterstar.

You are right, lots of people here slate the idea straight away, like i said it would help combat a percentage of fraud, the reasons above make up for a percentage of this, one being people that don't have a mobile.

The people who say things like, I dont want texts cluttering up my inbox obviously really dont care about card fraud. I would rather get a text a few times a day than have to go through the utter grief of having to prove that I didn't make certain transactions and being without hundreds if not thousands of pounds for weeks on end whilst they "look into it".

And some of you are right, the banks really don't give a shoot about fraud. There is NO WAY to notify anyone of a card being used fraudulently. Believe me as a merchant I get my fair share of dodgy orders and at leat 50% of they the card is still working, but you can phone the merchant services, banks, card companies and NONE of them do anything about it.

Getting back to the matter in hand. Yes it would be optional, but personally I would opt for it. If someone was using one of my cards I would like to put a stop to it asap.

FireworkCrazy

I know there is a LOT more that could be done to combat card fraud,, but whether the banks can be arsed to do anything about it is another matter.

POSSETTE

Lloyds tsb already do it..im signed up to it..although it is only transactions abroad at the moment.They also text me my balance on a friday at 2pm,as requested.

James

How about this from BBC's Look North

Video click here.