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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
Mark0 -
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??MF aim 10th December 2020 :j:eek:MFW 2012 no86 OP 0/20000 -
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!Cashback Earnt so far in 2009: AMEX £133.93, wepromiseto.co.uk £67.07, Barclaycard £25, MobilePhoneExchange: £28. TOTAL: £254.000 -
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
Mark0 -
FireworkCrazy wrote: »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????0 -
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!
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 anything0 -
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!
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.0 -
FireworkCrazy wrote: »like i said it would help combat a percentage of fraud,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".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.Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0 -
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.0 -
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.0
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