My Credit Card got done (fraudulent transaction)

[bushtuckerman]

Oneworldplus2

The line of people who have been scammed over the years must reach to the moon.

You would think that banks and credit card proveders would be falling over each other to enhance the security of their card products...even if only to reduce their insurance premiums and minimise customer inconvenience. After all, $billions are lost annually in Australia alone. But they seem too busy making a botza from fees and interest (although not from me).

Interestingly, earlier this year I closed a credit card because, despite years of nagging, my bank could not be bothered putting a chip in the thing but was happy to charge me an annual fee. I replaced it with a 28deg card, which has a chip (thanks AFF community).

Cheers
Bush

 

[The Rok]

There are a million ways to make credit cards safer, and there are a billion ways to get around those million ways.

It's just risk analysis. The cost of implementing those additional security measures is far more than the loss and inconvenience caused by them.

 

[Oneworldplus2]

bushtuckerman, what The Rok said is basically how the banks see it.

Sure, a few people might get inconvenienced, but to put a system in place that might reduce the risk, could cost more than the inconvenienced people...

I understand your frustration, but what can we do?

(I thought that banks in the UK were forced under law to reveal fraudulent activities each month/qtr? If true, maybe bank in Australia should have the same applied to them)