September 21, 2007 | written by Heather Peters
Fraud verification calls stress or reassurance
I was recently on a vacation abroad. I failed to mention to my bank that I would be traveling. After a few transactions in Italy my HOME phone number was called and asked to validate the transactions. Now luckily I had family staying at the house and when I called to check-in they let me know the bank had called and needed me to call and verify use of the card for international transactions.
Sounds like the FI is on top of things and doing what they can to stop fraud but the catch is
1.What if I did not have someone at home – would they have frozen my card and left me in the cold?
2.There was not an international number to call on the back of my card so it was really difficult and frustrating trying to contact them and let them know that yes I was traveling
Where I appreciate the call and the thought for my security and possible fraud I do not believe that financial institutions have completely thought out the communication channel and the customers ability to respond to these security verification calls.
Think how much easier it will be when your phone actually is your credit card: then instead of using neural networks and scoring, the issuer can just ask the phone company where you are.
P.S. I’ve had the same problem. I got a call on my mobile while in the US, my issuer wants to check on a transaction, I insist on calling them back because I don’t trust those sort of phone calls, hang up but then on the back of my card there’s only a UK freephone number!