Credit Card Security

[Anonymous]

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@Anonymous wrote:

. Hopefully this conversation will inspire Chase or Cap 1 or whoever, to offer a feature like this. Getting a text message AFTER the transaction has gone through is almost worthless.

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They probably don't read these forums for product ideas!   My guess is that they wouldn't see a lot of merit.   They want (genuine) high dollar transactions to go through as easily as possible (suppose there is no cell reception, or you left your phone at home etc).  And the consumer isn't responsible for fraud so why make them work harder (even though it can cause a loss for the issuer)

[Anonymous]

Because the consumer is not responsible for the $ is more reason for them to have an additional layer of security. I would think they lose billions of dollars due to fraud. Every measure of security is an obstacle for the consumer. The cost/benefit has to be weighed as with everything in business.

[Anonymous]

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@Anonymous wrote:

Because the consumer is not responsible for the $ is more reason for them to have an additional layer of security. I would think they lose billions of dollars due to fraud. Every measure of security is an obstacle for the consumer. The cost/benefit has to be weighed as with everything in business.

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Yes, so you have to consider the percentage of transactions that are fraudulent vs those (presumably vast majority) that aren't. And an estimate of how much any additional "friction" would reduce usage.    While most here would use credit cards for rewards and (declining) protections come what may, not sure about the average person if they had to insert/swipe/tap the card, then wait for a notification via text or app and respond.  Chip&Pin is considered too much by issuers in the US

[Anonymous]

I would set it up so only online purchases would be affected, which is where ALL my fraudulant activities have been. I've had many, but none from non-online merchants. Online purchases only is an option for the text alerts I have set up with my Chase card, but as I stated earlier, they only alert me that a purchase has been made, not if I approve of the purchase before it goes through. If card holders don't want that inconvenience, don't activate the feature. I had to activate the text alert feature. This additional step makes the feature actually work. If you don't like it, don't activate it.