Chase's fraud loop is getting really, really good: Somebody (guess who) used my card to purchase a hotel stay at a casino, from Japan. Chase: "That looks sketchy! Denied!" My email lights up within 2 seconds with this.pic.twitter.com/QeY20WBLqA
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Doesn't that just shift responsibility to the email provider's security? There's only a handful who do it right, and the largest one shows you ads based on your email contents...
So developers think of shifting responsibility different than the payments industry does. You know who eats the fraud loss in either circumstance? The seller. The bank is just taking a calculated risk here: P(card compromised && email compromised) <<<< P(card compromised)
So now that the bank has confirmed your location, would you be OK with the bank's mobile app checking it live from time to time to pre-empt even that email?
BoA made that available and personally I'm fine with it.
nice to see traditional banks catching up with more progressive solutions, like @RevolutApp.pic.twitter.com/78QLvCJWkG
If you @ mention Chase when "catching them doing good" they might consider doing more of it :) or at least encourage their competitors to keep up :)
Citibank is similarly fast but I also get a text message that I can reply 1 to get the activity approved. Handy when we bought $500 in groceries in another state: “sorry sir, it declined”, *buzz*, *read*, *reply*, “try it again”, “what?”, “just try again, please”, *works*
I'd like to see this happen over SMS -- it would be a lifesaver when you're travelling on 2G networks and downloading a 300KB message is the worst thing ever. (It turns out the internet is really slow in most of the world. Who knew?)
My credit card issuer in the UK does do this via SMS. I just have to reply yes and retry the transaction
Amex has become better at this recently as well in my experience. Still a few minutes of delay in their emailing, but the process is working well
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