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

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  • No good for online or telephone transactions though.
    regards

    Mark
  • LilacPixie
    LilacPixie Posts: 8,052 Forumite
    No good for some.

    My dad for example has a phone but never texts and i dounbt he even knows how to open one. My mum has no phone.

    What about joint accounts?? would customer 2 get a message everytime customer 1 made a transaction??

    I carry my purse and mobile in my handbag. What if that is snatched??

    Can you imagine the amount of staff needed to consistanly update customer records with a number change?? What about the cost of replacing a perfectaly usable card because someone has lost their phone??
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  • LilacPixie wrote: »
    Can you imagine the amount of staff needed to consistanly update customer records with a number change??

    You should be notifying your credit card company everytime you change your phone number anyway!
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  • LilacPixie

    You seem to be missing the point. It's not for everyone, I know that, but that's not to say it wouldn't work for the majority.

    And if your bag got snatched, you would cancel your phone and cards anyway!
    regards

    Mark
  • James
    James Posts: 2,059 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    No good for online or telephone transactions though.

    Disagree.

    It could and should (if the cardholder wishes to use this system) make Internet, Mail Order, and Using your Card to buy goods on the phone an awful lot safer.

    Here's how:

    The Magstrip and Chip would carry information that the prerson presenting the card uses this system

    Likewise when you provide your card information in any form to any vendor one bit of information would be made available to these vendors - that the genuine cardholder uses this system. Therefore when goods are delivered the carrier/postman would expect (if required by the vendor) a print at point of delivery of these goods.

    What the system doesn't do is allow access to ATM's, but how many people use their Credit Card for cash? Using a credit card to obtain cash at an ATM used to be an option pre 2001. i.e. you had to request a PIN.

    You could fully use your debit card too using this system. Nothing changes for cash in branch or cash back in shops.

    I would suggest that even a visible logo on cards would mean this type of card would be safer to carry than anything at present. This being the whole point of plastic.

    Here's what this system provides:

    You'd have a deterrent which is proven and works.

    You'd have no cardholder liability for any fraud which did occur when purchasing physical goods in any scenario.

    And you'd have a means of identifying perpetrators.


    Just like Free ID PROTECTION, this would be YOUR choice if YOU wished to embrace this system. Crooks don't have a choice.

    Come on Martin - how about your view on Free ID Protection which deterrs crooks from using your personal info to acquire loans, cards etc. (deterring applicaiton fraud). Why not add it ot Ones Not To Be Missed. And your view too on expanding the system to use with Plastic Cards, Cheques etc????
  • RobertoMoir
    RobertoMoir Posts: 3,458 Forumite
    Part of the Furniture Combo Breaker
    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!

    No, just a total pain in the hoop.

    You assume that everyone who has a credit card also has a mobile (patently not the case) and that they carry this phone with them at all times (maybe I'm just strange, but I don't).
    If you don't stand for something, you'll fall for anything
  • 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!


    Egg are already doing this to a certain extent - an automated call goes through telling you the last 4 or so transactions and if they weren't yours will stop the card.
  • like i said it would help combat a percentage of fraud,
    No it wouldn't. It would possibly alert people to the fact their card details were in the possesion of another, but it would take fraudulent activity to alert that fact. Thus it doesn't combat it.
    The people who say things like, I dont want texts cluttering up my inbox obviously really dont care about card fraud.
    People would get so used to receiving those texts, that they'd stop reading them after a while and the fraudulent ones would go unread.
    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".
    You'd still have to go through that procedure. The sending texts would not change this. (It might reduce the number of transactions, *if* you noticed the first fraudulent one.)

    bitterSTAR wrote: »
    You should be notifying your credit card company everytime you change your phone number anyway!

    You appear to be assuming that people give their mobile phone number to the CC company already.
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  • NickX
    NickX Posts: 3,046 Forumite
    POSSETTE wrote: »
    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.

    With my business account with Lloyds TSB I get a text everyday with my current balance and a note of recent transactions.

    This is very useful and I would immediately see if there were any fraudulent transactions on there. In addition I can see if any BACS payments have been made into my account.

    I find this facility particularly useful when abroad and do not have access to my laptop to get online to check my accounts. It provides peace of mind that all is well with the account.

    Although the OPs idea is not for everyone, I think there is some benefit to what he is suggesting.
  • NickX
    NickX Posts: 3,046 Forumite
    LilacPixie wrote: »
    What about joint accounts?? would customer 2 get a message everytime customer 1 made a transaction??

    There is no such thing as a joint account with a Credit Card. All responsibility for the account lies with the Primary Cardholder, so I would think that the text would just go to the Primary Cardholder.

    In fact this is another advantage, the Primary Cardholder becomes immediately alerted to any transactions that an Additional Cardholder may have made.

    How often do posters come on here complaining that their ex has run up debts in their name because they had an Additional card ?

    People are knocking this idea rather quickly, and whilst there are drawbacks, I still think its not a bad idea and people could be given the option to opt-in for it.
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