There is zero incentive for them to stop it.
By Jack E. Lohman
Wisconsin merchants should take note. And consumers too, because credit card companies make money on fraud and you bear the ultimate costs. They pay for it in higher prices as retailer’s costs go up, and it drives more customers to buy online.
None of the new credit card rules address fraud. But card companies don’t care because fraud is charged back to the vendor and the card company gets its profits nonetheless. The company that implements these changes will get my business overnight:
The card companies should send the cardholder an email every time their card is used.
I can handle the 30 or so emails I might generate every month, but if my card is being used by someone else I’ll find out today, not 30 days from today when I look at my bill.
Once their computers are programmed, this is a FREE process!!! But if you don’t like this, opt out or don’t give them your email address.
Fraud is not VISA’s or Mastercard’s problem, it’s the merchants. When I gave these ideas to VISA’s fraud department, all I received in return is a big yawn. How dare I step between them and profits.
They should add a picture to the card …
… and when the card is swiped the computer returns the picture it has on file. If they don’t match there are problems that can be immediately addressed. Yea, the retailer would have to update the swipers, but if he is concerned with fraud he gladly will.
They should delay online shipments …
… until confirmation is received back from the cardholder. I had a $2000 device charged against my card and shipped to a bogus (but valid) address. The following would have prevented that:
- Merchant logs onto card company’s secure site with the suspected card number.
- Card company notifies legitimate card holder by email that a transaction is about to be made (even lists the items and vendor).
- Card holder clicks on a link that advises card company that the transaction is legitimate, or another that sends it to the fraud investigators.
- Card company responds to retailer by email with a positive or negative finding.
All for free and all in seconds. The card company would have to program their computers just once and then everything is automatic. They could fix it, overnight, if they wanted to.
You would think that these product improvements would be embraced by the card companies to attract business. Sorry. VISA told me thanks but no thanks. “Visa’s policy is not to accept unsolicited idea submissions.” Duh!
— Now we have Reps. Jane Harmon (D-CA) and Nancy Pelosi (D-CA), both tied to funny goings-on in passing favors to cash constituencies and Dianne Feinstein’s husband’s business interests. If not charged with corruption these politicians should be fired for outright stupidity.
— Why they continue supporting a system of political corruption that virtually 100% of politicians ultimately are drawn into is puzzling. But our state politicians support it too.