"Card not present" fraud

[Anonymous]

https://beta.washingtonpost.com/business/think-your-credit-card-is-safe-in-your-wallet-think-again/2...

Moderators: Very sorry, I put this in the wrong forum. Please move to Credit in the News. Thank you.

[Anonymous]

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@Anonymous wrote:

https://beta.washingtonpost.com/business/think-your-credit-card-is-safe-in-your-wallet-think-again/2019/09/11/05e316e4-be0e-11e9-b873-63ace636af08_story.html

Moderators: Very sorry, I put this in the wrong forum. Please move to Credit in the News. Thank you.

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That was a very enlightening article!

This quote really highlights how difficult it is to prevent this type of fraud:

"The overseas criminals are sitting in front of a computer educating themselves all day long,” he said. “A lot of these criminals in Eastern European countries have gone to school for this and they continue to get training.” Law enforcement, meanwhile, struggles to stay up with the changing technology."

Good luck competing against a kid who has 16 or more hours a day to learn about networking and internet protocols to develop new attack vectors.

[OmarR]

That same risk and exposure applies to debit cards.

And people still think it's ok to swipe their debit card, that is linked to their main account, all over town.

[Anonymous]

It's articles like this that are the reason I think all credit cards should come with an app with a lock option and all issuers should offer and encourage the use of virtual card numbers that can be disabled and changed in real time like Capital One does with their Eno extension. 

CUs that are part of the Co-op network like Denver Community have access to the Cardnav app: https://denvercommunity.coop/online-banking/cardnav/

Its got the ability to limit specific types of transactions. For example, on my DCU cards I have blocked all international transactions altogether but it's got the option to disable every type of transaction from e-commerce to mail order/phone. If I toggle everything off, it will only work in stores with the physical card.

The bottom line is that there are things that can be done but the credit card companies need to implement them and consumers need to be educated on their use. It's much easier for the banks to just push it off on the merchant than to be accountable for it so nothing will change. 

[Anonymous]

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@Anonymous wrote:

CUs that are part of the Co-op network like Denver Community have access to the Cardnav app: https://denvercommunity.coop/online-banking/cardnav/

Its got the ability to limit specific types of transactions. For example, on my DCU cards I have blocked all international transactions altogether but it's got the option to disable every type of transaction from e-commerce to mail order/phone. If I toggle everything off, it will only work in stores with the physical card.

The bottom line is that there are things that can be done but the credit card companies need to implement them and consumers need to be educated on their use. It's much easier for the banks to just push it off on the merchant than to be accountable for it so nothing will change. 

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My CU is part of that network. I like this feature of the CardNav app:

"Ensure you are the only person using your cards. GPS capabilities can either limit where your card is used—or assure it’s only able to be used when with you."

Geofencing for credit/debit cards. Perfect!

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

CUs that are part of the Co-op network like Denver Community have access to the Cardnav app: https://denvercommunity.coop/online-banking/cardnav/

Its got the ability to limit specific types of transactions. For example, on my DCU cards I have blocked all international transactions altogether but it's got the option to disable every type of transaction from e-commerce to mail order/phone. If I toggle everything off, it will only work in stores with the physical card.

The bottom line is that there are things that can be done but the credit card companies need to implement them and consumers need to be educated on their use. It's much easier for the banks to just push it off on the merchant than to be accountable for it so nothing will change. 

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My CU is part of that network. I like this feature of the CardNav app:

"Ensure you are the only person using your cards. GPS capabilities can either limit where your card is used—or assure it’s only able to be used when with you."

Geofencing for credit/debit cards. Perfect!

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Yeah that's something that would actually bite me in the backside if it was forced on because I am always home and my cards go with my personal care assistant but yeah, there are lots of benefits to Cardnav. I had actually never seen it before and then I got my DCU debit and credit cards and found out about Cardnav being available to all full Co-op participating CUs.