According to Analysts Banks are Tolerating Credit... - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » According to Analysts Banks are Tolerating Credit Card Fraud to Evade Customer Embarrassment

According to Analysts Banks are Tolerating Credit Card Fraud to Evade Customer Embarrassment

According to Analysts Banks are Tolerating Credit Card Fraud to Evade Customer Embarrassment
The content is accurate at the time of publication and is subject to change.

Dow Jones reports that affluent professionals are becoming perfect targets for credit card frauds as several banks are hesitant to expose their most well off cardholders due to discomfiture over declined transactions.

There has been a major increase in credit card frauds especially on the Net. This is expected with many more companies acknowledging online transactions. It is seen that the fraudsters target the clients more often than the technology. This is more about tricking card holders to reveal card details and not about hacking into their computers.

The analysts updated, Andrew R. Johnson, the Wall Street Journal reporter that it was possible for advanced new tech tools to detect as well as predict fraudulent transactions based on the concurrent analysis of the spending pattern of the cardholders. Evaluations of preferred merchant locations, types of product and dollar amount, suggest that the account has been hacked. On the other hand, some well-off cardholders change banks, when there is the normal best practice of rejecting the transaction or asking for a merchant phone call.

Credit card issuers prefer to depend on transaction alerts to combat this fraud. Bank representatives informed Johnson that a number of credit card issuers are advocating real time transaction notifications sent through applications of the smartphone or text messages. When cardholders alert the bank about the fake transactions quickly, it is possible for the investigators to track the criminals. This will trigger account safeguards and card replacement options. Avivah Litan, a Gartner analyst, explains that just around 1 in 20 high value transactions generating security alerts really are a consequence of fraudulent activity. As per the analysts, there are a number of banks who would rather fix the fraudulent transaction rather than risk the possibility of annoying an affluent patron.

Credit card fraud world has a new language and words such as “phishing” “skimming,” “shoulder surfing” may sound less immoral than “stealing,” but they are the methods of stealing dollars off the credit card.

It was reported by Dow Jones that a group of credit card skimmers had targeted 50 American Express clients in New Jersey, New York and Connecticut last month. Around 28 suspects used their skills in costly restaurants to clone and skim the credit cards of wealthy diners according to CBS New York report.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Sephora’s Frist Credit Cards Coming Soon
Sephora’s Frist Credit Cards Coming Soon

Posted: March 22, 2019

People who shop at Sephora maybe happy to find out that during the coming months the beauty chain will be launching three new credit cards – the Sephora Credit Card, Sephora Visa Credit Card and Sephora Visa Signature Credit Card. This is… Continue reading

New Categories for Chase Freedom Cardholders
New Categories for Chase Freedom Cardholders

Posted: March 21, 2019

Four times a year people with the Chase Freedom Credit Card can earn enhanced rewards in key areas, and they have just announced the new categories. This coming quarter cardholders earn 5% cash back when they shop for groceries or at a… Continue reading

Mastercard Set to Buy Ethoca
Mastercard Set to Buy Ethoca

Posted: March 20, 2019

Credit Card security is something that everyone is mindful of these days, and in keeping with this theme, Mastercard is set to buy Ethoca, a company that specializes in helping both retailers and card issuers detect and resolve digital… Continue reading

Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn unlimited 1.5% cash back on every purchase, every day
For Average, Fair, Limited Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!