Just Basics
join:2003-06-08
Painter, VA
| reply to SpannerITWks
Re: How 2 Help Prevent CC Fraud !
This basic idea is called a one time use credit card and was introduced by Amex in 2000. I believe it is currently offered by MBNA and possibly others but the card number is good for one purchase only.
You may also try contacting your card company and requesting them to lower your credit line to an amount you are comfortable with.
I can't imagine that any card company would be agreeable to offer a better interest rate to customers that create more work for them. Card companies care little about card fraud - the merchant pays for fraud with charge backs from the card companies and merchant rate increases.
The merchant passes these costs along to the consumer and the consumer pays for card fraud by paying higher prices for products. |
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Marilla
I Am My Own Arbiter
Premium
join:2002-12-06
Belpre, OH | reply to SpannerITWks
Egads.. what a nightmare this would be for everyone involved... consumers, banks, CC processors, and merchants... and in the end, it wouldn't even serve it's purpose. |
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haroldo
join:2004-01-16
united state
 ·Comcast
| reply to pcdebb
Credit cards (in the US) have very consumer friendly laws. If you suspect fraud or are just having a problem with a vendor, call the CC company and complain. Immediately they will take YOUR side in the dispute and issue a credit against the fraudulent transaction. It is up to the merchant to fight for the money. It is a lot easier to resolve a dispute when the money is in your account, not the vendors!
This benefit is not available to users of debit cards (again, this is a US law, not sure how other countries handle it) |
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pcdebb
RIP dadkins
Premium
join:2000-12-03
Tampa, FL
clubs: 
| reply to SpannerITWks
not only that alot of people have checkcards attached to checking accounts. that would be alot of extra manpower at the bank to do this for their customers. in theory it sounds like a good idea initially tho
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babbling | mvm |
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haroldo
join:2004-01-16
united state | reply to SpannerITWks
not practical for anyone with a family.
Impossible to tell how much you will need to spend more than 5 mintues in advance! |
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SpannerITWks
Premium
join:2005-04-22
| One of the best ideas i think to help prevent/restrict CC fraud, is to have system where you have to authorise an amount you want to spend on your card before purchase. So if expected to spend say $430, you could authorise $450, or whatever you felt safe with.
The card would have Zero $ on it until approved by you. Your account and card would be linked of course, but seperated by the approval system.
All you do is phone up and/or by SSL email with the CC company via their www, give them your security info and then the amount required. An extra idea could be to set a time limit on that figure which would expire after a predetermined amount of days or hours if you choose. You could then after purchase recontact them and reset your CC to Zero.
This way even if you did lose etc your card without knowing about for a while, the baddies would have limited time/funds at their disposal. Unlike now where they can go crazy with it until it's blocked.
The CC companys could make it beneficial for people to sign up to a scheme such as this, by offering incentives like better interest rates etc to entice them. So the ones who don't sign up And USE it get the worst interest rates. I think they'd soon get the message. Cos as we all know some people are just their own worst enemies !
If such a scheme existed today, i'd sign up immediately.
Spanner
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I Only Know What I Know But I'm Learning all The Time - Stay Safe - Spanner intheWorks/SpannerITWks |
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