I have the best bank ever

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Elite Baiter Joined: 02 Jul 2006 Posts: 1702

Went out shopping today, like many others, now like many people i dont purchase online, so i went to argos, ordered a bed - went off had a meal with my gf, and my mobile rings, and its the bank asking me about my security

Me knowing about 419 told them i was on my way to the bank and if they didnt already know my details i could confirm them in the bank.

It really was my bank, as i had not bought a bed (value �149.99) before from argos they were checking i was in control of my card.

I explained why i refused to complete the security with the lady on the phone and they said i was absolutely right not to, gave me �20 for the inconvienice and sent me on me way.

1 transaction and within less than an hour the bank were checking - that has to be a good system. Yep its inconvienient but imagine if my card had been lost etc, i feel cosy now knowing they are on the ball kudos to the bank.

On the downside big brother is watching lol.

Posted: Wed Apr 02, 2008 3:57 pm

Its not like Big Brother is watching, there is a limit on all accounts and there is only so much you can spend on any given day. The majority of people have no idea what there limits are. What the bank sees is a flag on their system they call you to confirm. Its the same if you travel overseas, make sure you call your bank to let them know the dates you travel and when you get back.

Its really a good thing that banks watch your accounts.

Elite Baiter Joined: 02 Jul 2006 Posts: 1702

It wasnt the amount, i normally spend for the whole food and stuff at the start of the month, so 149.99 would have been a fraction of that, and when i was in the bank they actually said it was because i had used it in argos something i had not done before.

but i think your right too, perhaps it was the amount in a single purchase from a store id never used on that card before?

Posted: Wed Apr 02, 2008 5:44 pm

This is now standard risk management for most financial institutions. Their security model has switched to validating the transaction.

Quote:

Flagged transactions can get bumped to second-factor authentication -- usually, a call on the telephone, something the user has. This has long been done manually in the credit card world. Just think about the last phone call you got from your credit card company's fraud department when you (or someone else) tried to make a large purchase with your credit card in Europe. Some banks, including Washington Mutual, are in the process of automating out-of-band phone calls for risky online transactions.

If you do not have time to run to the local bank calling back the number on the card is also a good way to make sure you are on the phone with your bank.

Baiting Guru Joined: 19 Mar 2007 Posts: 2628

We had similar with my mum's bank
She's main cardholder but with me so a 2nd so's I can get her shopping, pay bills etc.
I had switched my routine and was using a different supermarket so the bank phoned to check she'd authorised this.
Mind you they never batted an eyelid when said OAP ordered 4 Reading Festival tickets Laughing

Posted: Thu Apr 03, 2008 4:10 am

I had a card with Citibank and i had lost it (did not know it) and then they called me asking if i filled up two tanks of gas (mid 90s - so this would have been $20-$25) and shoes at Payless Shoes (ummm no) and this was in a bad part of town..
told em no and that they saw a transaction taking place then...
well.. i justknow the other end had a very nice surprise...

Elite Baiter Joined: 02 Jul 2006 Posts: 1702

sorry they got your card lester.

I do think the banks should make it clearer that they are actually doing this - whilst it may appear inconvienient or even "big brother" I would rather have the warm fuzzy glow that my money is obviously being looked after by exactly the right people.

It would reduce CC fraud significantly as criminals would obviously think "no point using that card" because they would know as soon as they tried to purchase something the bank would more than likely query the owner.

Posted: Thu Apr 03, 2008 3:39 pm

You would think that the bank I used to use would have been very interested in why I was purchasing household items here, then in a city 70 miles away, on the same day.

Or why I was all but maxing out the daily spending limit at all sorts of stores, Web sites, et cetera for a couple of days in a row.

But...no. No phone calls or inquiries or anything. Yes, I was really spending the money (hadn't been robbed). It was an odd pattern for me, though, because I typically don't go on shopping sprees. This was right before a new semester of college, though, so I had to acquire a lot of stuff that I had not needed until I moved into the on-campus apartment.

So I was hitting up stores and sites that I didn't typically visit. But apparently that wasn't suspicious enough to catch my bank's eye. And they wonder why I've closed the account and found a different bank to deal with my money.

Posted: Thu Apr 03, 2008 4:09 pm

I once tried to buy something online using my dad's credit card (with his permission) and entered the details incorrectly, at which point the bank rang him up to tell him someone was trying to use his card fraudulently. They're certainly on the ball, even if they can't clear a cheque in less than 5 days Wink

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