Yesterday, to my dismay my credit card was declined while at a restaurant of all places. Upon calling Chase, I discovered that while I was using my card in Calif - someone was using my card number in Maryland. Chase caught it and shut it down! They're reversing the MD charges and sending me a new card. I have no connection to MD at all, never been there, never shopped there - no idea who, what or how, but.....
Thank you Chase Bank!
Thanks goodness they caught it!!
The MD stuff was only a few charges totaling about $200. I'm truly amazed their fraud detection is that finely tuned. It's impressive.
There are location triggers.
There are also triggers for the type of things they are charging. They shut down our business card because someone was charging something at Cell Phone Warehouse -- another time they closed it down when someone ordered some jeans online on the business account. In the last 2 years, we've had to shut down and reopen our business account 4 times for unlawful charges.
That's miserable TeresaK, it's usually easier to deal with personal fraud accounts as we know every detail of personal purchases but much more difficult on business cards. Hubby is in Asia 4x's a year on business and he's had some horrible frauds. We have a great bank here though and they have usually been picked up by their radar long before we would have caught them.
They will also shut it down for two gas fill ups close together. It seems often the first thing credit card thieves did was fill up their car and then their buddy's.
The cardholder is not responsible and rarely do they even go after the potential $50.
[quote='JanH' pid='74083' dateline='1282242620']
There are location triggers.
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For my example, it took a program that searches millions of transactions and flags those accounts where there were charges at two distant locations but close together in time with only one card holder. In addition, there would need to be a distinction between transactions made on the ground vs. over the phone. Lucky for me, my thief was also eating in a restaurant. Otherwise, they'd be shutting down cards daily and making very unhappy campers of their clients.
Just saying why I found it impressive. Thanks.
It is easy to program the triggers once one determines what the triggers should be. The searching and putting things together in nanoseconds is what computers do. The harder part is deciding what the triggers should be and no doubt loss history is a good guide for those. And they do make mistakes of course, since we have had transactions flagged even though correct. They once advised folks to let the CC company know of any change in activity, such as a vacation.
I have to call my bank as well, there was a message on my machine asking about charges made. Luckily for me they were my vacation expenses, but I am glad they were alert.