Credit Card Security

Gorgeous_George

We all know that, even with chip n pin, credit cards are not as safe as we would wish.

Why don't they have two limits? One for overall spend, perhaps several thousands of pounds and one for a daily limit, say £100, that can be increased to the overall spending limit by texting 'credit [4 digit pin] [new limit].

It can't be rocking horse science

As for Internet banking security, I understand that phishing emails are sent that direct customers to a website that asks for their login details. If the banks employed people to do this, they could lock out anybody who falls for it and only allow them Internet banking again once they have been rebriefed on Internet. security.



GG

James

Here is what you can do to minimise liability costs of fraud and rectify disputed transactions:

For the purchase of goods or services at retailers (face-to-face transactions):

Bin your PINs which you use with your Visa/MasterCard Debit and Credit Cards. Replace these cards with Chip & Signature

Pros/Cons:

You won’t have access to hard cash at ATMs, but neither will a fraudster. Forget about having your card cloned and used with a PIN (you wont have one) to withdraw cash at home or abroad.

If your card or cards are stolen, then the fraudster will have to forge your signature AND face down retail staff. They increase their chances of being caught, but more importantly you can easily prove the signature isn’t yours.

If you have Chip & Signature cards in theory fraudsters can’t clone them and use them in a Chip environment.

Getting Cash:

Use your Chip & Signature Debit cards for cash back at retail outlets or over the counter in your bank or building society.

And/Or

Get hold of a Banks own Savings card. Transfer (online banking) money as required in and out of this account. Use the card to draw money at ATMs when required.

In France where PINs are used most of the time, last week it was reported in Le Figaro and Les March that a card fraud gang, operating for over two years, were targeting citizens PINs then pinching their cards. Almost half their victims were over 70 years old.

Remember the slogan – Safety in Numbers – well maybe not!

If the above system fits your needs go for it, it’s your choice.


Forgot to add: Phishing Emails.

If genuine Banks/Building Societies sent emails to their customers via their secure site only then everyone could ignore all email arriving via non-secure means suposedly from the banking industry. (just a thought).

Astaroth

There has to be a balance between counter fraud measures and useability of the card. At some point you can have too many precautions.

Whilst the idea of having 1 pin for purchases and 1 pin for cash has been suggested you only have to look at the fact that something like 75% of people use the same pin for all their cards against all banks/ newspapers etc recommendation against doing this. I am fairly sure an equivilent percentage would simply change the pins to be the same anyway.

Given the fact that it is not the customer that is liable for credit card fraud I imagine that whilst people do not want to be a victim that the vast majority of people dont really consider it that high a priority and given the option of an ultra safe card (which will naturally have higher running costs from a banks perspective) or a 1% cashback (given the lower running costs this is possible) that the vast majority want the cashback instead.

There may be a market for this type of thing but I imagine that it is fairly nieche.

Thefunkygibbons

One solution would be for the Police to treat it as a crime and follow up on it

James

""Given the fact that it is not the customer that is liable for credit card fraud""

Astoroth, if you read the press and postings on this and other forums, you will see that an every increasing number of card issuers simply don't believe cardhodlers when their card has been used fraudulenlty with a PIN. This statement is applicable to cards that are cloned and used at ATMs with PINs and stolen cards that are used with PINs at Cash Points and in shops.