[arrl-odv:21933] Re: A day in the life
13 AUG 2013 - 1731 CDT What follows is not advertising for my insurance company. It is based on my own credit card experience. I want to add an important detail to Dave Sumner's message about compromised credit cards. Many compromised credit cards are not the result of careless credit card use or identity theft using stolen credit cards and credit card numbers. I was informed by my USAA (United Services Automobile Association) security department that the industry-wide algorithm that creates the card account number and the companion security code was compromised about six years ago. The machines used to manufacture credit cards are readily available. With this algorithm and very little computer programming knowledge, anybody can create a credit card that works. Anybody's name can be put on these bogus cards. USAA's computer system continuously monitors all of its credit card transactions and will instantly lock down an account that shows card-testing and other unusual activity. The banking and credit card industries do not want to talk about this ever-growing problem because of the potential world-wide financial upheaval that could result. So far, the industry is simply absorbing these losses as part of the cost of doing business. However, it is the legitimate card users who ultimately pay this cost. This has happened to me three times the past six years through no fault of mine or USAA. I can contact U.S. - based security personnel tool-free 24-7, if I see a problem or the computer has locked my credit card. I have never lost a penny and I do not have to file a lot of claims and statements. BTW, I refer to the USAA as my USAA because all USAA members are the owners of USAA. - Dick, W9GIG
Dick As a man with influence with USAA, can you have a credit card issued to me with an unlimited credit limit? Mama said it was important to always know people in high places. :-) 73 *-----------------------------------------------------* ** John Robert Stratton N5AUS Office telephone: 512-445-6262 Cell: 512-426-2028 PO Box 2232 Austin, Texas 78768-2232 *-----------------------------------------------------* On 8/13/13 5:31 PM, dick@pobox.com wrote:
13 AUG 2013 - 1731 CDT
What follows is not advertising for my insurance company. It is based on my own credit card experience.
I want to add an important detail to Dave Sumner's message about compromised credit cards. Many compromised credit cards are not the result of careless credit card use or identity theft using stolen credit cards and credit card numbers.
I was informed by my USAA (United Services Automobile Association) security department that the industry-wide algorithm that creates the card account number and the companion security code was compromised about six years ago.
The machines used to manufacture credit cards are readily available. With this algorithm and very little computer programming knowledge, anybody can create a credit card that works. Anybody's name can be put on these bogus cards. USAA's computer system continuously monitors all of its credit card transactions and will instantly lock down an account that shows card-testing and other unusual activity.
The banking and credit card industries do not want to talk about this ever-growing problem because of the potential world-wide financial upheaval that could result. So far, the industry is simply absorbing these losses as part of the cost of doing business. However, it is the legitimate card users who ultimately pay this cost.
This has happened to me three times the past six years through no fault of mine or USAA. I can contact U.S. - based security personnel tool-free 24-7, if I see a problem or the computer has locked my credit card. I have never lost a penny and I do not have to file a lot of claims and statements.
BTW, I refer to the USAA as my USAA because all USAA members are the owners of USAA.
- Dick, W9GIG
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Dick, Don't forget that the merchants bear more of the cost of credit card fraud than do the banks. The credit card companies are too quick to charge merchants back for fraudulent charges even though the credit card companies provide authorization numbers to facilitate the purchases. A growing fraud area for us is 'friendly fraud' (when junior uses Mom's or Dad's credit card) to order product/services on line It is a common reason for credit card companies to charge back the merchant. (It usually is Mom's credit card that is used by junior because her purse hanging on the back of the door or on the kitchen counter with junior knowing where the purse is) We use a very sophisticated fraud prevention system to process customer credit cards used on our company's website. The reduction in credit card fraudulent charges and resulting chargebacks pays for the system. We've been able to get it down one fraudulent person using numerous stolen credit card numbers and identities; this system will allow us to identify and block that fraudster out. - Bill -----Original Message----- ... The banking and credit card industries do not want to talk about this ever-growing problem because of the potential world-wide financial upheaval that could result. So far, the industry is simply absorbing these losses as part of the cost of doing business. However, it is the legitimate card users who ultimately pay this cost. ... - Dick, W9GIG _______________________________________________ arrl-odv mailing list arrl-odv@reflector.arrl.org http://reflector.arrl.org/mailman/listinfo/arrl-odv
participants (3)
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Bill Edgar -
dick＠pobox.com -
JRS