| I read a lot about how much money banks lose | | | | bank. I would tell them that I had a transaction |
| to fraud and also about how much money they | | | | that I was 99% sure was fraudulent and ask if |
| are spending on trying to prevent it, but in my | | | | they could call the customer to check. But they |
| experience they just aren't doing enough. There | | | | refused point blank to either call, email or write to |
| are plenty of simple steps they could take, but | | | | the customer. A quick phone call would have |
| they just don't seem to want to take them. | | | | confirmed if the card had been stolen or |
| A good example is this is with a flexible mortgage | | | | compromised in any way, so why wouldn't they |
| account that a friend has. He has recently paid a | | | | do this? On each occasion I was told that it was |
| large chunk off the mortgage but still has the | | | | up to the customer to check their monthly |
| facility to withdraw this. The withdrawal can also | | | | statement. I pointed out that the customer may |
| be made online to any account and the daily | | | | not know that their card had been stolen and that |
| withdrawal limit is £10,000. As he is unlikely | | | | the card could be used in multiple stores in the |
| to want to withdraw more than £1,000 in | | | | meantime. |
| any day for the foreseeable future, he's asked his | | | | The simple solution would be to call the customer |
| bank if the daily withdrawal limit can be lowered | | | | to check or to put a stop on the card. I know for |
| to £1,000. They have said that this isn't | | | | a fact that some card companies do this, because |
| possible, as their system sets the same limit | | | | it has happened to me. But why won't the others |
| across all accounts. | | | | do it. I suspect that it's because in these cases it's |
| So how come they aren't willing to implement | | | | the retailer that has to bear the cost of the |
| such a simple change. It would be very easy to | | | | fraud, not the bank. If the customer gets their |
| program their accounts to set individual account | | | | statement and notices fraudulent purchase then |
| withdrawal limits. At the moment, someone could | | | | the bank will just make a chargeback to the |
| transfer £10,000 out each day. As they | | | | retailer. The retailer should obviously make all the |
| only send statements out every month, your | | | | required checks when making the sale, but when |
| account could be wiped out before you notice | | | | sales are made online it's often almost impossible |
| that anything is wrong. It's true that their fraud | | | | to check. |
| detection systems check for unusual account | | | | All in all I get the impression that the banks just |
| activity, but wants to lose even £10,000? | | | | don't care enough. So come on banks, get your |
| Another example is from when I used to run an | | | | act together and implement some of the more |
| online business. I used to sell goods and take | | | | simple fraud prevention techniques. They won't |
| payment via credit card. Occasionally I'd spot a | | | | cost much to implement, but have the potential |
| fraudulent transaction and I'd report this to the | | | | to save a vast amount. |